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 web desk
July 25,2020

Chennai, July 25: A widow living alone in her apartment in Chennai city suburbs has filed a police complaint against ABVP national president Dr Subbiah Shanmugam, accusing him of harassment, including urinating and throwing used surgical masks at her doorstep.

Shockingly, no action has been taken so far by the police, even though the complaint against Dr Shanmugam, who is in government service, was filed on July 11 at the Adambakkam Police Station here by the widow’s relative Balaji Vijayaraghavan. 

Dr Shanmugam and the 62-year-old widow were living in the same apartment complex in Nanganallur and an argument broke between them over a parking slot. “He wanted to use our parking lot. We agreed but demanded a nominal charge for using it. He was outraged by our demand and even broke our signboard at the parking lot,” Vijayaraghavan wrote in his complaint.

He also alleged that Dr Shanmugam began harassing her by throwing “pieces of chicken” outside her apartment despite knowing she is a vegetarian. Vijayaraghavan also alleged in his two-page written complaint that the ABVP National President had urinated outside the woman’s apartment gate and had been throwing garbage and used masks at her gate.

The 62-year-old woman has been living alone in her apartment for the last year following her husband’s death. In his complaint, Vijayaraghavan also said the family was “concerned about her safety”, while asking police to take action against Dr Shanmugam, who he says, “has a bad track record in maintaining rapport with neighbours.”

CCTV footage corroborates with the allegations of urinating outside the residence of the widow. However, the ABVP claimed the incident as a “malicious and derogatory propaganda” by the Congress’ student wing of NSUI.

Also Read: Finally FIR registered against ABVP national president for allegedly harassing widow

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coastaldigest.com news network
June 29,2020

Mangaluru, Jun 29: Senior IPS officer Vikash Kumar Vikash today took over as the new commissioner of police of Mangaluru city.

He replaced Dr P S Harsha, who was recently transferred and posted as the Deputy Inspector General and Commissioner of Information and Public Relations.

Before coming to Mangaluru as city police chief, Vikash Kumar was the Deputy Inspector General of Police and Commander of Anti Naxal Force.

He had also served as the superintendent of police of Chikkamagaluru district.

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News Network
May 4,2020

Udupi, May 4: Udupi Deputy Commissioner G Jagadeesha said that mechanised boat fishing will be permitted in Udupi district in another two days.

He further said that the decision was taken after the district was declared as a Green Zone as no fresh cases of COVID-19 were reported from the district in the past several days.

The Deputy Commissioner told the media here that fishing will be permitted but social distancing has to be practised and only 30 boats will be permitted in a day.

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