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 28,2020

Bengaluru, Apr 28: Providing respite, Karnataka has decided to ‘conditionally’ allow economic activities to restart in green zones.

The green zones of Chamarajanagar, Koppal, Chikkamagaluru, Raichur, Chitradurga, Ramanagara, Hassan, Shivamogga, Haveri, Yadgir, Kolar, Davangere, Udupi and Kodagu will now see shops and industrial activities starting operations, according to an order issued by Chief Secretary TM Vijay Bhaskar on Tuesday.

Lockdown restrictions in the wake of COVID-19 will continue in Bengaluru Urban, Belagavi, Mysuru, Vijayapura, Bagalkot, Kalaburagi, Bidar and Dakshina Kannada. Here, only essential services and supplies will be allowed.

In green zones, all shops that include neighbourhood shops, standalone shops, shops in residential complexes within the limits of municipal corporations and municipalities can open with 50 per cent manpower but with masks and social distancing mandatory.

Shops in residential and marketing complexes are allowed to open in areas located outside municipal limits, the order states.

Multi-brand and single-brand malls will remain shut across Karnataka.

Industries operating in rural areas of these green zones (except Ramanagara) have been allowed to start. Also, manufacturing and other industrial establishments with access control in special economic zones and export-oriented units, industrial estates and industrial townships will be allowed to operate.

“These establishments shall make arrangements for stay of workers within their premises as far as possible and/ or adjacent buildings. The transportation of workers to workplace shall be arranged by the employers in dedicated transport by ensuring social distancing (sic),” Bhaskar said in the order.

This order comes a day after Chief Minister BS Yediyurappa participated in a video conference with Prime Minister Narendra Modi, and with all deputy commissioners.

No decision on relaxing lockdown restrictions has been taken for Ballari, Mandya, Bengaluru Rural, Gadag, Tumakuru, Chikkaballapur, Uttara Kannada and Dharwad. “The decision regarding opening of shops and industries in taluks where there are no active COVID-19 cases will be taken by the concerned district in-charge minister,” Bhaskar said.

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coastaldigest.com news network
July 11,2020

Mangaluru Jul 11: A member of Adyar gram panchayat, who was attacked by a gang last night breathed his last at a private hospital in the city.

Mohammed Yaqoob, who was a BJP backed member of Adyar GP was attacked near his village by a gang at around 9 pm on Friday.

In spite of sustaining serious injuries, he managed to return home. 

He then hired an auto-rickshaw and went to Highland Hospital along with his son. 

However, he breathed his last there without responding to any treatment.

According to sources, the victim knew one of the assistants.

It is suspected that political or personal rivalry might be the reason for the attack. However the exact motto behind the attack is not yet known. 

A case has been registered in Kankanady Rural police station.

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News Network
January 25,2020

Udupi, Jan 25: Mangalore International Airport (MIA) culprit Aditya Rao has revealed that after placing the explosive device he went to Malpe and made threat call of placing bomb in the Indigo flight.

Rao, who is in police custody, on Saturday, was brought to Malpe under tight security by the investigating officer ACP Belliyappa for spot investigation. On January 20, Aditya had come to the Mangaluru airport and planted an explosive device before going to Malpe and made a threat call about placing a bomb in the Indigo flight. He was just a couple of kilometers away from the Malpe police station while making the call.

Sitting outside an egg selling shop which opens only after 6:00 pm, Aditya had called the Airport and informed that a bomb was placed in the Indigo flight. Later he destroyed the sim card and left to Bengaluru to surrender.

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