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.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 3,2020

Bengaluru, Jun 3: Former Union minister and senior Congress leader K H Muniyappa on Wednesday extended his support to former Prime minister and JD(S) National president H D Deve Gowda in the Rajya Sabha polls.

In a statement issued here here, Mr Muniyappa said that party which had an electoral understanding in the Lok Sabha elections, may extend support to Gowda in the June-19 Rajya Sabha elections from Karnataka.

It may be recalled that the Election Commission of India, is conducting elections to Rajya Sabya to fill four vacancies from the Karnataka Assembly, in which the ruling BJP may bag two seats, while the remaining may be won by the Congress and the JD(S).

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 12,2020

Bengaluru, Jan 12: Protesters plan to intensify their anti-Citizenship (Amendment) Act movement from sit-down satyagrahas and rallies to street and door-to-door campaigns in different parts of the city.

The street campaigns began on January 1 with 20-30 volunteers of Hum Bharat Ke Log, reaching out to people in Koramangala and Whitefield and explaining the CAA, National Population Register (NPR), National Register of Citizens (NRC) and related issues. They have organised four campaigns.

According to Zia Nomani, member of Hum Bharat Ke Log, the campaign will intensify soon. “Over 200-400 volunteers will organise nukkad sabhas and other activities around JP Nagar and Banashankari,” Nomani said.

She added that though protests began as a medium for people to vent their concerns, more needs to be done.

“We have realised that many people have begun working on their personal documents and want to help them understand what CAA is all about,” Nomani said.

Volunteers will talk to people at street junctions, discuss issues and run signature campaigns. They say: “Our movement is focussed on reaching out to people. Pro-CAA workers too started a door-to-door campaign last week.”

Avani Chokshi, an advocate who participated in a campaign, said though people had a cursory idea about these issues, they didn’t know the details. “It through such campaigns that we can reach more people. It’s important to talk to people who haven’t made up their mind about the issues or are even pro-CAA,” said Avani, adding, “It hard to combat hatred in a short span of time. The movement needs to be sustained.”

Activist Geeta Menon, who has been at the forefront of the street campaign, says they were heckled at some places.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Ram Puniyani
January 26,2020

During last couple of decades we have been witnessing the coming up of various statues in different parts of the country. There is diverse political logic and different set of political tendencies for erecting these statues. When Mayawati was UP CM, she got multiple of her own statues made, in addition to many statues of major dalit icons, irrespective of the criticism against that act. As per her strategy it was a symbol of identity of dalit assertion. The biggest statue to come up was that of Sardar Vallabh Bhai Patel, a lifelong Congressman, whom RSS combine is trying to appropriate. This statue of Unity was ‘Made in China’. The clever trick was that the same forces were behind this statue, which was banned by Patel in the aftermath of Gandhi murder. Interestingly while currently BJP is blaming Congress for Partition of India, ironically it was Sardar Patel who was in the committee which gave final stamp of approval for the partition of India.

There is also a talk in UP, where the Ram temple campaign yielded rich electoral dividends for BJP, to have tallest statue of Lord Ram in Ayodhya. In a state where children are dying in hospitals due to lack of Oxygen cylinders, a huge budgetary allocation will be required for such project. While on statues one should also remember that in Maharashtra a tall statue of Chatrapati Shivaji Maharaj is underway in Arabian Sea, near Mumbai. Only few voices of protest against it came up, e.g. that of renowned journalist, now, MP, Kumar Ketkar, whose house was vandalised for his opposing the move on the grounds that same massive amount can be utilized for welfare-development activities in the state.

On the back of this comes a comparatively low budget 114 feet tall statue of Jesus Christ in Karnataka, in Kappala hills Harobele village, where Christian pilgrims have been thronging from last several centuries. The land for this has been donated by Congress leader Shivaprasad and his brother, a Congress MP. It is planned to be carved out from a single rock. The plan of this statue is being opposed by those who have been behind most of the statue projects so far. Hindu Jagran Vedike, VHP, RSS are up in arms saying that they will not let this come up. There are various arguments cited for this opposition. It is being said that this was a place of worship of Lord Munnieshwara (a form of Lord Shiva).

More than this it is being argued that Shivakumar is trying to please his Italian boss in the party. Also that this will bring back the period of slavery of foreign rule, the colonial rule of British. As such this opposition is more in tune with the ideology of RSS combine, which has been for a statue here and a statue there. Their politics regards Christianity as a ‘foreign religion’! It is true that in Citizenship Amendment Act, they have not excluded Christianity while other religion, which they regard as ‘Foreign’ i.e. Islam. Here they are using a different logic, that the countries from where persecuted minorities are coming, are Muslim countries, Pakistan, Afghanistan and Bangla Desh.

In India the major targeting by RSS combine has been against Muslims, but Christians are also not spared. Starting in the decade of 1980, an intense propaganda has been going on that Christian Missionaries are converting. As RSS affiliate Vanvasi Kalyan Ashram became active in Adivasi areas, the likes of Swami Aseemanand, Swami Laxmanand and followers of Aasaram bapu spread out in Tribal areas. They started their programs to popularise Shabri and Hanuman, with congregations like Shabri Kumbh being regularly organized in these areas. The aim was to Hinduize the people in those areas.

The first major anti Christian violence came up in the ghastly form of burning alive of Pastor Graham Steward Stains along with his two minor sons Timothy and Philip. RSS affiliate Bajrang Dal's Dara Siingh aka Rajendra Pal was behind this and he is serving the life term for that. At the same time Wadhva Commission was appointed to investigate this crime which shook the country and President K.R. Narayan termed it as the one belonging to the inventory of the black deeds of human history.

The Wadhva commission report pointed out that there was no statistical significant change in the region where the pastor was working. Similarly the national figures tell us that the Christian population, if at all, has marginally declined in last five decades as per the census figures. They stand like this, percentage of Christians in population, 1971-2.60, 1981- 2.44, 1991-2.34, 2001-2.30 and 2011-2.30. There are arguments that some people are converting to Christianity but are not revealing their religion. This may be true in case of miniscule percentage of dalits, who may not reveal there conversion, as they stand to loose reservation provisions if they convert.

The anti Christian violence is scattered and is below the radar most of the places. There was massive valence in Kandhamal, Orissa, when on the pretext that Christians have murdered Swami Laxmananand, a massive violence was unleashed in 2008. On regular basis prayer meetings of Christians are attacked on the pretext that these are attempts at conversion. While there is a huge demand for the schools and colleges run by Christian groups, in Adivasis areas and remote areas the work of Swamis is on.

Now the trend is to dump Christian traditions. Since Ramnath Kovind became President, the usual practice of Carol Singers visiting Rashtrapati Bhavan has been stopped. In the army retreat so far ‘Abide with me’ by Scottish poet, Henri Francis Lyte, a Christian song, a favourite of Gandhi, has been dropped. The Christian minorities have perceived the threat in various forms. Currently they are as much part of the protests against CAA, NPR and NRIC as any other community.

While statues and identity issues cannot have primacy over the social development issues, it cannot be selective. To oppose Jesus Christ statue while spending fortunes for other statues is a part of the agenda of RSS combine, which is unfolding itself in various forms. opposition to Jesus Christ statue being yet another step in the direction.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.