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
July 24,2020

Bengaluru, Jul 24: A government doctor who was turned away by three private hospitals because he could not produce a coronavirus test result passed away today in Bengaluru. Dr Manjunath, who was a frontline COVID-19 doctor, was allegedly turned away by hospitals when he was extremely ill and struggling to breathe.

Dr Manjunath worked in the state Health and Family Welfare department and was based in Ramanagara district, around 50 km from Bengaluru.

D Randeep, a Special Officer with the Bengaluru municipal body BBMP, said that the hospitals that had refused to admit Dr Manjunath would be reported to the health department.

In June-end, Dr Manjunath went to Rajashekhar Hospital in JP Nagar, BGS Global Hospital in Kengeri and Sagar hospital in Kumaraswamy Layout. All three demanded to see his COVID-19 test result but those were still not in at the time, according to his family. His brother-in-law Nagendra is also a doctor with BBMP and in charge of allotting hospital beds, yet he was completely helpless when it came to his own relative.

He was finally admitted to Sagar hospital on June 25 when his family sat in protest on the footpath outside the Dayananda Sagar campus. He was placed on ventilator and later shifted to the Bangalore Medical College and Research Institute, where he died earlier today. The hospital says Dr Manjunath was discharged on July 9 because he wanted plasma therapy.

Six members of his family, including a 14-year-old, tested COVID-19 positive. Most of them have recovered.

Bengaluru has seen several cases of patients being turned away from hospitals in the city. Hospitals say they need Covid test results to know whether to admit patients in the coronavirus ICU or in the general section and to understand treatment protocol.

Mr Randeep said hospitals have been instructed to admit patients even without such a certificate. Notices have been sent to hospitals that fail to comply. The OPD of two private hospitals was sealed for 48 hours when they refused to admit a patient.

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News Network
February 6,2020

Thiruvananthapuram, Feb 6: The 105-year-old Bageerathi Amma who scripted history when she appeared for her fourth standard exam in last November becoming the oldest learner of the Kerala State Literacy Mission has passed her exam with 74.5 per cent marks.

This grandmother from Parakulam in Kollam district of Kerala Bageerathi Amma has six children and 16 grandchildren.

Speaking to news agency ANI, CK Pradeep Kumar, district co-ordinator of State Literary Mission said on Wednesday, "Bageerathi Amma has passed her exam with 74.5 per cent marks. It is really an inspiration for others to follow her and continue their education," he said.

Ms Bageerathi had to stop her education at the age of nine when she was in Class 3 as she had to take care of her younger siblings.

Her yearning to continue her studies was fulfilled with the help of officials of the Literary Mission who helped her to realize her dreams. She scored 205 marks out of a total of 275 in the fourth standard equivalency examination.

The Kerala State Literacy Mission Authority is an autonomous institution under the General Education Department, Government of Kerala.

The programme aims to develop literacy skills through continuing education, provide chances of each and everyone interested in learning, enable the learners to make use of their learning in their daily life and ensure Secondary-level education to the whole of Kerala.

The main beneficiaries of this programme are illiterates, neo-literates, school drop-outs and those interested in lifelong education.

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Ram Puniyani
July 20,2020

As Covid 19 has created havoc all rounds, the rulers of certain countries are using it to further intensify their set agendas. The democratic freedoms are being curtailed in certain forms, the reaction to which has come in America in the form of a campaign, which is opposing “stifling” cultural climate that is imposing “ideological conformity” and weakening “norms of open debate and toleration of differences”. In India similar intimidations have been intensified. In addition the occasion has been used by the sectarian forces first to link the spread of Corona to Muslim community and now in the name of reducing the burden of curriculum certain chapters on core concepts related to Indian nationalism are being deleted from the text books.

It has been reported that chapters on federalism, citizenship, nationalism, secularism, Human Rights, Legal Aid and Local Self Government and the like are being dropped. Education has been an important area for communal forces and they constantly keep saying that leftists have dominated the curriculum content, it suffers from the impact of Macaulay, Marx and Mohammad and so needs to be Indianized. The first such attempt was done when BJP came to power in 1998 as NDA and had Murli Manohar Joshi as the MHRD minister. He brought the changes which were termed as ‘saffronization of education’. Their focus is more on social science. Some of the highlights of this were introduction of subjects like Astrology and Paurohitya, and chapters defending caste system, nationalism of the type of Hitler was praised.

With defeat of NDA in 2004, the UPA did try to rectify some of these distortions. Again after 2014 the RSS affiliates working in the area of education have been active, interacting with MHRD officials to impress upon them the need to change the curriculum matching with their Hindu nationalist agenda. Its ‘Shiksha Sanskriti Utthan Nyas’ has been asking for removal of English, Urdu words in the texts. It has asked for removal of thoughts of Rabindranath Tagore on Nationalism, extracts of autobiography of M F Husain, references to benevolence of Muslim rulers, references to BJP being Hindu party, apology of Dr. Manmohan Singh for anti Sikh pogrom of 1984, the reference to killings of Gujarat carnage in 2002 among others. This they call as Bhartiykaran of syllabus.

As RSS is a multithreaded hydra one of its pracharak Dinanath Batra has set up ‘Shiksha Bachao Abhiyan Samiti’ which has been pressurizing various publishers to drop the books which are not conforming to their ideology. One recalls their pressuring withdrawal of Wendy Doniger’s ‘The Hindus’, as it does present the ancient India through the concerns of dalits and women. Mr. Batra has already come out with a set of nine books for school curriculum, giving the RSS view of the past and RSS understanding of social sciences. These have already been translated into Gujarati and thousands of the sets of these books are being used in Gujarat Schools.

The present step of deleting parts of curriculum which gives the basics of Indian Nationalism, secularism and human rights is a further step in the same direction. These are the topics which have made the Hindu nationalists uncomfortable during last few years. They have been defaming secularism. They removed it from the preamble of Indian constitution, when they put out an ad on the eve of Republic day in 2015. From last few decades since the Ram Temple movement was brought up, simultaneously the secular ethos of India’s freedom movement and secular values of Indian constitution have been constantly criticized. Many an RSS ideologues and BJP leaders have been asking for change of Indian Constitution for this very reason.

Secularism is part of the concept of Indian nationalism. In the name of religious nationalism, sectarian divisive nationalism they have been attacking various student leaders in particular. When we study Nationalism, the very genesis of Indian nationalism tells us the plurality of our freedom movement with its anti colonial roots. The struggle was for Indian nationalism and so the Muslims and Hindu communalists kept aloof from this great struggle against colonial masters, it was this struggle which built the Indian nation with all its diversity.

Similarly as we have equal rights as citizens the chapters on citizenship are being dropped. Federalism has been the core part of India’s administrative and political structure. As the dictatorial tendencies are becoming stronger, federalism is bound to suffer and that explains the dropping of this subject. Democracy is decentralization of power. Power reaching the lowermost part of the system, the villages and average citizens. This got reflected in Local self Government. The power is distributed among villages, cities, state and center. By removing chapters on federalism and local self government, the indications of the ideology of ruling party are on display.

While we are not dealing with all the portents of the planned omissions, one more aspect that related to dropping of chapter on Human rights needs our attention. The concept of Human rights and dignity are interlinked. This concept of Human rights also has international ramifications. India is signatory to many an UN covenants related to Human rights. The indications are clear that now rights will be for the few elite and ‘duties’ for the large deprived sections will be put on the forefront.

In a way this incidental ‘Corona gifted opportunity’ to the ruling Government is being fully used to enhance the agenda of ruling party in the arena of Educational Curriculum. The part of curriculum with which the ruling party is uncomfortable is being removed. This act of omission does supplement their other acts of commission in changing the shape of educational curriculum, which are reflected in RSS affiliates’ suggestions to MHRD regarding Bhartiyakaran of contents of syllabus. As per this the things like regarding the great epics like Ramayana and Mahabharata as History, the things like India having all the stem cell technology, plastic surgery, aviation science etc. will have a place in the changes planned by communal forces!

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