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
March 6,2020

Bengaluru, Mar 6: All the arrested in a case of sedition filed over a school play in Karnataka's Bidar have been granted anticipatory bail by a court that said the case lacked enough basis.

The play, themed on protests against the Citizenship (Amendment) Act (CAA), "has not caused any disharmony in the society", said the district and sessions court in Bidar.

The play, performed in January by the children of prestigious Shaheen School, landed in trouble when a sedition complaint was filed over an 11-year-old girl's lines - enacting an elderly woman, she said if anyone asked for documents she would hit them with slippers.

That led to a sedition case and the police questioning children, teachers and the school management over many rounds.

"The drama has not caused any disharmony in the society. Considering all the circumstances, I am of the opinion that the ingredients of Section 124A of IPC (Sedition) are prima facie lacking," said the court.

Five members of the school management team have been granted protection from arrest. Earlier, the head teacher and the mother of the student who spoke the dialogue were sent to custody, but on other charges including the abetment of an offence. They were not accused of sedition. They were later granted bail.

The repeated questioning of young students and the arrest of the widowed mother of a student caused a huge uproar in the town.

An order is expected soon on the bail application in another sedition case in Karnataka, against three Kashmiri students. The students, who were studying in Hubbali in north Karnataka, are facing charges for reportedly using pro-Pakistani slogans in an online post. The Hubbali Bar Association had asked its members not to represent the students. Lawyers from Bengaluru who went to Hubbali represent the students were heckled.

On Thursday, a team of lawyers from different districts again went to Hubballi and were provided police protection. BT Venkatesh, one of the lawyers, said he had a meeting with bar association members and that the matter was sorted out. The students have applied for bail and an order is expected next week.

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News Network
May 7,2020

Mangaluru, May 7: Thousands of migrant workers from Uttar Pradesh and Bihar, led by Congress leader Mithun Rai, staged a protest here on Wednesday demanding that they be allowed to return to their native places.

The workers started a protest demonstration opposite Mangaluru City Corporation office in the city. Police dispersed the crowd for violating social distancing norms.

The workers said they have nowhere to go and nothing to eat. Therefore, they are demanding to be sent back to their states. They however, had crowded together without following the social distance norm. 

In the wake of protest, prohibitory orders under section 144(3) were imposed in Dakshina Kannada district between 7pm and 7 am till May 17 to check the spread of Covid-19.

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News Network
January 17,2020

Bengaluru, Jan 17: Karnataka Health Minister and BJP leader B Sriramulu on Friday claimed that Congress supports Social Democratic Party of India (SDPI) and Popular Front of India (PFI) to disturb peace in the state.

His statement came after the arrest of 6 SDPI supporters in connection with an attack on a BJP-RSS follower during a pro-CAA rally held in December last year.

"The Congress party 100 per cent supports SDPI and PFI. Whenever they do not get the power, they try to disturb the peace with the support of SDPI and PFI. I will propose in Karnataka Assembly session to ban these organisations in Karnataka. We will discuss this matter," Sriramulu told ANI.

"We had already demanded for the ban on these organisations in Karnataka when I was an MP. Shobha Karandlaje, Yediyurappa and I had met Rajnath Singh, the then Home Minister in Delhi and we had given a memorandum to ban SDPI and PFI," he added.

A case has been registered against arrested SDPI supporters under relevant Sections of the Indian Penal Code (IPC). Bengaluru Police is constituting a new Special Investigation Team (SIT) to handle this case.

"There were 6 people belonging to SDPI, who were here to carry out attacks on leaders supporting CAA. These people were being paid Rs 10,000 from their handlers to create ruckus here. Now this will be handled by the Anti-Terror unit," said Bhaskar Rao, Bengaluru Commissioner of Police.

Earlier today, Karnataka Minister Jagadish Shettar called for a ban on SDPI.

"SDPI always denies their involvement but it has been proved now. I welcome the police's action. Their organisation should be banned as they have always been involved in anti-social activities and government of India should take very serious note of this," Shettar told ANI here.

Comments

sam
 - 
Sunday, 19 Jan 2020

and RSS/bajrang dall creating peace??

Abdul Gaffar Bolar
 - 
Saturday, 18 Jan 2020

What about Ballari Reddy? You reddys from Andra Pradesh making trouble in Karnataka.

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