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
April 17,2020

Bengaluru, Apr 17: The Karnataka government on Friday asked Information Technology, biotechnology and allied companies not to go for closure or layoffs citing lack of work orders due to COVID-19 lockdown and instead consider measures like cutting salaries among other things.

It said IT/BT companies in the state can resume operations with 50 per cent from their office space after April 20.

Deputy chief minister C N Ashwath Narayan, who is also in charge of IT & BT department, held video consultation with the captains of the industry in light of the disruption caused due to the lockdown, and discussed on the way forward - both for effective implementation of the lockdown as well as the future course to deal with the unique circumstances.

"Immediately we are going to permit 50 per cent, but it doesn't mean that they will be able to mobilise 50 per cent immediately. It will take few weeks for them to do so. Gradually percentage will increase and it will start getting back to normalcy," Ashwath Narayan told reporters.

Stating that there were discussions regarding layoffs, he said, companies should not go for layoffs, instead of that gradation or deduction in the salary should be taken up, so that it doesn't affect the functioning of companies also that are facing less orders.

"On handling such financial crisis they (industry) wanted government consideration with mutual cooperation and understanding the concerns," he added.

Pointing out that concerns were also expressed regarding measures or protocol that needs to be followed if any positive cases are reported in any of the office spaces, Ashwath Narayan said, certain guidelines will be issued in consultation with the Health Department.

"Once the relaxation is given this may become the usual phenomena, as cases will be reported here and there... so in that scenario how we need to work and handle the situation is important, so we will be working on protocols how to handle the situation. So far we have planned for residential areas and not for work spaces," he said.

The deputy chief minister said the IT and BT industry leaders are extremely happy with regard to the support system or backup given by the government of Karnataka, particularly IT/BT department.

Even during this crisis period in the entire world, Karnataka and Bengaluru were able to get a good reputation and become reliable partner, as IT/BT service providers in both the city and the state were able to provide excellent quality services to their clients without any interruption, he said.

If you compare with any state or country, we have done extremely well, and hope that this would get more business, he added.

Biocon chief Kiran Mazumdar Shaw, Infosys co-founder Kris Gopalakrishnan, who is also the Chairman of Vision Group IT, were among others present at the video conferencing.

Noting that concerns expressed by the industry regarding passes for employees to commute to office, Ashwath Narayan said, the government would make necessary arrangements in this regard, considering measures that need to be taken after April 20.

Regarding providing transport facility, they can seek for services from public transport Bangalore Metropolitan Transport Corporation (BMTC) on a contract basis, he said, adding that "We will be ready to facilitate BMTC."

The minister said the industry leaders wanted internet services to continue with the same quality and without any interruption.

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News Network
June 19,2020

Bengaluru, Jun 19: COVID-19 cases in Karnataka has breached the 8,000 mark, as the state on Friday reported 337 new cases and ten related fatalities, taking the total number of infections to 8,281 and death toll to 124.

Also, total discharges in the state breached 5,000 mark, with 230 patients getting discharged in a day after recovery.

As of June 19 evening, cumulatively 8,281 COVID-19 positive cases have been confirmed in the state, which includes 124 deaths and 5,210 discharges, the health department said in its bulletin.

It said out of 2,943 active cases, 2,865 patients are in isolation at designated hospitals and are stable, while 78 are in ICU.

The ten dead include- seven from Bengaluru urban, two from Bidar and one from Vijayapura.

Out of the 337 new cases, 93 are returnees from other states, majority of them from neighboring Maharashtra,while 11 are those who returned from other countries.

The remaining cases include contacts of patients earlier tested positive, those with history of SARI and ILI, among others.

Among the districts where the new cases were reported, Bengaluru accounted for 138 cases, followed by Kalaburagi 52, Ballari 37, Hassan 18, Dakshina Kannada 13, Davangere 12, Udupi 11; Bidar 10, six each from Mysuru and Koppal, four each from Yadgir, Kolar and Bengaluru rural, three each from Mandya, Dharwad, Chikkaballapura, Bagalkote and Ramanagara, two each from Tumakuru and Chikkamagaluru, and one each from Belagavi, Uttara Kannada and Shivamogga.

Kalaburagi district tops the list of positive cases, with 1,126 infections, followed by Udupi 1,050 and Bengaluru urban 982.

Among discharges Udupi tops the list with 944 discharges, followed by Kalaburagi 646 and Yadgir 477.

A total of 4,84,060 samples were tested so far, out of which 10,553 were tested on Thursday alone.

According to the bulletin,4,64,338 samples have been reported as negative, and out of them 9,862 were reported negative today.

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coastaldigest.com web desk
May 23,2020

The decision of the Indian government to ease the coronavirus-linked global travel restrictions imposed on those having OCI cards has given a big relief to many stranded overseas citizens of India across the world.

OCI card is issued to people of Indian origin globally which gives them almost all the privileges of an Indian national except for the right to vote, government service and buying agricultural land. The OCI card gives them a visa-free travel to India.

On Friday, the central government allowed certain categories of OCI card holders, who are stranded abroad, to come to the country. Earlier, according to the regulations issued by the Indian government in April, visas of foreign nationals and OCI cards were suspended as part of the new international travel restrictions following the COVID-19 pandemic.

This privilege of visa free travel to India was causing distress among a large number of people of Indian-origin and Indian citizens in countries like the US whose children were OCI card holders as they were born in this country.

Many Indian parents, several of whom lost their jobs as a result of the economic crisis due to coronavirus pandemic, but were not allowed to take the special evacuation flights of Air India from various US cities, took to social media and urged the Indian leaders to allow them to travel to India.

“This is a big relief for the OCI card holders. It was a humanitarian crisis in the making. I am pleased that the Indian Government listened to their voices,” said social activist Prem Bhandari, chairman of Jaipur Foot USA, who has been taking up the cause of the OCI card holders.

Dr Arathi Krishna, former deputy chairperson of NRI Forum of Karnataka government, who had been demanding this relaxation, many of the thousands of stranded OCI card holders in defferent parts of the world were in pursuading her to exert pressure on the authorities concerned for this much needed relaxation.

The restrictions on traveling of OCI card holders to India was issued by govt of India on March 13 in the wake of global outbreak of coronavirus pandemic. 

She said: "Many parents who are Indian nationals could not travel for emergency purpose to India after repatriation flights started due to their minor children being OCI card holders. Many children who were OCI card holders could not travel to India to perform last rites when there was death in their family due to these restrictions"

"I was constantly pressurising and bringing these issues to the attention of ministry officials in External Affairs and Home Affairs departments. I was following up with Mr Dammu Ravi who is heading the COVID task force  task firce in the ministry of overseas Indian affairs who took interest in solving this problem through his consistent efforts with MHA. Iam thankful to Fireign Secretary too for his efforts and concern and to MHA for making it easier now for OCI card holders to travel in repatriation flights with emergency reasons," she said.

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