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 news network
February 19,2020

Mangaluru, Feb 19: Social worker Tabassum who has been rendering selfless service to HIV/AIDS affected children through her shelter home 'Snehadeep' at Bejai has been selected for the Annual Award of Mangaluru Press Club for the year 2019.

Tabassum, a resident of Konaje was chosen by a team of judges comprising Prof Balakrishna Gatti, Dr Vasanth Kumar Perla and Dr Nagaveni Manchi.

Comments

Azmath
 - 
Thursday, 20 Feb 2020

The passion of young  Ms Tabassum and Social Working of today, particularly, gives me lot of hope.  It almost feels like the political class wants to bring down India while the people are so hard working and committed to nation building.

 

Congratulation Miss. Way to go.

 

 

PS: Media has been compromised and fake news factories churn out crap daily. Thanks CD for bringing this news to readers.

Shahul Hameed
 - 
Thursday, 20 Feb 2020

CONGRATULATIONS.

 

Mrs.Tabassum's service for humanity is highly commendable.She looks after HIV & AIDS effected children with compassion like mother without expecting anything in returns.

She is the alumni of JF managed Green View PU womens college at Derealakette.

She deserve for more prestigious awards even like "Padma Shri" for her selfless and sincere services for the society and the nation.

All the best.

 

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News Network
May 1,2020

Bengaluru, May 1: Karnataka has reported 11 new cases of coronavirus, taking the State's count to 576, informed the Health Department on Friday.

Out of the total COVID-19 cases found in the State, 235 people have been discharged and 22 people have died.

"11 new COVID-19 cases have been confirmed in Karnataka from April 30, 5 pm till noon today, taking the total number of cases to 576, which includes 22 deaths and 235 discharges," said the State government COVID-19 bulletin.

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coastaldigest.com news network
April 13,2020

Mangaluru: The Karnataka-Kerala border closure at Talapady amidst nationwide Covid-19 lockdown has not only prevented the movement of vehicles and people from Kasaragod to Mangaluru but also stopped the supply of life-saving drugs from Karnataka’s medical hub to its bordering district.

Hundreds of people from Kasaragod and Kannur districts who were treated in hospitals of Mangaluru for past several years are still dependent on some of the medicines that are available only in Mangaluru. Such medicines have become inaccessible for Keralites following the border closure. Every day, a number of people from Kerala call their acquaintances in Mangaluru to see if there is a way to get medicine.

In fact, Karnataka government has blocked all 23 roads that connect the state with Kerala. The reason given was, Kasaragod is the hotbed of coronavirus and allowing traffic even in emergency cases might lead to spread of Covid-19 in border districts of Dakshina Kannada, Kodagu and Mysuru. The attitude has resulted in the death of around a dozen people in Kasaragod district in last couple of weeks.

Even after the intervention of the Supreme Court a few days ago, the authorities in Karnataka are facing the allegation of being hostile either by blocking the way ahead or turning a deaf ear to the patients reaching their border. 

At this juncture, three Good Samaritans – P K G Anoop Kumar of Canara Engineering College, Mangaluru, Satheesh Shetty of Kasaragod Patla and P Jayaprakash of Ponnangala – have come to the aid of the Malayalee patients who are dependent on medicines from Mangaluru. 

The three activists who are currently staying (in fact stranded amidst lockdown) in Mangaluru, are delivering life-saving medicines to patients in Kerala through Kerala fire servicemen and policemen posted at the Talapady border. 

Anoop Kumar says that took the initiative after a woman, Maria Augustine from Chemberi (Taliparamba) Nellikkutty, contacted him for a medicine. He managed to buy it from a medical store in the port city and handed it over to a Kerala fire serviceman at Talapady border. 

All three are activists of Communist Party of India (Marxist). After moving to Mangaluru, they set up ‘We Donate Charitable Society’ to donate blood. The activists say that they are ready to dispatch medicines from Mangaluru to any person in Kerala. Those Keralites who are in need of medicines from may contact: 888471344 - Anoop, 9895135881 - Jayaprakash

Comments

abdullah
 - 
Sunday, 21 Jun 2020

Salute to you dears.  May God bless you.  HOpe public and Govt will appreciate your sacrifice and support you.

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