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
June 9,2020

Bengaluru, Jun 9: A 24-year-old who wanted to experience the feeling of death lost his life after consuming pesticide — he recorded it all on TikTok — in Koratagere taluk of Tumakuru district on Saturday evening.

Chided by his mother for not earning money, Dhananjaya, a resident of Gouraganahalli, on Saturday evening bought pesticide from a shop and shot a 15-second TikTok video, saying, “I want to experience the feeling of what death would be like. I will try to kill myself.”

Locals rushed Dhananjaya to a nearby hospital where he breathed his last the next morning. Koratagere police registered a case of unnatural death.

According to police, Dhananjaya had in the past rammed his Bajaj Pulsar bike into a tree to ‘experience’ death but had survived with minor injuries. Villagers and family members had advised him to not to take such risks. But he continued to do so as he was obsessed with death and posted his opinion regularly on TikTok, where he had 431 followers.

He tied the knot four months ago and was running an autorickshaw on rent. However, his earnings reduced to zero during the lockdown and he wasn’t mentally stable, claimed villagers.

Investigators said Dhananjaya wanted to scare his mother with his suicide threat and wanted to ‘experience’ death. He consumed poison near a farm but later panicked thinking he would die. However, he was not in a position to ride back home. He called his friend, who visited the spot and shifted him to hospital on Saturday night, police said.

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News Network
February 28,2020

Bengaluru, Feb 28: The Liquefied Petroleum Gas penetration in Karnataka is 'absolutely 100 per cent' due to the Prime Minister Ujjwala Yojana, Indian Oil Corporation Karnataka Executive Director D L Pramodh said here on Friday.

In 2014, LPG penetration in the State was only 68 per cent, but after the PMUY, massive number of gas connections were given in the last five years, he said, adding, "It is absolutely 100 per cent today."

"There are 1.6 crore LPG connections out of which around 31.5 lakh -- or around 20 per cent -- come under the PMUY. The 100 per cent LPG penetration in the state will help women in rural areas to make their kitchens smokeless. Against the national average of 2.88 cylinders per family per PMUY annually, the figure is Karnataka 3.4 cylinders in Karnataka," Pramodh told reporters.

On the initiative of blending ethanol with petrol, he said it's 8.6 per cent in Karnataka, the highest comparedto other states, where it's five per cent to 5.5 per cent. The state aims to increase it to 10 per cent. By March 31, the IOC would commission the Rs 10 crore Vapour Recovery System at the Devanagonthi terminal on the city outskirts which would ensure that vapour does not go out in the air when tankers are being filled with fuel. "This is an important measure taken tominimise pollution", he said.

Pramodh also said the IOC has started mobile fuel dispensers, delivering fuels at the doorsteps.

Regarding the IOC's preparedness for Electric Vehicle charging stations, Pramodh said the Ministry of Power has given the company a target to set up 500 charging stations across India in the first phase. The IOC has already signed MoUs with NTPC, Power Grid Corporation Limited, Hyundai Motors, Tech Mahindra and Tata Power in this regard.

In Karnataka, 58 sites have been identified for setting up charging and battery swapping stations.

"Total electric vehicle charging facilities planned by IOC in Karnataka by March 31 is 34, out of which 26 will be EVcharging sites and eight battery swapping stations," Pramodh said.

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News Network
August 4,2020

Bengaluru, Aug 4: Police barricades, yellow banners, walls with a fresh coat of paint and the sounds of bhajan mark parts of Ayodhya as the city awaits its big day Wednesday, when the first brick will be laid for the Ram temple.

Ayodhya is decked up for the bhoomi pujan that will be attended at the Ram Janmabhoomi by 175 people, who figure in a select guest list of seers and politicians topped by Prime Minister Narendra Modi.

Concerned over the spread of coronavirus, the authorities are encouraging others not to come to the temple town, asking them to mark the occasion by celebrating at their homes. The groundbreaking ceremony will be telecast live.

Roads leading to Ayodhya display hoardings with the picture of the proposed Ram temple and of Ram Lalla, the infant Ram, the deity now housed in a makeshift temple.

Around the town’s Hanumangarhi area – named after a well-known temple which Modi will visit on Wednesday – both police sirens and ‘bhajans’ in praise of Ram are heard.

Most of the shops in the locality wear a new look, with their fronts painted in bright yellow. A large number of policemen were deployed there on Tuesday. Some sat in the sweet shops, waiting for their next instructions.

Roads leading into the area are barricaded. Yards of yellow cloth and marigold garlands were being hung on poles.

Even on the day before the event, security checks on vehicles heading to Ayodhya begin from adjoining Barabanki district itself on the Lucknow-Ayodhya road. Policemen take down details, including mobile numbers of the travellers.

Senior Superintendent of Police Deepak Kumar said the focus of the force is on maintaining the Covid-19 protocol.

“So we are not going to allow any outsider to enter Ayodhya city,” he said. Prohibitory orders are also in force and not more than four people will be allowed to gather.

“The markets and shops will remain open but with strict adherence to the Covid protocol,” he said. Outsiders will be stopped from entering the city, but Ayodhya residents will be allowed in if they produce any identification document.

“We are also carrying out random checks on people living in Ayodhya to ensure that no outsiders are staying here,” he said.

The city’s temples and mosques will remain open, but no other religious event – except for the bhoomi pujan – will take place on Wednesday.

Pickets have been set up at sensitive points in the city.

Sub-inspector Ram Chandra Yadav and constables Avnish Kumar and Ankit Chaudhary man the Terhi Bazar Chauraha picket near the Ram Janmabhoomi site.

"We are here for the past some days, and were on duty on the Rakshabandhan day. Duty comes first and only after that come other things in life, like festivals," Yadav said.

Mayank Gupta, who runs a restaurant, was handing out food packets to policemen, his customers.

"For the last two months, I have been providing tiffin to them twice a day. There are around 100 policemen to whom I supply tiffin," Gupta said.

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