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
July 17,2020

Bengaluru, Jul 17: Karnataka Chief Minister B S Yediyurappa on Friday said lockdown is not the solution for controlling COVID-19 and made it clear that there was no proposal before the government to extend it in Bengaluru.

Bengaluru urban and rural areas are currently under "complete lockdown" since 8 pm of July 14 and it will be effective till 5 am on July 22.

With the spike in cases, speculations were rife that the current lockdown is likely to be extended for 15 days, as that much time is required to break the chain.

"Lockdown is not the solution to control COVID. There is no proposal before the government to extend the lockdown," Yediyurappa was quoted as saying by his office in a release.

The Chief Minister today chaired a meeting with Ministers who have been made in-charge of eight zones in the city and officials regarding the COVID-19 situation in Bengaluru.

Earlier too, on July 13, the eve of the lockdown, Yediyurappa had said the government did not plan to extend it in Bengaluru urban and rural districts, and had appealed to the people to cooperate by not paying heed to rumours.

However, earlier today city Mayor M Goutham Kumar and commissioner of the civic body Bruhat Bengaluru Mahanagara Palike B H Anil Kumar had favoured its extension.

They had said that in their personal opinion, a 15 day lockdown would be good, as that much time is required to break the chain.

The Opposition Congress too had asked for a minimum of 15 days lockdown after taking expert opinion.

"Respected Chief Minister, you have imposed lockdown in Bengaluru, but it is difficult to expect results from this lockdown, which has been imposed just for for the sake of it.

Take expert opinion and enforce strict lockdown in Bengaluru at least for 15 days.

If not, even if God comes,it will be difficult to protect Bengaluru," KPCC Working President Eshwar Khandre tweeted.

Speaking to reporters after attending the meeting chaired by the CM, Revenue Minister R Ashoka said lockdown will not be extended and all activities can resume as usual from July 22.

"Lockdown will not be extended. I'm saying this after discussing with the Chief Minister. There is no such thinking before the government.

CM has got report from the experts, it was discussed in the meeting.

By lockdown we can only postpone things, we have taken that breathing time.

If we continue lockdown it will keep on continuing," he said.

The Minister said the process of sealing places, wherever required, would continue.

He said the plan to conduct more tests was discussed at the meeting and all the required zone wise arrangements would be made

"We also discussed about beds and shortage of ventilators and steps will be taken to arrange for them," he said.

As of July 16 evening, cumulatively 51,422 COVID-19 positive cases have been confirmed in the state, which includes 1,032 deaths and 19,729 discharges.

Bengaluru urban district tops the list of positive cases, with a total of 25,288 infections.

Out of 4,169 fresh cases reported on Thursday, a whopping 2,344 were from Bengaluru urban alone

At the meeting, the Chief Minister said all necessary steps should be taken to clear all the difficulties faced by infected patients in getting admitted to hospitals.

The CMO statement quoted Yediyurappa as directing Ministers to hold meetings with private hospitals to ensure that COVID and non COVID patients get treatment.

Warning of strict action against private hospitals if they don't allocate beds for COVID patients,he said volunteers and nodal officers would be appointed to gather information about admission of such patients and availability of beds

The Chief Minister said rapid antigen tests should be conducted on those dying at hospitals or homes and necessary action taken to hand over the bodies or to conduct last rites as per the procedures, depending on the cause of death.

Recruitment was on to appoint doctors to resolve shortage, he said,adding that volunteers have been identified in each ward for micromanagement and ambulances allocated.

Marriage halls and lodges have been selected in all wards for those not having separate quarantine facilities, Yediyurappa said and stressed on increasing testing.

Deploying extra police force at places where there are chances of people gathering in large numbers, ensuring beds availability and ambulances within two hours of a patient testing positive- with decentralized monitoring, giving priority to those symptomatic above 65-years during allocation of beds were among directions given by the Chief Minister.

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Agencies
March 14,2020

Bengaluru, Mar 14: Bus-stands and railway stations in this IT city wore a deserted look on Saturday and malls, cinemas, pubs and night clubs remained shut as part of the lockdown announced by the state government following the country's first coronavirus fatality reported from Karnataka on March 12.

Six people in Karnataka have contracted the virus including the 76-year-old man who died due to this disease from Kalaburagi in the state.

A day after chief minister B S Yediyurappa announced the shutdown for a week, the usual rush at the Central bus-stand was missing.

"Since yesterday there is slackness. Today again we are witnessing the same," a Bangalore Metropolitan Transport Corporation official told PTI.

The Karnataka State Road Transport Corporation, which runs inter-city and inter-state buses, too has seen a decline in its revenue.

"For the past five to six days we are seeing a drop of Rs 32 lakh to Rs 35 lakh in our daily revenue of Rs eight crore," Bengaluru divisional controller B T Prabhakar Reddy said.

On March 13, Yediyurappa issued instructions to stop all kinds of exhibitions, summer camps, conferences, fairs, marriage, sports and engagement events and birthday parties state-wide for a week from Saturday.

Business at pubs and aars have taken a hit due to the virus threat.

"Our businesses have suffered somewhere between 40 per cent and 70 per cent.

It is very difficult to cope with the situation," said Manu Chandra, Bengaluru chapter head of National Restaurant Association of India.

In Chitradurga district, the annual Rathayatra was cancelled whereas in Bengaluru, a temple displayed a board that it will not distribute any 'teertha' (holy water) or 'prasad' (offering) to devotees in view of the coronavirus scare.

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News Network
June 25,2020

Belagavi, Jun 25: Union Minister of State for Railways Suresh Angadi on Wednesday said that coronavirus was created to "scare us" and to create tensions on the border, in an apparent reference to China.

He said that everyone should learn to live with the virus and follow all norms needed to combat the disease.

"We all know who created the coronavirus. It was created to scare us and to create tensions on the border, we know who did it. We have to learn to live with the coronavirus. We do not need to be scared of it. We must maintain social distancing and follow all the sanitation norms," Angadi told reporters here.

Karnataka on Wednesday reported 397 new COVID-19 positive cases, taking the total count in the state to 10,118.

According to the state health department, the state's death toll has reached 164 after 14 fatalities were reported. As many as 6,151 people have been discharged so far.

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