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 16,2020

Bengaluru, Jul 16: People volunteering as civil police wardens with the city police department will not receive any remuneration, an official said on Wednesday.

“We wish to clarify the rumours floating on social media and confirm that the volunteers helping local police as civil police wardens in enforcement of anti-Covid measures will not be paid any remuneration,” said an official.

On Tuesday, Bengaluru city police commissioner Bhaskar Rao had urged interested people to volunteer for the department, indicating how strained the department has been amid Covid.

“Inviting physically fit and service minded residents of Bengaluru, both men and women, between the age of 18-45 to volunteer as civil police wardens,” said Rao.

The department is offering a choice of the police division, jurisdiction and the shifts one wants to choose to be a civil police warden.

Additional Commissioner of Police Hemant Nimbalkar said volunteers are a welcome support to the police in their field duty but should not be left alone.

“Volunteers are a support to the police in the field and shall not work standalone. They shall be attached with duty police as assistance. A jacket and a cap should be provided to them,” said Nimbalkar.

He reminded that the safety of the volunteers is the responsibility of the policemen.

Many city policemen have been infected with the virus and quarantined while more than six have succumbed.

“It is a tough time for all policemen irrespective of the rank. Four hundred and fifty active cases across the state and the loss of six lives speak volumes about their involvement in the war against Covid,” said Director General of Police Praveen Sood recently.

He expressed hope that the difficult times will pass, saying all the members of the police department are a family.

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News Network
June 30,2020

Bengaluru, Jun 30: Private medical colleges in Bengaluru have agreed to join hands with the Karnataka government for the treatment of COVID-19 patients.

The representatives from private medical colleges have promised the state government to provide 2000 beds immediately and another 4500 beds will be added within a week.

The development took place as Chief Minister BS Yediyurappa on Tuesday held a second round of meeting with representatives of private hospitals at Vidhana Soudha over COVID-19. 

The Chief Minister and Medical Education Minister Dr K Sudhakar held separate meetings with the representatives from private colleges administration and all the private colleges have assured to extend their support to the government decision. 

"There are 11 private and three government medical colleges in the city and we will get about 6500 beds from these for COVID treatment," Dr Sudhakar informed media after the meeting.

He further said, "These facilities including doctors and staff will be made available to the government within a week and the beds will be allocated to COVID patients through BBMP's centralised system. The insurance facility will be extended to the doctors and staff serving in these private hospitals also."

PG students in private medical colleges and other staff will be utilised in COVID Care Centres, the minister said.

"There will be some changes in the treatment protocols going forward. The decision regarding this will be taken in the meeting that will be held in the evening under the chairmanship of the CM," the minister explained.

According to him, symptomatic patients, persons aged above 60 years and those with comorbidities like diabetes, hypertension and serious kidney, liver, lungs and heart-related ailments will be admitted to hospitals. 

Other asymptomatic persons will be monitored in COVID care centres. Detailed notification with these guidelines will be released tomorrow, the minister said.

The meeting was chaired by CM BS Yediyurappa and Deputy CM Ashwatnarayana, Ministers Basavaraj Bommai, R Ashoka and senior officials were also present.

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News Network
January 19,2020

Chikkamagaluru, Jan 19: A Chikkamagaluru court on Saturday were sentenced to death two persons convicted of rape and murder 18-year-old girl in 2016.

Pradeep M, 32, and Santhosh, 24, of Vykuntapura in Sringeri taluk raped a 18-year-old girl while she was returning home from college on Februrary 16, 2016.

The crime in which a first year B.Com student who was walking towards her home in a footway was stopped, raped and murdered by the duo. The killers then had dumped her body in a discarded well.

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