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
May 14,2020

Bengaluru, May 14: Reformed underworld don Muthappa Rai, who was battling cancer for the past year, was said to be in a critical condition at Manipal Hospital in Bengaluru, late Wednesday night. Doctors said he was on life-support at the time of going to press. Rai (68), realtor, entrepreneur and founder of pro-Kannada organisation Jaya Karnataka, had retired from public life after he was diagnosed with cancer. He was part of an ongoing investigation into gangster Ravi Pujari, who was extradited from Senegal recently.

Born in Puttur into a Bunt family, he started out as a bank employee in Bengaluru, and later ran a live band restaurant. In 1994, he was shot in a Bengaluru court by a man dressed as a lawyer, after which he was bedridden for a couple of years.

Rai Moved to Dubai in 1996. He was deported from the UAE to India in 2002, and was arrested in Bengaluru when HT Sangliana was the police commissioner. Both Rai and Pujari had allegedly been associated with underworld don Dawood Ibrahim.

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coastaldigest.com news network
August 5,2020

Mangaluru, Aug 5: Normal life was thrown out of gear as heavy rain and gusty winds lashed large parts of coastal and malnad districts of Karnataka in last 48 hours. Widespread power outages due to tree fall and minor landslides were reported in last 24 hours.

Meanwhile, Indian Meteorological Department has sounded a red alert for Uttara Kannada, Udupi and Dakshina Kannada districts 8:30am of August 5.

In Mangaluru city there were several tree falls disrupting power supply in key areas of the city. Four electricity poles were damaged after a tree fell on Boloor Jarandaya road due to rain and heavy winds. In Neermarga too, there were a couple of tree falls in the morning cutting off power supply, which was not restored till this report was sent.

Mescom bore the brunt of the rains in Udupi and Dakshina Kannada District and at the last count as many as 148 electric poles, 23 transformers and 65 kilometer conductor wires were damaged due to poles being damaged in tree fall and landslides.

Traffic was affected on Charmadi Ghat on the Mangaluru-Chikkamagaluru route due to a tree fall on the second hair pin bend. 

On Monday, landslides near Kottigehara, Chikkamagaluru District, left traffic badly affected. Though normalcy has been restored on the route after blocking the road for restoration till Tuesday morning, locals fear more landslides due to continuous downpour.

Kodagu district too received heavy rainfall in past 24 hours which resulted in water logging in low-lying areas.

In the Coast, Uttara Kannada received the highest amount of rainfall at 91mm, followed by Udupi at 75 and DK at 73mm. The highest Rainfall of 241 mm was recorded at Castlerock, Supa Taluk in Uttara Kannada District.

KSNMDC bulletin stated that widespread moderate to heavy rains associated with strong surface winds at times and isolated very heavy to extreme heavy rains was likely over Udupi, Dakshina Kannada and Uttara Kannada districts It also stated that wind speeds ranging between 50kmph to 60 kmph was forecast along the coast of Karnataka from Mangaluru to Karwar, warning fishermen not to venture into the sea.

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coastaldigest.com news network
August 3,2020

Bengaluru, Aug 3: Karnataka Chief Minister BS Yediyurappa tweeted late Sunday night that he had tested positive for the novel coronavirus. 

In a brief post on Twitter, Mr Yediyurappa said that he was fine but had been hospitalised on the advice of doctors. While his daughter Padmavathi has also tested positive for the virus, the Chief Minister's son, Vijayendra, has tested negative.

The Chief Minister's media team has said he has been admitted to Manipal Hospital. Mr Yediyurappa, 77, also requested those who had come in contact with him to be wary of Covid symptoms and self-isolate.

"I have tested positive for coronavirus. Whilst I am fine, I am being hospitalised as a precaution on recommendation of doctors. I request those who have come in contact with me recently to be observant and exercise self-quarantine," the Chief Minister's tweet read.

The testing of the Chief Minister was done as part of the routine weekly tests he undergoes along with his staff. The results of Mr Yediyurappa's gunmen and security staff, around 50 of them, are expected today.

Staff members at Mr Yediyurappa's home office, Krishna, had tested positive early last month. 

At that time Mr Yediyurappa said: "I am going to discharge my duties from home from today for the next few days in view of some of the staff in the office-cum-residence Krishna testing positive".

Mr Yediyurappa had also met Karnataka Governor Vajubhai Vala in Bengaluru on Friday. State Home Minister Basavaraj Bommai was also present at the meeting.

The Chief Minister is the second high-profile political leader to confirm testing positive for COVID-19 today; hours earlier Union Home Minister Amit Shah tweeted similar news.

Mr Shah, 55, too said he was "fine" and that he had been hospitalised on the "advice of doctors".

The minister also asked all those who had been in contact with him over the last few days to "please isolate yourself and get your tests done".

The Home Minister was at a cabinet meet last week, at which top colleagues, including Prime Minister Narendra Modi, Defence Minister Rajnath Singh and Finance Minister Nirmala Sitharaman were present.

All Covid norms, including social distancing, were followed at that meeting, sources said.

Last month Madhya Pradesh Chief Minister Shivraj Singh Chouhan tested positive for the virus as well. He has been in hospital since then and tweeted today to say that he was well and, minutes after Mr Yediyurappa tweeted his Covid positive status, he posted a get-well-soon message.

"I pray to God for your speedy recovery, Yediyurappaji," Mr Chouhan wrote.

Mr Chouhan had tweeted a message for Mr Shah too. "Home Minister Amit Shah, may God help you recover soon, so you can serve the nation with full energy. Our best wishes are with you," his tweet read.

Former Karnataka Chief Minister Siddaramaiah also tweeted, saying: "I wish BS Yediyurappa a speedy recovery and to return with good health to continue his work for the people".

Tamil Nadu Governor Banwarilal Purohit also tested positive today, Chennai's Kauvery Hospital, where he has been admitted, said. He is asymptomatic and clinically stable.

On Sunday morning the virus claimed the life of a UP minister - Kamal Rani Varun, 62, died at Lucknow's Sanjay Gandhi Postgraduate Institute of Medical Sciences.

Over the last 24 hours, 54,735 cases were reported, taking the total number of cases to 17,50,723, data from the Health Ministry showed.

The continuing spike in cases over the past weeks comes as India gradually re-opens its economy after more than four months of the world's strictest lockdown. Unlock3, the third phase of easing of restrictions, came into effect on Saturday.

It took just 185 days for India to cross the 17-lakh mark after the first case was reported in Kerala in January; it took 110 days to record the first 1 lakh cases. More than 60 per cent of total cases in the country and over 50 per cent of total deaths have been recorded in July.

Also Read: Karnataka CM is in clinically stable condition: Manipal Hospital

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