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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
April 8,2020

Bengaluru, Apr 8: In another incident of health staff involved in coronavirus containment facing trouble, two ASHA workers were allegedly manhandled at Kudachi in Belagavi district in Karnataka on Tuesday while undertaking a survey following detection of four COVID-19 cases with Tablighi links in the area, police said.

The district authorities have intensified door-to-door survey in Kudachi after four people who had attended the Tablighi Jamat religious conference in New Delhi last month tested positive for coronavirus in nearby Raibagh.

“Today when two ASHA workers went to Kudachi, some miscreants snatched away their phones. We are investigating whether they were beaten up also,” a police officer investigating the matter told PTI.

A few days ago, four ASHA workers here were manhandled when they went for a door-to-door survey and police have arrested five people from a minority community. They have been remanded to judicial custody by a court.

Former prime minister H D Deve Gowda had on Monday condemned incidents of attacks on doctors and health department workers and sought protection for them.

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News Network
July 31,2020

Bengaluru, Jul 31: The Karnataka government on Wednesday put on hold a controversial proposal to drop certain chapters, including on Islam, Christianity, Tipu Sultan and his father Hyder Ali, from social science textbooks to reduce the 2020-21 syllabi for students in classes 1-10.

Citing the COVID-19 pandemic and the disruption caused to the academic calendar of the year, the government had earlier dropped the chapter on Tipu Sultan and Hyder Ali from the Class 7 social science textbook, saying chapters on Tipu Sultan have been retained in the Class 6 and 10 textbooks.

The move did not go down well with the opposition, which saw certain ulterior motives behind the decision.

Apparently under sharp criticism, the Department of Public Instruction issued a new notification on Wednesday "on the directions of the Karnataka Primary and Secondary Education Minister S Suresh Kumar".

There is a delay in opening the schools during the academic year 2020-21 due to COVID-19 pandemic, said the latest order.

In this context, the order said, chapters were dropped to fit in 120 days of the academic year for classes 1 to 10 and the same was published in the department's website.

"However, on the directions of the Minister for Primary and Secondary Education, the decision to drop certain chapters has been put on hold. A review will be done following which the deleted chapters will be uploaded in the website," the order read.

Earlier in the day, Mr Kumar had issued a statement, saying that the decision to truncate the syllabus has not been finalised yet. He also made it clear that his department would not remove chapters unnecessarily.

Former chief minister and Congress leader Siddaramaiah had attacked the government on the issue.

"The government, which has failed to control the spread of coronavirus, is using it as an opportunity to push its clandestine agenda of saffronising the textbooks," Siddaramaiah tweeted.

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News Network
March 28,2020

Mangaluru, Mar 28: After a youth from Dakshina Kannada who tested positive for the deadly Covid-19 revealed that he had travelled by a bus, authorities have requested all his fellow passengers to visit their nearest district hospital. 

The 21-year-old man hailing from Belthangady taluk had flown from Dubai to Bengaluru on March 21 and on the same day travelled to Mangaluru by the KSRTC bus bearing registration number KA 19, F3329. 

As he was suffering from fever and cough he was admitted to Puttur government hospital on March 24. He was tested positive for the novel coronavirus on March 27.   

It is not yet know how many passengers were there on board the above mentioned bus which had departed Bengaluru at 4:30 p.m. on March 21. It is believed that most of the passengers who travelled by this bus are residents of Dakshina Kannada. 

Hence, the KSRTC authorities today requested all the passengers who travelled by this bus to visit their nearest district hospital for necessary checkup. The passengers also were urged to quarantine themselves for next couple of weeks.

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