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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coastaldigest.com web desk
May 30,2020

Udupi, May 30: Following the announcement of re-opening of places of worship from June 8, Ibrahim Musliyar Bekal, the Qadhi of Udupi has called upon the Centre and State governments to issue uniform guidelines for Muslims to be followed while going to mosques for congregational prayers.

In a media statement, he said that even though the government is relaxing the lockdown in a phased manner things will not be like before as people have to follow the precautionary measures to control the spread of the coronavirus. 

He said that the union and state governments after holding discussions with the authorities of Central Waqf Council and the State Waqf Boards and Islamic scholars, should form a uniform guidelines for all mosques.

He also suggested a few guidelines such as offering congregational prayers soon after adaan, closing the mosque soon after prayers, maintaining physical distance and avoiding the use of toilet in mosques. 

He also suggested the sick, elderly people and children to prefer to offer prayers in homes instead of mosques until situation becomes normal. 

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News Network
April 30,2020

Bengaluru, Apr 30: Chief Minister B S Yediyurappa, has directed the Bengaluru City Police to return all the vehicles, which were seized during the Coronavirus Lockdown period, for having flouted rules.

The City Police Commissioner, Bhaskar Rao, informed that it was decided to return the seized vehicles to the owners, after verifying documents.

He said that the vehicles had been seized while enforcing strict guidelines, issued to prevent the spread of the COVID-19 virus, in the city.

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News Network
January 24,2020

Bengaluru, Jan 24: After Honnalli legislator MP Renukacharya, Ballari City MLA Somashekara Reddy and deputy chief minister Govind Karjol, it appeared the turn of revenue minister R Ashoka to show the BJP in poor light with controversial and provocative comments against a minority community. This, despite a gag order issued by state BJP president Nalin Kumar Kateel.

Responding to questions on the Mangaluru International Airport bomb scare incident and how the main accused would have been treated had he been a Muslim, Ashoka on Thursday said "all anti-nationals must be shot dead". Meanwhile, Renukacharya, also a political secretary to chief minister BS Yediyurappa, continued his tirade against Muslims, insisting the government will not extend any "special package" to the community.

Soon after garlanding the statue of Netaji Subhas Chandra Bose on the birth anniversary of the freedom fighter, at Vidhana Soudha on Thursday, Ashoka said: "All those who are singing the tune of Pakistan and indulging in anti-national activities, be they Hindu, Christian or Muslim, must be shot dead."

Asked to respond to former chief minister HD Kumaraswamy’s accusation that the entire Mangaluru bomb incident was stage-managed by the BJP government to divert attention, Ashoka said the JD(S) functionary "must measure his words" and not speak "like a film director who can project the police as villainous all the time".

"Kumaraswamy is a former CM. When in power, police were his closest friends, but now that he is not in government, the same police are villains," Ashoka said.

The minister reiterated the government’s stand — first floated by home minister Basavaraj Bommai —

that Aditya Rao, the main accused in the Mangaluru bomb incident, is "mentally unstable" and needs to be medically examined.

Renukacharya, meanwhile, justified comments made on Wednesday that the government will not offer Muslims "a special package".

"When they [Muslims] need development funds, they come to us and seek special packages. Once they get funds, they then vote for Congress or JD(S) in elections," Renukacharya said on Thursday. "We do not need people with such double standards. I will apply pressure on all ministers in the cabinet and even the chief minister to ensure they do not allocate any special package for the community."

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