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
July 2,2020

Bengaluru, Jul 1: Veteran actor and comedian, Rajagopal, who was known for his outstanding mimicry skills in Sandalwood breathed his last on the night of July 1, that is yesterday. He was one of the favourite comedians among the audiences and is said to have been suffering from kidney and asthma problems.

He passed away at his residence in Bangalore.

The well-recognised comedian has worked in more than 600 movies in his career, along with Tamil movies. The actor was active in the film industry since 1983 and had acted with many stars like Vishnuvardhan, Ambareesh, Prabhakar among others. He is also known for mimicking actress Kalpana's voice very well.

Recently, he also had claimed that new directors, new producers in the Kannada film industry had not been calling veterans to play parts in their movies and preferring fresh talent. He also had been going through a financial crisis due to the lockdown. Rajagopal has also worked in TV serials for some time in his career.  He has acted in super hit movies like, ‘Real Police’, ‘Sadakaru’, ‘Goosi Gang’, ‘Super Police’, and others as well.

The lockdown has seen the demise of many South Indian stars. Chiranjeevi Sarja too passed away last month, leaving the industry in shock. Now, a famous comedian's demise has also saddened the industry further.

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News Network
January 12,2020

Kochi, Jan 12: Golden Kayaloram, the fourth and last Maradu residential apartment was razed by controlled implosion in Kochi on Sunday afternoon as per the directions of the Supreme Court.

The building came crashing down, leaving the entire area in a cover of white smoke.

Earlier today, Jain Coral Cove, the apartment having the maximum number of housing units among the illegally built buildings, was razed down at 11:02 am.

The authorities coordinated the operations from a control room set up at the office of the Inland Waterways Authority of India.

As per municipal records, there were 122 housing units in Jain Coral Cove and 41 in Golden Kayaloram.

The prohibitory orders that were clamped in the area will remain imposed for the day. The district administration on Saturday imposed Section 144 of the Code of Criminal Procedure (CrPC).

On Saturday, the 19-floor H2O Holy Faith apartment complex with 90 flats and the Alfa Serene complex with twin towers were demolished at 11 am and 11:05 am respectively.

The buildings are razed for violating the Coastal Regulation Zone (CRZ) rules. The directions in this regard were passed by the Supreme Court last year. 

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News Network
April 15,2020

Bengaluru, Apr 15: As many as 17 new positive cases of COVID-19 have been reported in Karnataka, taking the total number of cases in the state to 277, including 75 discharged and 11 deaths, the state government said on Wednesday.

Of the 17 new cases, nine are workers of a pharmaceutical company in Mysuru, the government stated.

Meanwhile, a 65-year-old from Chikkaballapur, who had tested positive for COVID-19, lost his life on Wednesday.

"He was referred to a Bengaluru hospital with complaints of H1N1 positive, Chronic Obstructive Pulmonary Disease with obstructive sleep apnea and a past history of diabetes and hypertension," the government stated.

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