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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 27,2020

Chennai, July 27: Multi-lingual actress Vijayalakshmi, who attempted suicide yesterday, alleging harassment and bullying by followers of Naam Thamizhar party leader Seeman and Panankattu Padai’s Hari Nadar, is recuperating at a hospital in Chennai. 

Vijayalakshmi is known for films like Friends and Boss Engira Baskaran. She recently made headlines for speaking against Seeman and the torture she was allegedly facing from the actor-turned-politician and his party.

In the video which was uploaded on Sunday evening, Vijayalakshmi said, “This is my last video and I have been in tremendous stress in the last four months because of Seeman and his partymen. I tried my level best to survive all these days because of my mother and sister, but I have been humiliated in the media by Harinadar recently.”

She added, “I would like to tell fans who are watching the video just because I was born in Karnataka, Seeman has tortured me a lot. As a woman, I have put up with it to my highest capabilities. I won’t be able handle the pressure anymore. I am from the Pillai community, the same community LTTE leader Prabhakaran is part of. Prabhakaran is the only reason Seeman is who he is today, but now he has been harassing me on social media continuously. You slut shamed me to make me feel the pain and it is up to me to decide on what to do after facing such insults from you. I request my fans not to let Seeman get away from this case. He should never get anticipatory bail. My death should be a big eye-opener to everyone. I don’t want to be a slave to anybody.”

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coastaldigest.com news network
February 25,2020

The Post Graduate Department of English, St. Agnes College (Autonomous) organized COSMOPOETICA – a Two-Day International Poets Conference, transcending the boundaries of language and bringing together scholars from English, Hindi and Kannada languages. The key-note speaker was Dr Hima Urmila Shetty and the Panel of Experts included Maggie Harris, a Commonwealth short stories award winning poet of Broadstairs, Kent; Dr Kathryn Hummel, a visiting professor at IIT Hyderabad; Prof Raj Rao, acclaimed poet and novelist, former HOD of English, Savithribai Phule University; Lata Chouhan from Bangalore; Vijay Tiwari from Ahmedabad; Dr. Nagaveni Manchi, an acclaimed Poet and Professor, Govt College, Carstreet and Ms. Chandrakala Nandavara, former Principal of Ganapati PU College.

Dr Sr Jeswina A.C., the Principal; Dr Sr Maria Roopa A.C. the Superior and Dr Sr Vinora A.C., graced the occasion.

Dr Geralyn Pinto, the Staff Convenor; Dr Malini Hebbar, the HOD and Ananya Sneha the student Convenor organised the Conference.

The highlight of the Conference was the Poetry Workshop, Slam Poetry Competition in three languages and paper presentations on various aspects of poetry.

Overall the conference drew together poets and academicians to discuss poetry as a genre and practice with ignited minds.

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News Network
January 10,2020

Bengaluru, Jan 10: The Special Investigation Team (SIT), probing the murder case of journalist-activist Gauri, arrested absconding suspect Rushikesh Devdikar alias Murali (44) from Dhanbad district in Jharkhand on Thursday evening and is bringing him to the city.

Rushikesh is the 18th suspect arrested in the case, Chief Investigating Officer M N Anucheth said. The investigation has revealed that he was primarily involved in the conspiracy to murder Gauri.

Rushikesh, who was hiding in a house in Katras, Dhanbad, will be produced before the local Judicial Magistrate in Dhanbad on Friday, said Anucheth, adding that the SIT had searched his house for clues. "We will obtain a transit warrant from the court and then bring him to Bengaluru," the officer said.

Originally from Aurangabad in Maharashtra, Rushikesh's family still lives there.

Gauri Lankesh was shot dead near her residence at around 8.20 pm on September 5, 2017, by two bike-borne men.

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