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 10,2020

May 10: Azaan is an integral part of the faith, not the gadget, says veteran writer-lyricist Javed Akhtar, asking that the Islamic call to prayer on loudspeakers should be stopped as it causes "discomfort" to others.

In a tweet on Saturday, Akhtar wondered why the practice was 'halaal' (allowed) when it was, for nearly half a century in the country, considered 'haraam' or forbidden.

"In India for almost 50 years Azaan on the loud speak was Haraam. Then it became Halaal and so halaal that there is no end to it, but there should be an end to it. Azaan is fine but loud speaker does cause of discomfort for others. I hope that atleast this time they will do it themselves (sic)," Akhtar tweeted.

When a user asked his opinion on loudspeakers being used in temples, the 75-year-old writer said everyday use of speakers is a cause of concern.

"Whether it's a temple or a mosque, if you're using loudspeakers during a festival, it's fine. But it shouldn't be used everyday in either temples or mosques.

"For more than thousand years Azaan was given without the loud speaker. Azaan is the integral part of your faith, not this gadget," he replied.

Earlier in March, Akhtar had supported the demand to shut mosques amid the coronavirus outbreak in the country, saying even Kaaba and Medina have been closed due to the pandemic.

He had also appealed to the Muslim community to offer prayers from home in the holy month of Ramzan, which began on April 24.

"I request all the Muslim brothers that now that Ramzan is coming, please say your prayers but make sure that this doesn't cause problems to anyone else. The prayers that you do in the mosque, you can do that at home. According to you, the house, the ground, this all has been made by Him. Then you can do your prayers anywhere," he had said.

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News Network
March 13,2020

Mysuru, Mar 13: A state-of-the-art viral research laboratory in the city has been identified as one of the testing laboratories for the detection of COVID-19, official sources said here on Friday.

The samples of suspected cases could be sent to the lab for analysis and it would take about three hours to get the results.

The Viral Research and Diagnostic Laboratory (VRDL), which was set up from Central grants and functions at the Microbiology Department of K.R. Hospital, has been authorised to carry out the tests. This lab in Mysuru is among the 52-plus laboratories in the country.

Though the VRDL is equipped to carry out the tests, the sole authority of confirming the virus lies with the Indian Council of Medical Research (ICMR)-National Institute of Virology (NIV) in Pune. VRDL is also the sole agency for collection and transportation of suspected samples of COVID-19 to NIV.

VRDL, which is part of the Mysore Medical College and Research Institute, functions on the advice of NIV.

According to the guidelines issued by ICMR, the results of the tests done here have to be shared with NIV the same day and the labs are not supposed to disclose the results since the NIV is the only authority to declare positive cases. Also, confirmation from the NIV should be awaited in case the samples test negative for COVID-19. The ICMR, in the guidelines made available on its website, has advised clinicians at labs to isolate the patient tested positive for COVID-19 in the identified facility and follow bio-safety precautions.

VRDL is a part of a network of labs established by the Department of Health Research, Government of India. The rise in the number of viral outbreaks and the resultant mortality had been cited as key reasons for the launch of network of such hi-tech labs in the country.

The NIV and the National Centre for Disease Control, Delhi, are the top laboratories for the network, while the National Institute of Epidemiology, Chennai, is the supervising authority for the data generated by the network of labs, sources added.

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coastaldigest.com news network
May 20,2020

Mangaluru, May 20: In a gut-wrenching tragedy, a Class 10 student who was preparing for the final examinations drowned in Adyapady dam on the outskirts of the city yesterday.

The victim is Mallik, 17, a resident of Mulur village in Gurpur. The tragedy occurred when Mallik along with some others had come to the dam to catch fish.

According to the police, he accidentally slipped into the waters and drowned. His body was recovered later. 

Jurisdictional Bajpe police have registered a case of unnatural death and investigations are underway.

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