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
May 20,2020

Bengaluru, May 20: 63 more COVID-19 cases have been reported from Karnataka, taking the total number of coronavirus cases in the state to 1,458 on Wednesday, said the state Health Department.

The total number of cases includes, 864 active cases and 41 deaths (one due to non-COVID cause), it added.

Total 10 people have been discharged today while 553 persons have been discharged so far.

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News Network
January 19,2020

Bengaluru, Jan 19: The Karnataka government has given its nod to teach 'Vivekadeepini' slokhas, authored by Adi Shankaracharya, in schools across the state, Chief Minister B S Yediyurappa said on Saturday.

At an event called 'Vivekadeepini Mahasamarpane,' organised by Vedanta Bharati, Yediyurappa said, "It has been noticed that Vivekadeepini, which evolves the mind and illumines a person, has a great effect on students.

Parents and teachers have found a positive change among children who were inspired by Vivekadeepini." "Hence, the government has given its nod to allow teaching Vivekadeepini in the schools in Karnataka," he added.

According to the organisers of the event, around two lakh children from 50 schools participated in the event where they were taught to chant Vivekadeepini, comprising verses for the seekers in the spiritual journey.

Yediyurappa reminded the audience that the Indian culture and civilisation is the oldest and the best, which they should feel proud of. Likening Amit Shah to the first union home minister Sardar Vallabhbhai Patel, he said, "After Sardar Vallabh Bhai Patel if we have seen a union home minister, it is Amit Shah, who has successfully resolved many burning issues of the countries within a few months.

"Shah succeeded in finding a permanent solution to Kashmir issue," Yediyurappa said.

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News Network
April 30,2020

Bengaluru, Apr 30: Karnataka has decided to allow all industries located outside COVID-19 containment zones to operate from May 4, Chief Minister BS Yediyurappa said Thursday, even as he cautioned that the coronavirus crisis may last another couple of months.

“We feel that the COVID-19 menace is reducing and coming under control in the state. In Bengaluru, not many cases have been reported in the last 3-4 days. If this continues, it’ll help us open up industries in and around Bengaluru also. We’ll wait for another 2-3 days,” Yediyurappa told reporters after chairing a meeting of the Cabinet.

Yediyurappa and Industries Minister Jagadish Shettar are scheduled to meet industry captains on Thursday evening to discuss resuming operations from May 4.

"It won't be a surprise if the corona continues for another 2-3 months. However, based on Prime Minister Narendra Modi's directions, stringent lockdown measures (at red zones) and reviving economic activity will go hand in hand," Yediyurappa said.

The Cabinet decided to allow one-time inter-state or inter-district movement of people and labourers stranded due to the Covid-19 lockdown. The move will also benefit students and others who want to return to their native states or districts.

The government will also allow people from Karnataka residing in other states to return only if they are tested negative for Covid-19, Law Minister JC Madhuswamy said. An official order for this will be issued by evening today.

"Expenses should be covered by those wishing to travel. The government is willing to arrange buses for their benefit," Madhuswamy said. The government will provide a license to anyone who wishes to go, he said.

Having relaxed norms for industries outside red zones to resume operations, Madhuswamy said that inter-district passes will be issued to the top management of these units to travel from their homes to workplaces.

Liquor outlets, saloons and restaurants will remain closed till May 3, after which the government will take a call based on directions issued by the Centre.

“Opening of malls and hotels is not an option before us right now. But all hotels can give parcels,” Yediyurappa said. “I’m confident that the PM will allow the resumption of all activities.

He has already said that corona (containment) and economic activities will have to go hand in hand. So, I’m expecting the Centre to make some favourable decisions,” he added.

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