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 4,2020

Bengaluru, Mar 4: The Karnataka High Court has issued a notice to the state government in connection with the denial of retirement benefits to a retired deputy commissioner of commercial taxes who had fought against the illegal iron ore lobby.

Justice G Narendra also directed the state to respond to the notice before March 9, stating the reasons for withholding the officer’s retirement benefits.

Advocate Ramananda, appearing for the retired officer Josephat Andrews, explained that the single-judge bench also warned the government of stringent action.

Petitioner Josephat Andrews said his retirement benefits amounting to Rs 25.88 lakh were being withheld since 2014.

In 2009, Andrews detected a huge scam involving Vijaya Leasing, a company associated with former minister Gali Janardhan Reddy. Immediately he wrote to his higher officials explaining to them how the department was owed Rs 1,400 crore in taxes by the company. Immediately after that, Andrews was transferred to Bengaluru.

The media exposed the scam in 2012. Thereafter, to harass the officer, Andrews was served notice for allegedly not conducting an inspection of M/s Vijaya Leasing, which was controlled by the family of then tourism minister Gali Janardhana Reddy, on July 11, 2012.  He was discharged by a full departmental enquiry.

The petitioner was issued a second show cause notice on Jan 29, 2014 on the same charges. Before his retirement, he was docked two increments, denied promotional benefits and his pension was reduced without following due process.

He was served yet another notice with charges that he did not inspect goods vehicles, and an order was passed on April 30, 2019 reducing his pension by 5 per cent, an unprecedented punitive action.

This order was quashed by the Karnataka Administrative Tribunal (KAT), which also ordered payment of retirement benefits to Andrews within five months. However, the benefits were not released to him.  

“Rule 214 of the Karnataka Civil Services Rules (KCSR) make it clear that no enquiry can be held four years after an officer’s retirement.  Belying all statutory rules and precedents of the Supreme Court, Josephat Andrews’ retirement benefits were withheld for five years. Andrews therefore approached the High Court,” advocate Ramananda explained.

Josephat Andrews recalled to Deccan Chronicle that although mining activity was in full swing in 2008, the commercial tax department maintained that it had nothing to do with mining. “I travelled to Gujarat, Maharashtra and Bellary to investigate. I found tax evasion of thousands of crores. When I visited M/s the Vijaya Leasing facility – it was operating from an old oil mill premises–within 20 minutes I got calls from Ali, a person claiming to be the personal assistant of Gali Janardhan Reddy. He told me to get out of the premises as it belonged to his boss. Then calls came from minister Sreeramulu and MLA Nagendra. 

Within minutes 200-300 rowdies gathered around the building and my superior asked me to come back. Instead of filing a police complaint and forming a special team to deal with the situation, the department transferred me to Bengaluru,” he explained.

Talking about the High Court directive, Josephat Andrews said, “I have suffered a lot. Instead of getting a reward for increasing revenues by Rs 2,000 crore, I was punished.”

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coastaldigest.com news network
June 10,2020

Udupi, June 10: Philanthropist and businessman Haji P K Abuswalih Kannangar passed away today at a private hospital in Mangaluru. He was 85. 

He was a resident of Pombathota house at Kannangar in Kaup taluk of Udupi district.

He was the proprietor of Green Store in Mudigere for past five decades and also was a coffee planter. 

He had served as the president of Muhayaddin Juma Masjid at Mudigere Hand-post in the past. He was also former president of Mudigere Taluk unit of Indian National Congress.

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News Network
April 25,2020

Bengaluru, Apr 25: Former Karnataka Health minister and senior Congress leader Dr H C Mahadevappa on Saturday urged the state government to chalk out a comprehensive plan to conduct tests among the vulnerable sections in the society to impede the spread of the dreaded COVID-19 pandemic in the state.

Speaking to media persons, Dr Mahadevappa, felt that only restricting people to remain indoors will not suffice to tackle the spread of the contagious disease he said that "There needs to step up testing the people especially belonging to the vulnerable sections of the society".

Maintaining that the COVID-19 disease, which has progressed itself as a pandemic, across the globe, former Health Minister said that "there is also a need to fight the menace with multiple dimension, as it has potential to cause damage not only the social life of the people but also their livelihood".

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