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
August 8,2020

Bengaluru, Aug 8: Anticipating a huge number of pilgrims from Karnataka to start visiting Ayodhya following the foundation stone laying ceremony of the Ram temple, Chief Minister B.S. Yediyurappa on Friday requested his Uttar Pradesh counterpart Yogi Adityanath for two acres of land to build a 'yatri nivas' (guest house).

"A large number of pilgrims from Karnataka would be visiting Ayodhya. The government of Karnataka wishes to construct a yatri nivas for the pilgrims visiting Ayodhya," Yediyurappa wrote to Yogi.

"I request you to grant two acres of land in Ayodhya for this purpose," he said.

The Chief Minister said the yatri nivas will be constructed for the benefit of pilgrims from the southern state.

He also congratulated the Uttar Pradesh Chief Minister for successfully laying the foundation stone for the Ram temple on Wednesday.

Comments

M SHARIEF SULTAN
 - 
Sunday, 9 Aug 2020

Use our money for corona patients. Dont waste tax payers money.

For Ayodhya pilgrims, Spend from your BJP looted money.

Ahmed A.K.
 - 
Sunday, 9 Aug 2020

Our ruling govt is only interested in RAM Mandir and spending crores of rupees for the temple. Why the other community is not demanding fund from the GOVT?

Not bothered about the development of the country as currently we have no idea how to tackle the corona viurs. Ministers are keen on builing Guest house for pilgrims, Statue of RAM etc etc.

Please concentrate on how to minimise the Virus issue in KARNAKATA like other Gulf countries.

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News Network
April 13,2020

Lucknow, Apr 13: Muslims in Uttar Pradesh are now worried that the intense communal profiling of the Corona patients by the official agencies could lead to lynching incidents once the lockdown is lifted.

Muslim scholar and former SP spokesman, Abdul Hafiz Gandhi, on Monday said, "The manner in which the government agencies are identifying persons belonging to Tablighi Jamaat in the list of Covid-19 patients is now translating into intense communal profiling which has been prohibited by the World Health Organization and the central government. A very small percentage of Muslims subscribe to the Tablighi Jamaat ideology but the impression going around is that the Muslim community, in general, is spreading coronavirus."

He said that there was a strong possibility of Muslims, in general, being attacked after the lockdown is lifted.

"This is exactly what happened on the cow slaughter issue. Even a small rumour led to people being lynched by mobs across the country. Corona is a pandemic and should be treated like one. We should fight against the virus together instead of creating a communal divide. Every day, the government spokesman lays down the number of Corona positive cases and then goes on to say how many of them are from Tablighi Jamaat," he explained.

Amir Haider, a social activist and also a veteran Congress leader, echoed similar sentiments when he said, "We strongly condemn the Tablighi Jamaat for ignoring the protocols and holding the congregation but why is the state government repeatedly harping on the religious angle. Shia and Sunni clerics are repeatedly asking the people to adhere to government guidelines and follow safety protocols.

He said that efforts to create a communal divide on the corona issue could have dangerous ramification after the lockdown is lifted."

A retired IAS officer, who did not wish to be named, said, that people have already started objecting to taking home deliveries from Muslim employees.

"My neighbours refused to take delivery of groceries from a Muslim boy. This is just the beginning of the narrative that is being drilled into the minds. We must check this before it explodes into something very dangerous," he said.

Comments

Wellwisher
 - 
Tuesday, 14 Apr 2020

What ever yogi want to do let him and keep faith on the creator and live fear lessly. Almighty is watching you and your faith.His decision  is vast  and he will protect his believer's always.

 

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News Network
January 6,2020

Hubballi, Jan 6: Elected representatives of the BJP, Congress and JD(S) on Sunday decided to sink their differences and fight unitedly for Karnataka’s rightful share in the Mahadayi and Kalasa-Banduri water dispute with Goa.

The meeting convened by JD(S) MLC Basavaraj Horatti here saw participation of BJP ministers Prahlad Joshi and Jagadish Shettar, Congress and JD(S) lawmakers, among others.

After a 70-minute closed door meeting, MLC Horatti told reporters that they discussed the water dispute in detail and decided to take steps based on inputs from legal and technical experts on the rightful apportioning of water. “Today, we took the first big step towards the overall development of the region, unencumbered by political divisions,” he said.

Though the air was filled with a sense of jubilation as the issue had united seemingly hostile political parties on one side, a few activists expressed disappointment that the meeting failed to set a timeline to resolve the dispute.

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