Kerala: India's first Islamic bank gets RBI approval

[email protected] (News Network)
August 18, 2013

Kochi, Aug 18: The Kerala government has got a go-ahead from the Reserve Bank of India to launch a financial institution following the principles of Islamic finance.islamic_banking

Cheraman Financial Services Limited (CFSL) will be floated by Kerala State Industrial Development Corporation to function as a non-banking finance company (NBFC). A formal announcement on CFSL, the latest incarnation of Al Baraka Financial Services, was made on Saturday.

Industries minister PK Kunhalikutty and CFSL chairman P Mohamad Ali told reporters here that the firm would function as a non-banking finance company with an authorised capital of Rs 1,000 crore.

CFSL has already received clearances from the RBI, the Securities and Exchanges Board of India ( SEBI) and the wakf board, the chairman said.

The Kerala State Industrial Development Corporation ( KSIDC) will be the single largest shareholder in the company, holding 11% shares. The other individual shareholders can hold a maximum of 9% shares.

Counting on the state's traditional Gulf links, the previous government had hoped to raise Rs 40,000 crore. The Sharia-compliant CFSL will launch road shows in various cities of India and the Gulf countries from next month

The body will desist from charging interest on loans or give interests on deposits. It will target sectors like infrastructure, services and manufacturing sectors and keep off taboo areas including liquor, tobacco and gambling or speculation. Financing start-up projects is one of its pilot programmes.

The firm will float an alternative investment fund under the banner of Cheraman Fund, with a corpus of Rs 250 crore. The fund will focus on manufacturing and service sectors, mainly in Kerala.

Initially, the fund will raise about Rs 50 crore and one of the early projects to be taken up will be to provide support to startup schemes, managing director APM Mohammed Hanish said.

Comments

Sharif
 - 
Tuesday, 29 Mar 2016

Assalamu alaikum. Hi I got stuck in a private bank borrowing 13 lakhs for home loan. I need to get relief from that paying interest. Because I need to pay 17 lakhs as interest in 15 years. Please help me in this and do the needful.

NAZEER MOOSAFI
 - 
Monday, 28 Mar 2016

Looking for Islamic business loans and opening account in the same

Juber Khan
 - 
Sunday, 27 Mar 2016

Please give me details, how I can open my account in Islamic bank

Juber Khan
 - 
Sunday, 27 Mar 2016

Please give me details, how I can open my account in Islamic bank

Mohammad Azhar…
 - 
Friday, 18 Mar 2016

I would like to take money from Islamic banking for doing business without interest.As interest is haram in Islam.
PLEASE Give me the RIGHT GUIDANCE.

Rifaj Iqbal
 - 
Thursday, 10 Mar 2016

I want business loan...

MD ASLAM
 - 
Friday, 4 Mar 2016

I am very happy to know that R.B.I approves an Islamic Bank.
Sir I completed my diploma in civil engineering and I want to continue my higher studies. So I want to know the procedure to get education loan from your bank and shariah bonding while taking loan.

mujeeb
 - 
Saturday, 13 Feb 2016

I want to starts buisness in kerala. Can i get the loan if possible what is the procedure...?

mujeeb
 - 
Saturday, 13 Feb 2016

I want to starts buisness in kerala , can i get loan .If possible what is the procedure?

SYED MOHD. ZEYAUDDIN
 - 
Tuesday, 9 Feb 2016

SUBHANALLAH. DEAR SIR I WANT TO OPEN MY ACCOUNT IN ISLAMIC BANK IN INDIA, SIR CAN YOU GIVE ME LOAN TO EXPAND MY BUSINESS

Mohammed sauban khan
 - 
Tuesday, 26 Jan 2016

Assalam alaikum,
Well I need financial help to boost my business in Lucknow. We are in FnB segment of hospitality industry.I don't want to get involved in anything which have to deal with interest.moreover I hire my staff from our community only more preferably.
My no & email is mention below.
9794492760
[email protected]

Asma
 - 
Tuesday, 26 Jan 2016

Assalamu Walaikum Rahmatullah,
Sir I want to open an account in Islamic Bank in India please sent me details to my mail.
Thank & Regards.
b8

Mohammed Yaseen
 - 
Monday, 18 Jan 2016

Sir, It is nice to know that an Islamic Bank has been approved by RBI. I wish that its branches should be opened in Jammu and Kashmir. So that we will prevent ourselves from taking interests and help the persons who need loans to run their business.

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News Network
May 8,2020

Bengaluru, May 8: Karnataka Chief Minister B S Yediyurappa said his government is clear in its stand on extending every possible help to the farmers. The Chief Minister spoke to the farmer-leaders of the state, who wanted their concerns to be heard and addressed, with regard to the problems the agrarian community has been facing in the wake of the COVID-19 lockdown.

"We will soon make our position clear on supporting the farmers. We will not allow any hindrance to come in the way of agriculture activities," Yediyurappa told the farmer- leaders.

The Chief Minister told the delegation that the pre-monsoon activities are in full swing in the state.

The government has also set up help centres and been providing agriculture equipment on rent, the Chief Minister said. In most of the places, at least 80 per cent of the standing crops have been harvested.

Arrangements have been made to bring equipment from neighbouring states to harvest the standing crop, he said.

Yediyurappa said fertilisers and seeds are available in abundance in the state.

He informed the farmer-leaders about the arrangements made to transport flowers, vegetables and fruits to other states.

Similarly, the market has been developed for the farmers to sell their products, said the Chief Minister.

He said the government is working out a compensation for farmers who lost their crops due to hailstorm in Raichur, Koppal and Ballari. Agriculture Minister B C Patil, Horticulture Minister Narayana Gowda, Revenue Minister R Ashoka, Chief Secretary T M Vijay Bhaskar and Development Commissioner Vandita Sharma were also present in the meeting.

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News Network
May 9,2020

Bengaluru, May 9: Karnataka government in its latest order has allowed restaurants, pubs and bars to sell liquor at retail prices from May 9 till May 17. The third phase of coronavirus lockdown is slated to end on May 17.

"Karnataka government has allowed restaurants, pubs and bars to sell liquor at retail prices from tomorrow till May 17. However, they can be sold only in take away form," read an order issued by the state government.

Earlier, the government had allowed the opening of liquor shops in order to mobilise revenue. However, bars, pubs, restaurants were ordered to remain close amid the COVID-19 lockdown.

As per the latest update by the State Health Department, the total number of coronavirus cases in the state is 753. "Of 753 cases, 346 are active cases. 376 persons were discharged after treatment while 30 people have succumbed to the coronavirus," the Health Department said in a release. 

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coastaldigest.com news network
May 27,2020

In a shocking incident, a woman allegedly sold her five-day-old baby boy to two siblings in Karnataka’s Davanagere for Rs 5,000 on Tuesday (May 26) in connivance with a hospital employee, according to police.

Acting on a complaint by Honnali child development project officer Mahantesh Poojar, police booked a case against six persons in connection with the incident and arrested four of them by Tuesday night.

Police said the woman allegedly sold the baby, born on May 20 at Honnali taluk hospital, to Annesh Naik, 36, and his sister Lavanya, 39, in the early hours of Tuesday in front of the Honnali KSRTC bus stand.

The six accused have been identified as Kumar, 44, a staff nurse at Honnali hospital; Mahesh, a group ‘D’ employee at the hospital who facilitated the deal; Basavaraj, 36, a lab technician at Hirekerur hospital; Annesh; Lavanya; and the mother of the infant.

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