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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coastaldigest.com news network
May 25,2020

Bengaluru, May 25: Helpless dairy farmers in a village in Bangaluru Rural district have dumped around 4,000 litres of milk into drains and on anthills.

The shocking incident took place at Chikka Korati near Hoskote yesterday after the Karnataka Milk Federation (KMF) refused to collect the milk because a pregnant woman in the village had tested positive for Covid-19.

The village was sealed off three days ago and three of the woman’s family was sent to institutional quarantine. The incident is an embarrassment since the government has been urging people not to stigmatise patients or their contacts.

“In Hoskote taluk, we lead in milk production,” Guru Korati, a villager, said. “There are around 130 families in the village, but we have two milk producers’ cooperative societies (MPCSs) – Chikka Korati MPCS and Dinne Korati MPCS. Our village produces more than 4,000 litres per day. The KMF refused to collect milk from both societies after they learnt about the positive case. Frustrated, we poured the milk down the drain.”

Guru wanted the government to address the village’s problems. “We are not only struggling to sell milk, but we also cannot transport vegetables which we cultivate,” he said.

Veerabhadrappa, from Chikka Korati in Bayala Narasapura gram panchayat, said: “Several families have cows enough to yield more than 50 litres of milk. What will they do with such a huge quantity of milk?”

Mehaboob Sab, panchayat development officer (PDO) of Bayala Narasapura GP, said, “We aren’t sure how the woman contracted Covid-19. A family member had visited Tamil Nadu and the woman also frequently visited a hospital in Kolar for checkups. We are still tracing her contacts.” 

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News Network
April 15,2020

Mumbai, Apr 15: A 35-year-old man, who worked as a priest in suburban Kandivali, allegedly committed suicide on Tuesday afternoon, hours after learning that lockdown to contain coronavirus has been extended.

The deceased was identified as Krishna Pujari, native of Udupi in Karnataka, who was attached to Durga Mata temple in Iraniwadi area of Sanjay Nagar.

Pujari, who lived with three other priests, was waiting for the lockdown to end as he wanted to go back to his hometown, a police official said.

When he learnt that the lockdown has been extended till May 3, he was terribly depressed and allegedly hanged himself in kitchen, the official added.

No suicide note has been found, he said.

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News Network
January 13,2020

Bengaluru, Jan 13: Though he submitted his resignation as leader of the opposition over a month ago, former chief minister Siddaramaiah continues as the face of the Congress in Karnataka.

However, this may change as All India Congress Committee (AICC) interim president Sonia Gandhi has summoned Siddaramaiah to Delhi for a final consultation over change of guard. Over the past month, there has been speculation over the possibility of Congress persisting with Siddaramaiah as opposition leader and either party troubleshooter DK Shivakumar or former ministers MB Patil, HK Patil or Eshwar Khandre replacing incumbent president Dinesh Gundu Rao. Both tendered resignations owing moral responsibility for the party's dismal performance in the 15 bypolls held last month.

In the past 24 hours, there has been talk of Siddaramaiah being asked to be the state unit president and vacating the other post for a young turk or experience legislator including the likes of Shivakumar who could be the face of KPCC by 2023 if he gets a clean chit from the ED in cases of money-laundering, etc. Seniors, including former KPCC president and DyCM G Parameswara and former minister HK Patil, are strong contenders to be leader of the opposition if Siddaramaiah is asked to vacate the post.

However, sources in the Siddaramaiah camp dismissed the possibility of him becoming KPCC president. "He has never aspired for the post and the high command is not inclined to do it," said a member in his camp.

Siddaramaiah may meet Sonia on Tuesday morning. It's still unclear if any other KPCC functionaries have been summoned. Sources said Sonia is scheduled to leave India for medical treatment on January 15 and wanted to complete the consultations about Karnataka. The high command has reportedly gone through reports submitted by party observers Madhusudan Mistry and Parameswara.

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