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
February 19,2020

Bengaluru, Feb 19: Playing down the simmering discontent among the disgruntled legislators who missed a cabinet berth again, Karnataka BJP on Tuesday denied any revolt brewing against Chief Minister B.S. Yediyurappa.

"An unsigned letter in Kannada circulating in the social media is bogus, as it was fabricated in the name of Santosh, a private secretary to Yediyurappa. No revolt is brewing against the Chief Minister," party spokesman G. Madhusudhana told news agency here.

In the second cabinet expansion on February 6, only 10 newly-elected legislators, who defected from the Congress and the Janata Dal-Secular (JD-S) in July, were inducted, leaving the party's many aspiring lawmakers miffed.

"The talk of about 20 loyal MLAs ganging up against Yediyurappa is a speculation as rumour mills are working overtime. No rebellion is brewing against the Chief Minister," asserted the official.

On the charge that Yediyurappa's younger son B.Y. Vijayandra was acting like a 'super or de facto CM' and medalling in the state administration, Madhusudhana said the latter was only assisting his father in party activities as he was also a party worker.

"As Yediyurappa is 76 years old and ageing, Vijayandra is helping his father in party affairs so that he (Chief Minister) could be free to attend to administration," Madhusudhana said.

Yediyurappa's elder son B.Y. Raghavendra is a three-time BJP Lok Sabha member from Shimoga in the state's Malnad area.

With six cabinet posts vacant in the 34-member ministry, many legislators, including eight-time MLA Umesh Katti, are upset that they have not been rewarded for their loyalty to the party even six months after the BJP returned to power again in the southern state.

On the purported meeting of about 20 BJP MLAs at the residence of state Industries Minister Jagadish Shettar here on Monday, Madhusudhana said it was a "get-together" as they were all in Bengaluru again to attend the budget session of the state legislature which began on Monday.

"There is no crisis in the party. Our government is stable and will complete the remaining three-year term in office till May 2023," he added.

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coastaldigest.com news network
May 25,2020

Bengaluru, May 25: Heavy rain accompanied by strong winds that lashed Bengaluru last evening left hundreds of trees uprooted near the BTM layout and other areas.

The India Meteorological Department (IMD) has predicted a thunderstorm accompanied with lightning in Karnataka for the next five days.

"Thunderstorm accompanied with lightning at will prevail at isolated places over Gangetic West Bengal, Odisha, Coastal Andhra Pradesh and Yanam, South Interior Karnataka, Kerala and Mahe and Tamilnadu, Puducherry and Karaikal," the IMD said its All Indian Weather Forecast Bulletin.

According to the forecasting agency, due to strong southerly wind from the Bay of Bengal to northeast India at lower tropospheric levels, heavy to very heavy rainfall with extremely heavy falls likely at isolated places over parts of northeastern states.

In addition to that heavy to very heavy rainfall at isolated places over adjoining parts of east India during 24th-28th. "Heavy rainfall at isolated places over parts south peninsular India from May 26th-28th, 2020," the IMD said its All Indian Weather Forecast Bulletin.

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News Network
February 13,2020

Bengaluru, Feb 13: Veteran freedom fighter and advisor to the Karnataka Government in Education Reforms HS Doreswamy on Thursday has recommended Chief Minister BS Yediyurappa to make it mandatory for MLA and MLCs to adopt at least three govt Schools in their respective constituencies.

Mr Doreswamy appealed to the Chief Minister to implement the suggestion in the State budget for 2020-21 to be presented by him on March 5.

Addressing a press conference here, Mr Doreswamy, on the higher education sector, stressed the need to appoint highly qualified candidates for Vice Chancellor posts. There is no dearth of talent and eligibility in the State and authorities concerned must ensure that the right person is appointed by taking extreme care".

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