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
March 6,2020

Mysuru, Mar 6: A woman was murdered by her husband in front of her father in the wee hours of Friday at her home in Hosakamanakoppal, Yelwal hobli here, police said on Friday.

The police said the deceased is Mamatha, a native of Periyapatna who was married to Nagesh of Hosakamanakoppal about seven years ago. The couple has a six-year-old son. Mamatha was Nagesh’s second wife as his first wife had allegedly committed suicide.

It is said that Nagesh was addicted to liquor and gambling and used to fight with Mamatha over petty reasons. 

Yesterday night too, there was a fight between the couple and Mamatha’s father pacified both of them and all of them went to sleep later.

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News Network
July 25,2020

Chennai, Jul 25: Two weeks after a 62-year-old widow accused him of harassment, including urinating outside her house, the Chennai Police on Saturday registered an FIR against ABVP national president Dr Subbiah Shanmugam.

Dr Shanmugam, Professor and HOD, Department of Surgical Oncology, Kilpauk Medical College and Government Royapettah Hospital, has been booked under sections 271 (disobedience to quarantine rule) and 427 (mischief causing damage) under the Indian Penal Code (IPC) and Tamil Nadu Women Harassment Prevention Act.

The FIR was lodged exactly two weeks after the woman’s relative Balaji Vijayaraghavan filed a complaint with the Adambakkam police accusing Dr Shanmugam of harassing his aunt, who is living alone in her apartment following her husband’s death last year, following an argument over a parking slot. 

The action came after Vijayaraghavan alleged that the police were not filing an FIR due to the ABVP functionary’s “political connections.”

Dr Shanmugam and the woman were living in the same apartment complex in Nanganallur and an argument broke between them over a parking slot.

“He wanted to use our parking lot. We agreed but demanded a nominal charge for using it. He was outraged by our demand and even broke our signboard at the parking lot,” Vijayaraghavan wrote in his complaint.

He also alleged that Dr Shanmugam began harassing her by throwing “pieces of chicken” outside her apartment despite knowing she is a vegetarian.

CCTV footage corroborates with the allegations of urinating outside the residence of the widow. However, the ABVP called the incident as a “malicious and derogatory propaganda” by the Congress’ student wing of NSUI.

"The video shared by NSUI with an allegation of harassment is tampered with and is being used with malafide intentions. The two families have discussed this within their housing society and have already concluded that the harassment allegations were caused due to misunderstandings and are untrue,” ABVP National General secretary Nidhi Tripathi said.

Vijayaraghavan also alleged in his two-page written complaint that the ABVP national president had urinated outside the woman’s apartment gate and had been throwing garbage and used masks at her gate.

In his complaint, Vijayaraghavan also said the family was “concerned about her safety” while asking police to take action against Dr Shanmugam, who he says, “has a bad track record in maintaining rapport with neighbours.”

Also Read: ABVP national president accused of harassing woman, urinating at her doorstep

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News Network
March 6,2020

New Delhi, Mar 6: The Supreme Court on Friday refused to entertain a plea seeking framing of a proper mechanism to deal with alleged misuse of the sedition law by the government machinery. A bench headed by Justice A M Khanwilkar dismissed the plea filed by a social activist and said it was open for the petitioner to approach the appropriate authority.

At the outset, the apex court told advocate Utsav Singh Bains, appearing for the petitioner, that he could not seek quashing of an FIR in a sedition case filed against the management of a Karnataka school for allegedly allowing students to stage an anti-CAA and anti-NRC drama.

Bains told the bench that he was not just pressing for a prayer to quash the FIR but the petitioner has also sought a direction for framing of a proper mechanism to deal with the alleged misuse of the sedition law.

"Let the affected party come and we will hear them. Why it should be done at your instance," the bench said, refusing to entertain the petition.

The petition had sought quashing of the FIR against the principal and other staff of the Shaheen School at Bidar who have been booked under sections 124A (sedition) and 153A (promoting enmity between different groups) of the Indian Penal Code.

The plea had also sought an apex court direction for a proper mechanism to deal with alleged government misuse of the sedition law.

Section 124A of the IPC says that "whoever brings or attempts to bring into hatred or contempt, or excites or attempts to excite disaffection towards... the Government shall be punished with imprisonment for life...".

The plea had sought a direction to the Centre and the Karnataka government "to quash the FIR registered in connection of seditious charges against the school management, teacher and a widowed parent of a student for staging a play criticising CAA, NRC and NPR."

The petition had claimed that the police "also questioned students, and videos and screenshots of CCTV footage showing them speaking to the students were shared widely on social media, prompting criticism."

The drama was staged on January 21 by students of the fourth, the fifth and the sixth standard.

The sedition case was filed based on a complaint by social worker Neelesh Rakshyal on 26 January.

The complainant alleged that the school authorities "used" the students to perform a drama where they "abused" Modi in the context of the Citizenship (Amendment) Act and the National Register of Citizens.

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