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
April 4,2020

Mangaluru, Apr 4: No positive case of coronavirus has been detected in Dakshina Kannada district as per the latest update released by the district administration on Friday.

Test results of throat swab samples of 16 people with suspected symptoms were received today and all of them were negative.

A total of 38,518 people have been screened for coronavirus in Dakshina Kannada district till date with 72 people being screened today.

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coastaldigest.com news network
July 17,2020

Udupi, July 17: An Indian expatriate from coastal Karnataka who was working in Kuwait passed away in a hospital in the oil-rich country reportedly due to covid-19.

Sheikh Mohammed Syed (54) was a native of Kharvi in Kundapura taluk of Udupi district. He is survived by his mother, wife and three daughters. 

An ex athletic champion from Bhandarkars' Arts & Science College, he was a well-known Volleyball and Kabaddi player in Kundapur.  He was associated with many sports associations in Udupi. 

An employee of KRH firm, he was hospitalized in Kuwait three weeks ago due to ill health. He was tested positive for covid-19.

He breathed his last yesterday without responding to any treatment. Final rites were held in Kuwait. 

Prior to migrating to Kuwait, he had worked in United Arab Emirates for several years. A sports enthusiast, he had trained many athletes in Udupi.

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coastaldigest.com news network
May 5,2020

Mangaluru, May 5: Even though India is all set to bring back Indian nationals stranded abroad through special commercial flights, no flights have been arranged for the repatriation Kannadigas stuck in Kingdom of Saudi Arabia in the first phase (May 7 to May 14). However a few flights will fly from Saudi to Kerala and Delhi.

The government is likely to introduce flights from Saudi Arabia to Karnataka (Bengaluru and Mangaluru Airports) in second or third phase.

Fill the Form

All Indian nationals in Saudi Arabia who seek repatriation are supposed to fill form in the following link: https://t.co/K5Hbmr4cFP 

Meanwhile, the Indian Embassy in Riyadh has clarified that the purpose is only to collect data and no decision has been taken yet regarding resumption of flights.

High airfare

Even though some GCC governments paid the ticket fares to bring back their citizens, the government of India has clarified that it will not pay the ticket fares of Indian nationals stranded abroad. It is predicted that tickets on repatriation flights from Saudi Arabia to India could be costlier than regular airfare.

Only asymptomatic can travel 

As per Standard Operating Protocol, medical screening of passengers would be done before taking the flight. Only asymptomatic passengers would be allowed to travel. During the journey, all these passengers would have to follow the protocols, such as the health protocols, issued by the ministry of health and the ministry of civil aviation," it said in a statement.

Mandatory quarantine

The govt has made elaborate arrangements to conduct medical test on arrival at the Airports. As per plan, based on medical check-up, passengers will be categorised as group A/B/C. Later, they will be quarantined for the mandated days

Respective district administrations have taken steps to quarantine people returning from outside India. Marriages halls, general halls and hostels are being identified for the quarantine.

Comments

SAMSHUDDEEN
 - 
Wednesday, 6 May 2020

I m stucked here..no ikana no money no salary...no food

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