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 2,2020

Mangaluru, May 2:  Karnataka Pradesh Congress Committee Spokesperson P V Mohan on Saturday urged the district administration to find the source of coronavirus in Dakshina Kannada (DK) district.

He asked the district administration to ascertain from where a woman from Bantwal's Kasba contracted virus on April 19.

''We do not want to convert Dakshina Kannada into Nanjangud,'' Mr Mohan said referring to the mysterious case of Patient 52 from Nanjangud who has been identified as the main source of virus to the rest of the positive individuals in Nanjangud.

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Agencies
January 22,2020

Ahmedabad/New Delhi, Jan 22: Interpol has issued a Blue Corner Notice seeking information about controversial self-styled godman Nithyananda, who fled the country amid allegations of wrongful confinement of children, officials said on Wednesday.

A Blue Corner Notice is issued by the international police cooperation body to collect additional information from its member countries about a person's identity, location or activities in relation to a crime.

The Gujarat Police had sent a request to the CBI, the nodal body for Interpol matters in India, seeking a Blue Corner Notice against Nithyananda, the officials said.

"Interpol issued the Blue Corner Notice against the controversial godman this month," Deputy Superintendent of Police, Ahmedabad (rural), K T Kamariya, told PTI.

The police said they are now working to get Interpol to issue a Red Corner Notice, a global arrest warrant, against Nithyananda.

The Gujarat Police had registered an FIR against Nithyananda after two girls went missing from his ashram in Ahmedabad.

He was charged with kidnapping and wrongful confinement of children to make them collect donations from followers to run his ashram.

Nithyananda was earlier declared wanted by the Gujarat Police.

While police continue to look for him, reports emerged in December last year that he has created a Hindu nation, Kailaasa, with its own flag and political setup, on an island near Ecuador.

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News Network
June 4,2020

Bengaluru, Jun 4: Leader of Opposition in Karnataka Siddaramaiah on Thursday said it was not appropriate to reopen schools for two more months, given the current rate at which coronavirus infection is spreading.

He also advised Chief Minister B S Yediyurappa and Primary and Secondary Education Minister Suresh Kumar not to take any hasty decisions in this regard.

"As corona infection is spreading in the state beyond limits, it is not appropriate to open schools for at least two more months. Chief Minister and Suresh Kumar should not make any hasty decisions," Siddaramaiah tweeted.

Stating that Suresh Kumar has placed a proposal to reopen schools in July, he said the chief minister has to take note of worried parents opposing this proposal.

"There are reports about students getting infected by coronavirus after reopening of schools in countries like Britain, France and Italy. It is appropriate to think about reopening schools on analysing the situation after two months," he said in another tweet.

The state government has sought an opinion from parents and stakeholders regarding reopening of schools in the state, with the easing of the COVID-19 lockdown norms.

Amidst worries and concerns expressed by parents across the state, the Education Minister on Wednesday had assured that the government would not take any hasty decisions regarding reopening of schools.

The Union government, in its recent guidelines, had asked state governments to hold consultation at school, college, training and coaching institutions-level with parents and other stakeholders, and based on the feedback, a decision on reopening them would be taken.

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