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 10,2020

Karwar: The number of Covid-19 patients in Uttara Kannada district has gone up to 39 with seven more persons from Bhatkal testing positive for the virus on Sunday.

These seven persons include five men and two women. Among them, the youngest is 15 years and the eldest is 60 years. Rest of the patients are 50, 21, 16, 42, and 31 years old, a health bulletin said. All the new seven cases are contacts of the eight persons who were found positive on Saturday.

Of the new cases, one is an auto-rickshaw driver who had reportedly transported one of the patients. Now the administration is collecting the details of the driver’s journeys and the persons who had travelled in his auto-rickshaw. It is said that some of these persons who were confirmed positive on Sunday had travelled to Udupi and moved around in Bhatkal town to buy medicine.

The pressure on the administration is increasing with new positive cases being detected in Bhatkal town every day. After the first 11 cases, there were no new cases for 20 days. However, since Friday, there is sudden spike in the number of new cases in Bhatkal town.

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News Network
March 27,2020

Mangaluru, Mar 27: In the wake of coronavirus, the Council of Mangalore City Corporation (MCC) has taken steps to prevent the spread of Covid-19 in the city as a task force has been formed to monitor home delivery of essentials and the situation prevailing in the city due to outbreak of the virus.

MCC commissioner Shanady Ajith Kumar Hegde held a meeting of wholesalers to plan the smooth supply of essentials to the people on Thursday.

Speaking on the occasion, he said, the wholesalers of the city have been directed to supply essential goods to apartments in the city. Each apartment should prepare purchase details and must hand it over to the wholesalers. This way residents will not have to go out to buy essentials. The purchasing time will be between 6 am to 12 pm.

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News Network
January 3,2020

Thiruvananthapuram, Jan 3: Kerala Chief Minister Pinarayi Vijayan on Friday wrote letters to 11 Chief Ministers including Arvind Kejriwal--Delhi and Mamata Banerjee, West Bengal-- pointing out apprehensions that had arisen among large sections of society consequent to the Citizenship Amendment Act (CAA) - 2019.

In his letter, the Chief Minister said "the need of the hour is unity among all Indians who wish to protect and preserve our cherished values of democracy and secularism."

People from various cross-sections of the society irrespective of any difference they might have, need to stand united in preserving the basic tenets of our polity which form the cornerstone of Indian democracy, he added.

"We are sure that our unity in diversity, which has stood the test of times will ultimately emerge stronger. Kerala has decided to address the apprehensions about NRC and that preparation of NPR will lead to NRC by staying all activities relating to NPR in the State," Mr Vijayan said.

In this regard, the Kerala Legislative Assembly had passed the resolution on December 31, 2019, expressing its concern regarding the impact the CAA will have on the nation's secular credentials, he said.

"The resolution requested the Central Government to repeal the CAA, 2019. States, which have the opinion that CAA should be repealed can also consider similar steps so that it will be an eye-opener to the proponents of the CAA and the NRC," the Chief Minister pointed out.

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