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
May 15,2020

Managluru, May 15: Kannadigas in Saudi Arabia deserve more attention from the government amidst covid-19 crisis as they remit huge amount of money to their home state and ultimately get no benefit, opined U T Khader, Mangaluru MLA.

The former minister held a video conference with stranded Kannadigas in Saudi Arabia on May 15 and assured to do his best to convince the Centre to operate more repatriation flights from Saudi Arabia to Karnataka. 

He also said that he would urge the chief minister of Karnataka to announce a separate rehabilitation package for Indian expatriates who have lost their jobs in Gulf countries amidst covid-19 lockdown.

Mr Khader also interacted with two medical emergency patients and promised them to inform the Indian embassy in Riyadh to facilitate their homeward journey via Dammam-Bengaluru flight in the second phase of Vande Bharat Mission. 

Mr Khader expressed regret over the inept handling of passengers from Dubai at Mangaluru International Airport on May 12 and said that next batch of passengers would not face such problems on arrival.

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News Network
March 10,2020

Mangaluru, Mar 10: Four airports which are run by the Airport Authority of India (AAI), including Mangaluru International airport, have been adjudged among the best aerodromes in the world, winning 10 awards in four different categories at the 2019 ASQ awards.

ASQ is a globally established programme that measures passengers’ satisfaction while traveling through an airport. Airports Council International (ACI), which is an independent agency of airport operators, carries out international benchmarking of aerodromes.

“Four AAI airports — Chandigarh, Mangaluru, Trivandrum and Lucknow — have been adjudged the best in the world in recently announced 2019 ASQ awards. These airports won 10 awards in four categories,” Airports Authority of India (AAI) said in a release here on Tuesday.

The survey measures passengers’ satisfaction across 34 key performance indicators that include eight major categories such as access, check-in, security, airport facilities, food and beverage, retail, airport environment and arrival services.

The four categories in which these airports bagged the best airport awards were size and region, environment and ambiance, customer service and infrastructure and facilitation, as per the AAI.

The survey was carried out at across 356 airports across North America, Latin America and the Caribbean, Europe, Africa, the Middle East, and Asia.

The survey results are monitored by airport tariff regulator AERA, NITI Aayog, and civil aviation Ministry, the release added.

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coastaldigest.com news network
July 2,2020

Mangaluru, JuJ 2: Dr Shivaram Karanth Biological Park at Pilikula, which was recently reopened after covid-19 lockdown, will again be shut from July 4 to 31. 

“The authorities have decided to close the park for visitors from July 4 to July 31 due to the rapid increase of the spread of coronavirus in Dakshina Kannada,” said, Jayaprakash Bhandary, director of the Park.

Mr Bhandary said that after the reopening of the Park, the number of visitors has drastically decreased due to corona scare. 

“There are around 100 staff and over 30 caretakers at the zoo. After closing the zoo, only essential staff will come to the zoo take care of the animals. We are planning to reopen it for visitors on August 1,” he said.

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