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
January 11,2020

Udupi, Jan 11: A case has been registered against Pune Billava president on the charges of issuing life threats to former Minister Vinay Kumar Sorake and Dinesh Amin Mattu at the Udupi Town Police station, police sources said on Saturday.

Former Minister Vinay Kumar Sorake along with like-minded Billawa organisations and the Udupi Muslim Federation jointly scheduled an inter-religious Billawa – Muslims Harmony meet on January 11, at the Town Hall.

Journalist Dinesh Amin Mattu was the speaker and Vinay Kumar Sorake was to preside over the programme.

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coastaldigest.com news network
June 29,2020

Mangaluru, June 29: As many as 32 fresh covid positive cases were reported in Dakshina Kannada today. In Udupi 18 new positive cases were reported. 

In Dakshina Kannada out of the 32 positive cases, one had returned from another state. Ten persons had contracted the disease from patient number 9590, 10274, 10275, 9739, 9589, 12384 and 10582.

Nine persons are suffering from influenza-like illness (ILI), and Six others are suffering from Severe Acute Respiratory Infection. The health officials are tracing the contacts of five others.

In Udupi, out of 18 positive cases, 5 had travelled from Maharashtra, four had travelled from Bangaluru and nine others had contracted the virus from the COVID Positive patients.

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Media Release
April 16,2020

Dammam: President of Indian Social Forum, Eastern Province Mr.Wasim Rabbani urged immediate intervention of Indian government to help Non Residential Indians who are in trouble due to corona pandemic in Saudi Arabia.

He said in a press rease that expatriate Indians are in concern  as number of corona infected people and  deaths are increasing in danger level.

Hea said, "the Saudi health minister's statement a few days ago indicates that the situation in Saudi needs to be taken more seriously with precautionary methods. There are concerns among expatriates because the number of people infected with the coronavirus and the number of deaths reported in various provinces are increasing at an alarming rate."

"Saudi Government and Health Ministry are taking excellent precautionary measures, however, in the coming days expect to see the number of cases to increase in Saudi Arabia. The Indian government needs to take diplomatic and immediate intervention to ensure the treatment of Indian expatriates considering the number of effected people increasing", He said.

He also urged that the Embassy and the Government of India should ensure qaurantiane faculty for Indian expatriates and arrange special low cost flights to bring back expatriates who would like to return home country.

" Government of India and Indian embassy need to intervene immediately to ensure that the quarantine system is in place for Indian expatriates as the facilities in the rooms where the residents are staying together are very limited. There should also be a mechanism to organize low-cost flight services for expatriates who are ready to go home. The government system should also be able to accommodate the expatriates in special quarantine areas in hometown as soon they arrive in India", he urged.

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