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
May 2,2020

Mangaluru, May 2: The Dakshina Kannada district administration is gearing up to make necessary arragements at the Mangaluru International Airport as the Centre has shown green signal to bring back stranded Indians from the Gulf countries. 

Karnataka is making efforts to bring back 10,823 people stuck abroad. Apart from Mangaluru, Bengaluru Airport also will be used. As many as 6,100 people will be transported in first stage with speical flights. Soon after their arrival, the administraion will send them to compulsary quarantinement in Dakshina Kannada, Udupi, Kodagu and other neighbouring districts.

Dakshina Kannada MP Nalin Kumar Kateeel said that the govt has made elaborate arrangements to conduct medical test on arrival at the airport. As per plan, based on medical check-up, they will be categorised as group A/B/C. Later, they will be quarantined for the mandated days, he added.

The following is the break-up Kannadigas stranded abroad: 4,408 people are tourists/visitors, 3,074 students, 2,784 migrants/working professionals and 557 shipping crew.

Countries from where stranded people will be brought back to Karnataka in the first stage include Canada (329), the US (927), the UAE (2,575), Qatar (414), and Saudi Arabia (927).

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News Network
February 2,2020

Hassan, Feb 2: Former prime minister and JD(S) supremo H D Deve Gowda has said that the controversy over the Citizenship (Amendment) Act should be resolved peacefully through discussion.

Speaking to reporters in Halebeed on Saturday, Gowda said that the Act affects only Muslims but would also prove troublesome for the Hindus. “Opening fire on anti-CAA protesters is the not solution to the issue,” he said.

Deve Gowda said that during his tenure as prime minister a number of problems concerning Muslims were addressed. “But, in the run up to election, Rahul Gandhi described us ‘B’ team of BJP. This led to vote swing,” he added. When his comment was sought on the budget, the former prime minister said that he had not yet read the budget document.

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News Network
June 8,2020

Bengaluru, Jun 8: The Bharatiya Janata Party (BJP) on Monday fielded Eranna Kadadi and Ashok Gasti as it's candidates for the June 19 Rajya Sabha elections from Karnataka, ignoring the recommendations of the state BJP unit.

The state unit had recommended the names of Prabhakar Kore, Ramesh Katti and Prakash Shetty.

The names of the two candidates were announced in a party statement in Delhi.

The election is scheduled on June 19 to fill four Rajya Sabha seats from Karnataka, represented by Rajeev Gowda and BK Hariprasad of Congress, Prabhakar Kore of BJP and D Kupendra Reddy of JD(S) that will fall vacant on June 25, with their retirement.

June 9 is the last date for filing nominations. Party sources said both Kadadi and Gasti come from an RSS background.

Kadadi hails from Belagavi, while Gasti is a resident of Raichur.

The 54-year-old Eranna Kadadi started his active political career in 1989 and unsuccessfully contested the assembly election from Arambhavi constituency in 1994 on a BJP ticket.

He had also served as the Belagavi district Panchayat president in 2010.

Ashok Gasti is a lawyer by profession and former general secretary of the BJP's OBC Cell.

He is the former chairperson of the Backward Class Development Corporation.

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