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
May 10,2020

Gadag, May 9: It is the month of April, and the season of mangoes is very much here. However, the mango farmers of Gadag are suffering huge losses amid the coronavirus lockdown due to the absence of transportation facilities along with several other issues that have been impacting their business adversely.

Speaking to media persons, Vishwanath Odugowdar, a mango farmer said, "Due to transportation problems we are not being able to export mangoes to different countries. We are trying to sell them in nearby markets."

"We are not in a situation to pack, transport and export the mangoes to different countries as we did earlier especially 
when it comes to Alphonso mangoes which is one of the most loved varieties. So, we are packing mangoes at our place. Somehow this year we have got very good quality of mangoes," he added.

Farmers here are incurring huge losses as mandis and markets across the country are shut while the transport of Alphonso mangoes has also come to a halt owing to the lockdown.

The small and medium scale farmers in places like Gadag, Dharwad, Bagalkote in north Karnataka have started packing the mangoes themselves in their farms in a bid to sell the fruit themselves.

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News Network
May 30,2020

Bengaluru, May 30: Karnataka Chief Minister BS Yediyurappa has announced that on May 31 (Sunday) there will not be a total lockdown and all activities will be permitted and continue like the rest of the week.

The decision was taken in view of demands from citizens and “keeping their interests in mind,” said a statement from the Chief Minister’s Office (CMO).

This means that public transport services - buses, autos and cabs - shops, commercial establishments and others will be open on May 31.

Under a Lockdown 4.0, Karnataka had decided to throw open public transport, except metro, shops and commercial establishments, except Metro, on all six days between 7 am and 7 pm. However, May 24 and May 31 - Sundays - were exempted from the relaxation and a curfew was to be imposed throughout the day.

The Lockdown 4.0 ends May 31 and the government's decision to keep Sunday free comes ahead of the Lockdown 5.0 that the Centre is expected to announce soon.

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News Network
February 9,2020

Uppinangady, Feb 9: Two members of a family were killed after the car collided with a tanker on the NH 75 at Bedrody near Uppinangady last night.

Police said on Sunday that the deceased have been identified as Jainy Saji (30) and her elder brother Jeeson (40).

Jainy and Jeeson were going to Uppinangady when a tanker, coming from the opposite direction, rammed into their car.
 

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