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
January 19,2020

Alappuzha, Dec 19: A Hindu couple, Anju and Sharath tied the knot at Cheruvally Muslim Jamaath Committee situated in Alappuzha district of South Kerala on Sunday.

The marriage took place as per Hindu rituals.

DH had earlier reported that the Jamaath Committee will conduct the marriage ceremony considering the request of the bride's mother, who hailed from a financially weak background.

Kerala Chief Minister Mr Pinarayi Vijayan shared the picture of the marriage on his social media post citing it as yet another instance of communal harmony in Kerala.

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News Network
February 14,2020

Bhuj, Feb 14: In a horrifying incident, as many as 68 undergraduate girls were paraded through their college into the restroom and forced to individually remove their undergarments to prove that they were not menstruating. 

This shameful exercise was conducted at Shri Sahjanand Girls’ Institute (SSGI) in Gujarat’s Bhuj under the supervision of principal and other teachers. 

It all began after the hostel rector complained to the principal that some of the inmates had been violating the Hindu religious norms specifically for menstruating females.

According to the sect’s norms, menstruating females are barred from entering the temple and kitchen. They are even forbidden from touching other students. However, the hostel administration reportedly complained to principal Rita Raninga that some girls who were having their periods not just mingled with other hostel inmates, but also entered the kitchen and ventured near the temple on the premises. 

“It was sheer mental torture and we don’t have words to describe it,” a student who underwent the traumatic experience said, adding that there were total 68 girls who were forced to pass through the test.

“The hostel administration levelled this allegation and insulted us on Wednesday. On Thursday, when we were attending lectures, rector Anjaliben called the principal and complained about this. We were forced to leave our classrooms and queue up outside in the passage. The principal abused and insulted us, asking which of us were having our periods. Two of us who were menstruating stepped aside,” said another victim.

“Despite this, we were all taken to the washroom. There, female teachers asked us to individually remove our undergarments so they could check if we were menstruating,” she added.

Another teenage undergraduate said, “We come from farflung villages. The college campus houses a school that runs classes from Class 1to 12. They provide hostel facilities to the school students. The college does not have its own hostel. We live with the school-kids in their hostel.”

She added, “The principal, hostel rector and the trustees harass us regularly over the issue of menstruation. We are punished for having periods. This happens even if we follow their religious rules. They made us remove our undergarments because they thought some of us were lying about not having periods, and mingling with the others against rules. But the humiliation meted out to us on Thursday was the last straw. When we protested against this, trustee Pravin Pindoria told us that we could take legal action if we wanted but we would have to first leave the hostel. He also forced the students to sign a letter saying nothing happened in college. But enough is enough.”

Kutch University authorities have, meanwhile, swung into action and a five-member team including in-charge vice-chancellor, Darshna Dholakia, and two other senior female professors visited the college on Thursday. “We will speak to the students and the college authority and later initiate appropriate action based on the findings,” Dholakia said.

Run by followers of Swaminarayan Mandir, the college was set up in 2012 but moved into a new building on the premises of Shree Swaminarayan Kanya Mandir in 2014. The college which offers BCom, BA and BSc courses has about 1,500 students of which 68, who come from remote villages, stay in the hostel on campus. The college is known for its pro-Hindutva stance.

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News Network
January 23,2020

Mangaluru/Bengaluru, Jan 23: A day after two senior functionaries of the BJP — a deputy chief minister and a political secretary to the chief minister — made provocative speeches against a minority community, Nalin Kumar Kateel, state president of the saffron party, on Wednesday issued a gag order, banning functionaries from talking on issues without the party’s approval.

Deputy CM Govind Karjol and Honnalli legislator MP Renukacharya had passed comments castigating Muslims, in the process seriously denting the image of the party which is trying to avoid controversies in its efforts to allay fears on the Citizenship (Amendment) Act. The comments come on the heels of Ballari City legislator Somashekara Reddy warning Muslims at a pro-CAA rally of repercussions if they do not fall in line.

Kateel said a gag order has been “clearly” communicated to all concerned at a recent meeting that he and chief minister BS Yediyurappa had chaired. “Our message to party functionaries is in line with what Prime Minister Narendra Modi has told his council of ministers and party MPs — to focus on their work and constituencies rather than comment on issues. Let them leave this task to official spokespersons of the party,” Kateel said.

However, it appears the message hasn’t gone through to Renukacharya, Yediyurappa’s political secretary. A day after courting controversy by saying anti-nationals were using mosques to store weapons, Renukacharya said he stood by his comments and launched a fresh tirade against madrasas, saying they were manipulating youth and encouraging terrorism.

Speaking to reporters on Wednesday, Renukacharya said: “In our [temple-run] institutions, nothing anti-national is taught. We only teach values that are mandated for life. But at madrasas, youth are manipulated by teaching terrorism. Why do we need such schools? The majority of those accused of terrorism are Muslims.”

He immediately followed up this comment by saying he did not imply all Muslims were terrorists. The Honnalli MLA justified his comments saying he did not receive a single Muslim vote in the 2018 assembly elections. “They [Muslims] come to us seeking our help. They want the BJP for development, but when it comes to elections, they vote for Congress and JD(S),” Renukacharya said. He said no “special packages” will be distributed to Muslims in his constituency.

Comments

neshu mangalore
 - 
Thursday, 23 Jan 2020

its really saddening the so called government functioneries making ill concieved statements on partic. community. its an eye opener for general public they make firm stand now on such element of provocative speech.

preach peace ... live and let others live peacefully...

INDIAN
 - 
Thursday, 23 Jan 2020

These parties and his ministers having nothing to do in the name of governance. Only divide society and preach hatred. Did he mention anything about the inflation, vegetable prices, there are many. Cheap politics I urge every Indian to open up your eyes and mind. This politician whichever party they belong we have appointed them to benefit us. Instead of that they are benefitting from us and are using us for their gains.

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