Saudi based Islamic bank enters India, first branch in Gujarat

[email protected] (CD Network)
June 1, 2016

Ahmedabad, Jun 1: The Saudi Arabia-based Islamic Development Bank (IDB) is set to start its India operations from Gujarat. The international financial institution which has its headquarters in Jeddah has chosen the home state of Prime Minister Narendra Modi to set up its first branch in India. The state will also get 30 medical vans as part of IDB's social sector initiatives.

jeddah

Islamic Development Bank headquarters located in Saudi Arabia's Jeddah.

IDB's main objective is to foster the economic development and social progress of member countries as well as the Muslim community in accordance with principles of Shariah (Islamic law). The bank has 56 Islamic countries as its members.

The developments follow an agreement between India's state-owned Exim Bank and the Islamic Corporation for the Development of the Private Sector (ICD), a private-sector arm of the IDB group, as part of deals signed during Modi's trip to Saudi Arabia in April.

The IDB, a multilateral lender with an authorised capital of $100 billion, counts 56 Muslim nations as its members. Most of these countries belong to the Organisation of Islamic Cooperation.

ISLAMIC BANKING: SOME FACTS 

  • It is a finance system based on the principle of not charging interest, which is prohibited under Islam. Now, it goes by a more formal moniker – participatory banking.
  • Instead of charging interest, the lender shares a part of the profit – or loss – with the borrower
  • It is open to non-Muslims as well
  • By 2020, the global Islamic banking industry profit pool is expected to reach $30.3 billion.

Its India operations will be led by Zafar Sareshwala, a prominent Muslim businessman from Gujarat whom the Modi government appointed chancellor of the Maulana Azad National Urdu University soon after assuming office.

The agreement in Jeddah was signed by Exim Bank regional head Tarun Sharma and ICD CEO Khaled Al Aboodi in the presence of Ahmad Javed, India's ambassador to Saudi Arabia.

To be based in Ahmedabad, the bank will offer interest-free capital to business startups, including small and medium enterprises within India, marking the entry of the Islamic banking – also known as participatory banking – into the country.

According to an Exim Bank statement, the IDB's bigger role will be in the $100 million (about Rs 670 crore) credit line it has pledged “with the aim of facilitating the export of goods and services from India to ICD's member countries”.

“The ICD will be open for business to all Indians, regardless of religious background. In Malaysia, the KFC chain runs on ICD finance although it is owned by a Chinese firm. Some people have this unnecessary issue with Islamic banking, which is actually known as participatory banking across the globe now,” said Sareshwala, who has been named as a director for the bank's India operations.

The IDB has also promised $55m (about Rs 380 crore) for a state-of-the-art rural mobile medical network – the first leg of which will be launched in Gujarat.

The IDB, which complies with global Islamic finance norms, does not charge interest on loans because the religion prohibits it. Instead, it charges a part of the profit and also shares any losses with the borrower.

According to the EY's World Islamic Banking Competitiveness Report 2016, Global Islamic banking assets would have reached US$1 trillion by 2015-end.

Comments

Ahmed
 - 
Thursday, 2 Jun 2016

Poorna Prakash, Mangalore
We have since long following banks
Catholic Syrian Bank
Nakodar Hindu Bank
The Hindu Co-Operative Bank Ltd.

But, you have a problem as soon as we get a Islamic bank.
This is nothing else but, intolerance.

Don't forget another bank: The Hindu Vote Bank.

Rikaz
 - 
Wednesday, 1 Jun 2016

Why feku's state is getting all of those facilities? why don't they bring it to Karnataka....

suresh
 - 
Wednesday, 1 Jun 2016

All the investment only to gujarat? Why? This investment will be mis used by Gujju's as it says if the business in loss it will be shared by both. gujju's are well known how to make them fool. This will create more mallya;s in Gujarat.

moshu
 - 
Wednesday, 1 Jun 2016

Hope one day rss will understand islam well and will follow the rule of Allah

moshu
 - 
Wednesday, 1 Jun 2016

Siddarth mumbai openly backing his hawala racket crooks operating by his modi govt

Naren kotian
 - 
Wednesday, 1 Jun 2016

It is done to curb India's black money outflow and inflow by hawala means ..since 90% of hawala transactions are mostly encouraged by just particular section ...anyways since they have given 100 million credit line ..so we have ample opportunity to export pig related products to 56 Islamic countries ..hahaha ...nia monitoring is must as terrorists are most likely to use this bank ...

muhammed rafique
 - 
Wednesday, 1 Jun 2016

Appreciate Modi's wisdom in realising the importance of Islamic banking

Rizwan
 - 
Wednesday, 1 Jun 2016

Good initiative by P.M , i appreciate his move. Both india and KSA will be benifited by this.

Asif
 - 
Wednesday, 1 Jun 2016

Al Hamdlillah... itrs great news... waiting from a long time... hope it soon opens its branches all over India.

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August 4,2020

Mangaluru, Aug 4: The Karnataka Beary Sahitya Academy has announced the names of the winners of its annual honorary awards (Gaurava Prashasti and Gaurava Puraskara) for the years 2019 and 2020.

Rahim Uchil, the president of the Academy announced the names at a press conference in the city today. Beary Academy registrar Poornima and member Shamsheer Budoli were also present in the press meet. 

Gaurava Prasasthi-2020 winners are: Basheer Ahmed Kinya (Beary literature), Veena Mangaluru (Beary cinema, drama and art) and Siddique Manjeshwara (Beary organisation and social service) 

Gaurava Puraskara-2020 winners are: Dr Mohammed Ismail (medicine), T A Mohammed Asif (education), Iliyas Mangaluru (social service), Abdul Rasheed aka Rash Beary (Beary organisation) and Safwan Shah Bahrain (young talent). 

Gaurava Prashasti-2019 winners are: Abdul Rehman Kutthethur (Beary literature), Ismail Tannirbhavi (Beary art) and M Ahmed Bava Moidin (Beary organisation and social service).

Gaurava Puraskara-2019 winners are: Abdul Razzak Ananthady (Beary education), T S Hussain (Beary literature), Abdul Majeed Suralpady (General), Asif Karnad (social service) and Ali Kunhi Paare (Beary organisation). 

The Academy’s "Gaurava Prashasti consists of Rs 50,000 cash prize, shawl, garland and citation, while "Gaurava Puraskara" consists of Rs 10,000 cash prize, shawl, garland and citation.

Mr Uchil said that the awards will be conferred in a formal function after discussing the dates with chief minister once the covid-19 situation comes under control. Even though the winners for the year 2018 were announced, they weren’t conferred on the achievers. Hence those awards also will be conferred in the same ceremony, he said.

About the winners:

Basheer Ahmed Kinya: He has been involved with the Beary music sector since the last 21 years in the form of singer, and poet. He has provided lyrics for over 150 Beary audio cassettes and also sang them. His first audio cassette, Maskattoru Kallas' had created a record by getting sold out within four to five days. He has also created several non-stop cassettes and Duf songs. 
 
Veena Mangaluru: She has acted in the first Beary cinema. She has acted in over a thousand plays in different languages. 'Mami Marmolu', Kurfat Katte/Amadakaro Chiri, and Shamimarabal are some of the plays she has acted in. 
 
Siddique Manjeshwar: A social worker and activist. Through social media, he led a blood donation campaign and thereby helped thousands of people.  There are over 10,000 members in his 54 WhatsApp groups who are ready for blood donation. His ‘Blood Donate Mangaluru’ drive has been able to collect over 26,000 units of blood and conducting over 250 blood donation camps so far. He was honoured with a special award of the chief minister of Kerala. 

Dr Muhammed Ismail: Dr Muhammed Ismail completed his medical education in 1989 and has been serving different hospitals since the last 30 years being a highly respected doctor. He also is an honorary medical officer of the Wenlock Hospital Mangaluru. He has served as an office-bearer of Indian Medical Association, Karnataka Medico-legal Society etc.
 
T A Mohammed Asif: He has been providing education to over 360 students from LKG to the eighth standard through Adarsh Group of educational institutions. He is also active in the social sector and has distributed school bags and books to poor students. During the lockdown, he distributed free food items worth about Rs 10 lac.
 
Ilyas Mangaluru: He had fought against the menace of dowry. He has got over 500 girls married through an organization, 'Dowry Free Nikah'. He has also created an app, Free Nikah, which helps boys and girls to find suitable matches. 
 
Rash Beary: Abdul Rasheed aka Rash Beary is known for using social media to help the people. By establishing 'Beary Nikah Helpline' he has helped several poor Beary women to get married. He also provides free counselling services to couples from all religions. With the help of donors, he keeps distributing clothes and food among needy.

Safwan Shah Bahrain: A well-known Beary singer, he has sung several songs in past one decade. He has been organizing various Beary programmes in Bahrain for past eight years. He had undertaken the adventure of jumping from the air from a height of 13,000 feet with the Indian flag in hand. 

Abdul Razack Ananantady: A PU college lecturer by profession, he has conducted over 500 pre-exam training camps and functioned as a resource person in leadership and personality development training. He has been conducting training and lectures for students and their parents on learning nutrition, and life values. His addresses on education and cultural aspects have been aired by Akashvani.

Abdul Rahiman Kuthethur: He was the co-editor or Beary Kannada - English dictionary and editor of the first-ever Beary grammar book released in 2019. He also is a member of the experts' committee on the Beary language textbook. He has translated Panchatantra stories, Sarvajna Vachanas etc into Beary language and published collection of poems.

Ismail Tannirbavi: He is known as a Beary theatre personality, who started acting at the age of 17. He has acted in over 300 plays including Beary, Tulu and Kannada. He has been in the theatre since the last 55 year and his plays have been presented in countries like Muscat and Kuwait. 
 
Ahmed Bawa Moidin: A social worker and member of the Beary Study chair. He also is the life member of Beary Sahitya Parishad and member of Human Ethical Committee of Mangalore University. He was the founder vice president of Mangalore Merchant Associate and member of divisional railway users consultative/committee. He has donated blood 53 times. 

 T S Hussain: Hussain is a veteran Beary writer who has defied blindness. He faced many difficulties and challenges in life and also met with an accident in 2008. Because of this accident, his eyesight had become very weak. He continued with the creation of works with determination in spite of failing eyesight with help from friends. He has authored two works and was appreciated for their content. Thereafter, he authored two more works. In 2018, he wrote another work.
 
Abdul Majeed Suralpady: A social worker and activist, he has served in various organizations. He served as the president of Suralpady government higher primary school for 21 years. He also served as the president of the educational committee of South Karnataka Sunni Centre's Al Ihsan English Medium School and got government recognition for the school. He set up PU college for girls and laid two-way road at Kaikamba besides bus shelter, toilet, drinking water system and building for police check post.
 
Apatbandhava Asif Karnad: He has been serving as an ambulance driver for the last ten years. He readily carries dead bodies and performs funeral. and done so for over a thousand bodies so far. Whenever he comes across mentally unsound people on the road, he gives them a wash and admits them to Ashrams. He has also been maintaining Maimoon Foundation Apatbhandhava Sycho Rehabilitation Centre.
 
Alikunhi Pare: He is the founder president of 'Melthene', a forum of Beary writers and artists. He has also served social, literary, organizational and religious sectors. He has been identified with several organizations including Mangaluru taluk Yuvajana Okkota and Dakshina Kannada and Udupi Muslim Central Committee.

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coastaldigest.com news network
May 9,2020

Dubai, May 9: The wholehearted and collective effort of Karnataka NRI Forum, UAE and its president Mr. Praveen Shetty made it possible to have the first repatriation flight to Mangaluru – Karnataka from UAE. The Union Minister of India Mr. Sadananda Gowda tweeted on May 8th that the evacuation flight will fly from Dubai on May 12th with stranded citizen of India in UAE.

The whole world is under the impact of pandemic Covid 19. Government of India has announced the flights to repatriate its stranded citizens from all over the world. Sadly, the first batch of the announced flights had no mention of any flights from Gulf countries to Karnataka.

In Gulf countries, especially in UAE, thousands of Kannadigas are working for their livelihood. In this population major part is shared by coastal Karnataka people who belong to Mangalore, Udupi and other nearby districts. This lack of consideration of Mangaloreans for repatriation was made whole Kannadiga’s in deep sadness, where as many Kannadiga’s were waiting for flights to obtain urgent medical assistance and other medical support back in their home country.

Once after obtaining the news of not having flights to Karnataka from UAE, Mr. Praveen Shetty immediately actioned and wrote letter to concerned departments and ministers under the banner of KNRI. Mr. Praveen Shetty was in continuous follow up with Deputy Chief Minister of Karnataka Dr. Ashwath Narayan, Mr C.T. Ravi Minister for Tourism of Karnataka, Union Minister of India Mr. Sadananda Gowda, Minister of Parliamentary Affairs (India) Mr. Pralhad Joshi, Minister of Railways of India (Minister of State) Mr. Suresh Angadi and officials of Aviation ministry along with other concerned departments.

The efforts have now given the result and finally the confirmation has been obtained from Mr. Sadananda Gowda about consideration of repatriation flights to Mangalore from Dubai on May 14th. It is expected that Aviation ministry will officially announce the flight arrangement and other operational information shortly.

Speaking to media, Mr. Praveen Shetty said, Karnataka NRI Forum is always committed to serve  Kannadigas and the collective effort of core committee members, ministers of Karnataka & Govt of India including the Aviation & other concerned ministries made possible the most important and much awaited flight to Mangalore from UAE to repatriate expats who are in need. I thank each and everyone who joined their hands to make this possible.

Mr. Praveen Shetty is a well-known businessman in UAE who manages Fortune Group of Hotels in UAE & Georgia. He selflessly given his 3-star hotel to UAE ministry to operate as Quarantine facility to people who are under observation with Covid 19. Also, he joined his hands with organizations in UAE who are extending their helping hand to needy people in UAE.

With the help of likeminded businessmen and professionals, the KNRI forum under the leadership of Mr. Praveen Shetty along with ‘Dubai Anivasi Kannadigaru’ started a helpline called “Kannadigas Helpline” through which they received around 3000 requests for food, medical, legal and other assistance. They aided many Covid infected people with quarantine and isolation by the help of Dubai Health Authority, Ministry of Health, Dubai Police and Consulate General of India under the guidelines of Dubai Govt.

Mr. Praveen Shetty expressed his gratitude to Dubai Health Authority, Ministry of Health, Dubai Police and Consulate General of India for their professional guidance and help to Kannadigas during the pandemic Covid 19 situation.

Comments

Ganapati
 - 
Wednesday, 13 May 2020

Sir pls helf madi nange ಎದೆ ನೋವು barta iratte uralli medicen madidde swalpa kadime agittu adre ivaga dubai ge bandu 6tingalu aytu iga puna start agide next flight alli nanagu ondu site sigo hage  madi sir plz idu nanna mobile numbar 0544826324

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coastaldigest.com news network
July 23,2020

Mangaluru, Jul 23: A nurse who was serving as a frontline COVID warrior at the Wenlock Hospital in Mangaluru and has recently tested positive along with her 7-year-old son has complained to the Deputy Commissioner against the harassment meted out by some miscreants who have been spreading false rumours against her.

Health official said that some people in her area have given false complaints against her to government officials thus inflicting mental torture on her and her family.

In her letter, the nurse has stated that the attitude of the people forcing her to consider quitting the job. "I have served the people by treating my work as worship. Anti-social elements have been torturing me now. I am very much hurt," the she said. 

The nurse’s house at Moodbidri has been sealed after she was tested positive. However, her husband and younger child were tested negative.

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