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
March 18,2020

Karnataka, Mar 18: Karnataka State Cricket Association (KSCA) has asked its administrative staff to work from home until further order amid coronavirus outbreak.

KSCA has taken various measures to mitigate the risk of spreading coronavirus. The association had already closed down all section of the sports centre and also given off to all the sports centre staff from March 14.

"Ksca had already closed down all section of the sports centre and also given off to all the sports centre staff w.e.f 14th March 2020. Further to that, now it is decided that most of the KSCA administrative staff will be working from home until further orders," KSCA Treasurer and official spokesperson Vinay Mruthyunjaya said in a statement.

"All the KSCA employees have been advised strictly to be at home and should not travel and be available on phones and mails. However skeleton staff will be deputed at KSCA to make sure ongoing works like grounds maintenance, regular maintenance etc., is not affected," he added.

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News Network
January 3,2020

Bengaluru, Jan 3: Three advocates were appointed additional judges of the Karnataka High Court.

A Law Ministry notification, issued here on Friday said Maralur Indrakumar Arun, Engalaguppe Seetharamaiah Indiresh and Ravi Venkappa Hosmani have been appointed as additional judges of the high court on Thursday. The newly appointed Judges will continue in their post for a period of two years from the date they assume charge.

While the names of advocates Arun and Indiresh were recommended by the Collegium on March 25 last year the name of Advocate Hosmani was recommended by the Collegium on October 4.

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coastaldigest.com news network
June 12,2020

Bengaluru, Jun 12: Karnataka on Friday reported 464 discharges, its highest, as the state confirmed 271 new cases of COVID-19 and seven related fatalities, taking the total number of infections to 6,516 and the death toll to 79.

In a significant development, the day also saw the total number of discharges overtaking the number of active cases in the state.

As of June 12 evening, cumulatively 6,516 COVID-19 positive cases have been confirmed in the state, which includes 79 deaths and 3,440 discharges, the Health department said in its bulletin.

It said, out of 2,995 active cases, 2,976 patients are in isolation at designated hospitals and are stable, while 19 are in ICU.

The seven deaths include four from Bengaluru, two from Kalaburagi and one from Hassan.

Those from Bengaluru are three women aged 61, 65 and 49 and a 52-year old man.

Among the dead from Kalaburagi are two men aged 53 and 48 while a 60-year old man from Hassan also succumbed to the virus.

Out of 271 new cases, 92 are returnees from other states, majority of them from neighbouring Maharashtra.

While 14 are those who returned from other countries.

Among the districts where the new cases were reported, Ballari accounted for 97 cases, followed by Bengaluru urban 36, Udupi 22, Kalaburagi 20, Dharwad 19, Dakshina Kannada 17, Bidar 10, nine each from Hassan and Mysuru, Tumakuru 7, Shivamogga 6, four each from Raichur and Uttara Kannada, three each from Chitradurga and Ramanagara, Mandya 2, and one each from Belagavi, Vijayapura and Kolar.

Udupi district tops the list of positive cases, with a total of 991 infections, followed by Kalaburagi (816) and Yadgir (735).

Among discharges also Udupi tops the list with a total of 474, followed by Kalaburagi (345) and Bengaluru urban (299).

A total of 4,26,341 samples have been tested so far, with 9,835 on Friday alone.

So far 4,11,244 samples have been reported as negative, and out of them 9,139 were reported negative today.

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