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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Agencies
January 22,2020

Ahmedabad/New Delhi, Jan 22: Interpol has issued a Blue Corner Notice seeking information about controversial self-styled godman Nithyananda, who fled the country amid allegations of wrongful confinement of children, officials said on Wednesday.

A Blue Corner Notice is issued by the international police cooperation body to collect additional information from its member countries about a person's identity, location or activities in relation to a crime.

The Gujarat Police had sent a request to the CBI, the nodal body for Interpol matters in India, seeking a Blue Corner Notice against Nithyananda, the officials said.

"Interpol issued the Blue Corner Notice against the controversial godman this month," Deputy Superintendent of Police, Ahmedabad (rural), K T Kamariya, told PTI.

The police said they are now working to get Interpol to issue a Red Corner Notice, a global arrest warrant, against Nithyananda.

The Gujarat Police had registered an FIR against Nithyananda after two girls went missing from his ashram in Ahmedabad.

He was charged with kidnapping and wrongful confinement of children to make them collect donations from followers to run his ashram.

Nithyananda was earlier declared wanted by the Gujarat Police.

While police continue to look for him, reports emerged in December last year that he has created a Hindu nation, Kailaasa, with its own flag and political setup, on an island near Ecuador.

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News Network
February 29,2020

Mysuru, Feb 29: More than 7,000 industrialists and entrepreneurs have left the country due to a deficit of trust, and incidents like the violence that rocked northeast Delhi will only affect the economy further, Sri Sri Ravi Shankar, founder of Art of Living Foundation, said on Friday.

Sri Sri was speaking at a corporate wellness conference on the theme, 'Wellness and Wellbeing for a Progressive Nation', hosted by CII in Mysuru. He said an atmosphere of fear and mistrust pervades the country and does not augur well for the economy.

"Bankers, too, are suspicious of everyone and not extending loans to industrialists. This has posed lots of problems," he said. "This attitude among bank officials should go as life depends on trust. When there is a deficiency of trust, there is a possibility of the economy slowing down," Sri Sri added

He said society is now facing two important issues - aggression and depression. "Some people stage protests and pelt stones which happened recently in Delhi. This is really unfortunate," he said, adding, "Fear lurks in the nation's capital, which is being used by many to create terror. This will affect the economy. No country will prosper without peace."

Wellness is the need of the hour, he said, adding, "Corporates used to spend half their health to gain wealth and spend half their wealth to regain their health. This isn't good economics. We have to talk and convince people to invest in wellness."

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News Network
March 30,2020

Bengaluru, Mar 30: The coronavirus scare has taken a toll on the poultry industry in Karnataka with many poultry farm owners culling the birds, insiders in the poultry industry said.

At least one lakh birds have been culled in the last one week, the sources said.

Ever since the news spread about novel coronavirus spreading rapidly, the poultry industry started feeling the heat.

The lockdown spelt further trouble for the industry with reduced business compelling farm owners to go in for the culling.

According to Muddukrishna of C N Nischchith Enterprises, a live chicken dealer in Bengaluru, the culling had taken place in Shivamogga, Kolar and other places.

"There is a drastic decline in business. There are neither customers nor enough supply of birds for sale. We are badly hit. There are many poultry farm owners who have incurred tremendous loss due to the lockdown," Muddukrishna told news agency.

Another major poultry industry owner, having his farms in Channapatna, Ramanagar, Anekal and surrounding places, said he had to get rid of at least 4,000 birds in each of these farms.

"This is not restricted to me alone. There are about 64 major poultry industries who have gone for the drastic measure of culling," said the farm owner.

He said in the last one week, at least one lakh birds have been culled as it was hard for them to maintain them.

"Each bird needs at least a kilogram of grains in three days to eat whereas each kg of poultry food costs about Rs 32. We have about two lakh birds in our farm. How can we maintain if there is no business," rued the poultry farm owner.

The industry has suffered a double whammy.

People gave up eating chicken following rumours that the novel coronavirus COVID-19 is similar to SARS, another virus.

Further, the lockdown has blocked the transportation of these birds, he added.

According to the farm owner, in the last one month, he had suffered a loss of around Rs 15 lakh and if the situation continues for the next three months, his condition would be beyond imagination.

Muddukrishna said the poultry farm association had given a memorandum to the animal husbandry and fisheries department seeking direction on the transportation of these birds.

Accordingly, the secretary in the department of Animal Husbandry and Fisheries A B Ibrahim issued a circular to all the city police commissioners, deputy commissioners of the district, superintendent of police and the CEO of Zilla Panchayath on Friday that the animal husbandry services have been declared as essential services.

Ibrahim said in his circular that the production of chicken birds, sheep, goat, pigs, etc in the farm and their transportation, manufacturing feed, liquid nitrogen meant for veterinary use and other items related to the Animal Husbandry should be permitted.

"Despite the order, our vehicles are stopped and drivers are harassed," alleged Muddukrishna.

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