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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Media Release
February 14,2020

Veteran journalist P. Sainath has said that the nation is in a crisis. And this crisis is not limited to just the rural area. It has become a national crisis at various areas such as agriculture, education, economy, job creation etc.

He was delivering the endowment lecture on the topic ‘Indian democracy at the post-liberalization and post-truth era’ at Media Manthan 2020 organized by the PG department of journalism and mass communication at St Aloysius College (Autonomous). 

Mr Sainath said that the many policies adopted in the 90s led to India becoming unusually unequal. Referring to the speech Ambedkar had made at the Constituent Assembly while handing over the draft of the Constitution, Mr Sainath said, “Ambedkar had warned about the weakness of Indian democracy that liberty without equality allows the supremacy of a few over the multitude. Liberty, equality and fraternity must be kept together as we cannot have one without the other.” 

Mr Sainath stated that the agrarian crisis was no longer about the loss of productivity, employment or about farmer suicide; it was a societal, civilizational crisis. Commenting on the lopsided policies such as cow-slaughter ban, he explained how cow slaughter ban had adversely affected many industries due to their interdependency. While Muslims who slaughtered cows were rendered helpless, the cattle traders who were mostly OBCs lost their earnings as the cattle prices crashed. An important industry like Kolhapur sandals industry in Maharashtra went bankrupt as a result of the cow slaughter ban in Maharashtra. He said the policymakers had no idea how the rural industries were interconnected. Demonetisation too devastated the rural economy as 98 percent of rural transactions happen through cash. 

Mr Sainath also spoke about the crisis of inequality which affects the Dalits and the Adivasis far more than anyone else as 90 percent of the rural households take home less than Rs 10,000/- per month. “Women are yet another group whose labour is never counted in the gross domestic product. Women and girls globally do unpaid work which amounts to about 12.5 billion working hours per year. Monetarily speaking, this is worth 10.8 trillion dollars,” Mr Sainath added. 

Speaking about the crisis of jobs Mr Sainath said that major companies were laying off employees just to create more profits for the investors and the adoption of artificial intelligence in the industry would further destroy millions of jobs.

Rector of St Aloysius College Institutions Fr Dionysius Vaz SJ, Principal Dr (Fr) Praveen Martis SJ, HOD of Journalism and Mass Communication department Dr (Fr) Melwyn Pinto SJ were present.

‘Veerappan and Vijay Mallya’s business models are interesting!’

Addressing the gathering during his endowment lecture on Friday, Mr Sainath made an interesting comment on the so called ‘revenue model’. “Whenever I visit IIMs and IITs for lectures on my PARI project, the students there ask me what my revenue model for my project is. I tell them that I do not have a revenue model. In fact, journalism does not begin with a revenue model. Gandhiji, Ambedkar, Bhagat Singh were all great journalists. But they did not have a revenue model,” Mr Sainath said.

On a lighter note, he said that the best revenue model that he liked was that of forest brigand Veerappan and liquor baron Vijay Mallya. “Veerappan ruled the forest for forty years and from the top ministers to the villagers he could dictate terms and liver royally. Similarly, Mallya’s revenue model was to steal the banks and run away abroad and live like a king,” Mr Sainath added.

Journalism is not and can never be a business. It is a calling, he opined. While newspaper can be a business, television can be a business, journalism per se cannot be reduced to a business. “Unfortunately today, journalists are recruited on a contract basis and they have no bargaining power; and there are no unions to fight for their cause. Hence, they are at the mercy of the corporate media houses for their survival and are made to write stories that cannot be called journalism,” Mr Sainath said.

Answering a question as to the pressures he faced as a journalist, he said that external pressures from the government or others could be very well handled. It is the internal pressures from once own media house that journalists find it difficult to manage.

 

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News Network
August 6,2020

Bengaluru, Aug 5: Touted as a first of its kind in the nation, a mobile Covid-19 lab was inaugurated on Wednesday by the Karnataka Medical Education Minister Dr K Sudhakar.

The lab, approved by the Indian Council of Medical Research (ICMR) can do 9,000 RT-PCR (reverse transcription-polymerase chain reaction) tests per month, an official press release said here. "This is a unique lab having all safety features and capable of producing 100% accurate results within four hours," Dr Sudhakar was quoted as saying in the press release.

The Indian Institute of Science (IISC) had developed the lab and handed it over to the Rajiv Gandhi University of Health Sciences (RGUHS).

The mobile lab can also be used for molecular diagnostic-testing and can be deployed in coronavirus hot spots quickly, the release said adding, apart from Covid-19, the lab can be utilised for testing H1N1, HCV, TB, HPV and HIV among others.

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coastaldigest.com news network
June 5,2020

Bengaluru, June 5: Under the leadership of trouble-shooter D K Shivakumar, the Karnataka Congress is planning a political ‘ghar wapsi’ to bring back leaders who quit the party and also rope in those from other parties.

Shivakumar, the Karnataka Pradesh Congress Committee (KPCC) president, has constituted a 12-member committee headed by former minister Allum Veerabhadrappa to liaise to anchor this effort to bring back people into the party fold. 

The committee comprises of former legislators B A Hasanabba, Ajaykumar Sarnaik, Abhaychandra Jain, Satish Sail, Prafulla Madhukar, former MPs R Dhruvanarayan and BN Chandrappa, MLA V Muniyappa, former mayor Sampath Raj, Mahila Congress leader Kripa Alva and former KPCC general secretary V Y Ghorpade. 

This move comes more than a year after over a dozen Congress MLAs defected and joined the BJP, leading to the collapse of the Congress-JD(S) coalition government. Also, several influential leaders quit the party ahead of the Lok Sabha elections last year.

The constitution of this committee also coincides with disgruntlement brewing within the ruling BJP. 

“Many people who left the party and others have applied (to join Congress). Many have met me also. I felt it wouldn't be right for me to make a decision. So, this committee has been constituted,” Shivakumar said. “They will process all applications and send it to the KPCC.” 

According to Shivakumar, any person wanting to join the Congress should accept the party’s leadership and its ideology. “Importantly, they should be first accepted by the cadre. If there's no acceptance from the cadre, then what's the point?” he said.

Comments

Abdullah
 - 
Saturday, 6 Jun 2020

should not vote them even if they return to congress. They are backstabbers of voters.

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