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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coastaldigest.com news network
July 7,2020

Mangaluru/Udupi, Jul 7: Coastal districts of Dakshina Kannada and Udupi crossed 100 plus Covid19 positive cases mark again on Tuesday, after slipping to double digit cases for a day on Monday. While Dakshina Kannada accounted for 83 of these cases and one death, Udupi tallied 28 fresh cases taking the combined tally of new cases to 111.

DK stood second behind Bengaluru Urban that recorded 800 out of 1,498 new cases that the state recorded for the day.

In all, 48 primary contacts testing positive led DK district’s spurt of 83 cases, Sindhu B Rupesh, deputy commissioner, said. Influenza like illness (ILI) cases accounted for 20 of the 83 cases, one each were diagnosed with severe acute respiratory illness (SARI) and from pre-surgery sample collected before delivery, two had history of inter-district travel, three each were cases of random, pre-surgery samples and source of infection being traced.

A 65-year-old male from Moodbidri who had co-morbid conditions including diabetes, pneumonia and heart ailment succumbed to the pandemic during the day. He was admitted for treatment at a private hospital on July 3. With this, the death toll due to coronavirus in DK district rose to 26 and two of them are due to non-Covid reasons including a case each of suicide and a person succumbing to liver cirrhosis and they tested positive post death.

G Jagadeesha, deputy commissioner, Udupi district said the 28 new cases took the total positive cases in Udupi to 1390. With 1182 patients discharged and three deaths, Udupi as on date has 205 active cases. Those who tested positive include KSRTC driver who travelled to Bengaluru, vegetable vendor at Adi Udupi market and people with travel history to Tumakuru, Bengaluru, Mumbai, Dubai and two even from DK and rest primary contacts, DC said.

Health authorities in DK district also discharged 99 patients during the day to keep their active cases tally at 650. The two districts combined have 855 active cases as on date. As per revised protocol issued by the department of health and family welfare, the district administration also permitted 28 patients with mild symptoms to undergo home isolation while the rest are being treated either at private hospitals or at the designated Covid19 hospital for DK.

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News Network
July 16,2020

Bengaluru, Jul 16: Karnataka Medical Education Minister K Sudhakar on Thursday paid a surprise visit to the C V Raman Hospital in Bengaluru and urged the administration to follow COVID-19 guidelines properly. He also took stock of the hospital's preparedness to fight the deadly virus.

The minister noticed a number of flaws and warned the hospital to go strictly by the guidelines. He saw that despite 15 high-flow oxygen beds lay vacant, only two patients were admitted. He then asked the hospital to send asymptomatic and mildly symptomatic patients to COVID-19 care centres so that beds were available to those who need these.

"Doctors' profession is a noble one and in a situation like this everyone should perform their duty with utmost humanity and compassion. During this crisis, we should all be kind and empathetic," the minister said. He also ordered the suspension of two officials for not following the guidelines and not giving the right treatment to patients.

He noticed that the hospital lab collected less number of swabs and instructed them to collect a minimum of 500 swabs per day. Pointing out the under-utilised beds and ICUs, he observed that because of such negligence by officials, the government is being blamed despite working day and night for the past four-five months.
During this visit, the minister also interacted with the patients through video call and enquired about the services provided to them by the hospital.

"Surprise visits will continue. I will be in touch with every lab and get the right number of tests done on a daily basis," the minister said while speaking to the media.

He also urged the people who have recovered from COVID-19 to donate their plasma to save other lives, adding that donors will receive a reward of Rs 5000 as a token of appreciation.

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News Network
May 12,2020

Bengaluru, May 12: Chief Minister B S Yediyurappa had promised to extend all co-operation for the safe and early return of the Karnataka ex-pats, living in the United Arab Emirates (UAE), here on Tuesday.

He was speaking to the Karnataka ex-pats living in UAE, who had pleaded the chief minister to make arrangements for their return to the state.

Those who had spoken to the Chief Minister had informed that there is a large number of people, landed into a great difficulty ever since the onset of the COVID-19 pandemic and eager to return to their home state, Karnataka.

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