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
March 31,2020

Bengaluru, Mar 31: The total number of confirmed cases of coronavirus in Karnataka rose to 98 on Tuesday, according to the state government.

This includes 3 deaths and 6 patients who were cured and discharged, leaving the active cases to 89.

Meanwhile, Karnataka Home Minister Basavaraj S Bommai said that his government has succeeded in tracking more than 24 people in Bengaluru, who attended the Tablighi Jamat event in Delhi held earlier this month.

"Over 24 people, who attended Tablighi Jamaat event in Delhi, tracked in Bengaluru. We have quarantined 54 people. 8 people also in Bidar. 1 person found positive in Bidar and we have quarantined him. There are people who attended jamaat from almost all districts of the state," Bommai told news agency here.

Delhi's Nizamuddin area emerged as a hotspot after a religious meeting was held at Markaz by the Tableeghi Jamaat earlier this month, and several COVID-19 positive cases have been found among those who attended the gathering.

At least 24 people staying at Markaz building in Nizamuddin area of the national capital have tested positive for coronavirus, Delhi Health Minister Satyendar Jain on Tuesday.

"All of them are being screened. We are not certain of the number but it is estimated that 1500-1700 people had assembled at the Markaz building. 1033 people have been evacuated so far - 334 of them have been sent to the hospital and 700 sent to quarantine center. A total of 24 positive cases have been found so far," he said while speaking to reporters here.

The minister also slammed the organizers of the religious event saying that they have committed a grave crime.

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KT
April 12,2020

Apr 12: The board and management of troubled NMC Healthcare should be held accountable for the financial irregularities, said Abdulaziz Al Ghurair, chairman of the UAE Banks Federation.

"Banks have dealt with the exposure professionally and they lent to a company which was listed on FTSE-100 index with world-class regulator and the world's largest audit firm doing their audit. Even if they present their balance sheet today, people will still lend to them. This is a world-class fraud and the management and board members should be held accountable. We should have a different track to handle this company. It is not a normal track that we can go," Al Ghurair said during a virtual press conference on Sunday.

It is estimated that the more than 80 local, regional and international banks have exposure to healthcare firm. The UAE bourses had asked all the listed companies in the UAE to announce their exposure. The UAE banks last week announced nearly Dh10 billion exposure to NMC Healthcare, which is owned by the billionaire BR Shetty.

Abu Dhabi Commercial Bank has the highest exposure to NMC at Dh3 billion. Dubai Islamic Bank and its subsidiary Noor Bank announced Dh2 billion exposure while Emirates NBD and its Shariah-compliant unit Emirates Islamic Bank revealed Dh747.34 million exposure. Ajman Bank has Dh151.8 million while Al Salam Bank pegged its exposure at Dh161.5 million. All these lenders revealed their exposure for the first time on Sunday.

Abu Dhabi Islamic Bank said it had extended Dh1.07 billion in financing to NMC Healthcare, and an additional Dh113.67 million exposure to Islamic bonds issued by NMC.National Bank of Fujairah pegged its exposure to NMC at Dh289.1 million, while Sharjah-based United Arab Bank said its exposure was Dh135.3 million.

NMC recently revised its debt position to $6.6 billion, well above earlier estimates.

London's High Court last week placed hospital operator NMC Health into administration, on the application of Abu Dhabi Commercial Bank.

"I know leading bank in UAE have already legal guardian of the company so now management cannot hide anything. The new team will manage and discover what happened," said Al Ghurair.

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News Network
March 25,2020

Pune/Bengaluru, Mar 25: e-Zest Solutions and Neurosynaptic Communications today announced the ReMeDi SCAN-CORONA platform, an innovative technology solution to help control the Novel COVID-19 pandemic.
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The ReMeDi® SCAN-CORONA platform has a three-pronged approach to controlling the pandemic that makes the task of screening, testing, tracking and reporting extremely easy and manageable at a large scale.
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The solution features a Corona-Screen Kit - a portable, lightweight kit that includes basic screening tools that seamlessly connect and feed data into a Patient Health Record (PHR) system without any manual intervention.
It also features a geo-tagging powered Screening app that, by importing and analyzing data from the screening tools as well as travel and medical history. The input from a third-party COVID-19 rapid testing kit further enhances the accuracy of the outcome.
"ReMeDi SCAN-CORONA helps front-line health workers to quickly assess the essential risk factors for a person digitally. It has the unique ability to track the progression of symptoms with time. The tele-consultation facility allows individuals to obtain counselling as well as consult doctors independent of location, to access timely information and guidance. We are proud to present this solution in collaboration with e-Zest," said Sameer Sawarkar CEO - Neurosynaptic.
The beauty of this solution is that while it can bring a big relief for COVID-19 screening efforts, it is equally advantageous to heavily burdened Healthcare Providers in remotely treating the non-corona health requirements as well.
The team acknowledges the valuable contribution in terms of clinical inputs for application development, from Dr Nandakumar, a renowned public health expert.
"e-Zest vision is to leverage Healthcare technologies to impact human life positively. We are happy to be part of this collaboration & look forward to it's contribution to combat the pandemic challenge globally," said Devendra Deshmukh, e-Zest CEO.
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article.

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