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 22,2020

Bengaluru, May 22: Uber said on Friday it has resumed its operations in Bengaluru, Mysuru, Mangaluru, and Hubballi, in compliance with Lockdown 4.0 guidelines issued by the Government.

Riders in Bengaluru can book UberAuto, UberGO, Premier, Intercity, Hourly Rental, UberXL, Access, and Assist on their Uber App.

UberAuto, UberGO, Premier, and Intercity are available in Mysuru, UberGO and Intercity services in Mangaluru, and UberAuto services in Hubballi.

Uber Intercity operations will be limited to travel with necessary authorisation and within state boundaries and permissible zones only, the company said in a statement.

Uber said it has launched comprehensive measures such as the distribution of PPE kits, including masks, sanitisers and disinfectants to drivers and the introduction of mandatory educational video courses for them.

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News Network
June 11,2020

New Delhi, Jun 11: The Department of Pharmaceuticals has given its nod for lifting of ban on the export of hydroxychloroquine, Union Minister D V Sadananda Gowda said on Wednesday.

India had banned export of hydroxychloroquine on March 25, with some exceptions, amid views in some quarters that the drug could be used to fight COVID-19. On April 4, it completely banned the exports without any exception.

"Department of Pharmaceuticals has approved the lifting of ban on export of Hydroxychloroquine API as well as formulations. Manufacturers except SEZ/EOU Units have to supply 20 per cent production in the domestic market," the minister of chemicals and fertilisers said in a tweet.

The Directorate General of Foreign Trade (DGFT) has been asked to issue formal notification in this regard, he added.

In another tweet, Gowda said he held discussions with representatives of pharma companies along with some of his ministerial colleagues on the challenges being faced by the industry and on the roadmap to boost exports.

"Had detailed discussion with representatives of pharma companies & association, stakeholder Ministries along with Hon Ministers @piyushGoyal  ji, @HardeepSPuri  ji, & @MansukhMandviya  ji on entire gamut of challenges faced by the industry as well as strategies to boost pharma export," Gowda tweeted.

India exported hydroxychloroquine API (active pharmaceutical ingredient) worth USD 1.22 billion in April-January 2019-20.

During the same period, exports of formulations made from hydroxychloroquine was at USD 5.50 billion.

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News Network
April 2,2020

Bengaluru, April 2: At least three people have been arrested by police in connection with the attack on ASHA worker Krishnaveni in Bengaluru's Byatarayanapura area.

Earlier in the day, Bengaluru Police Commissioner Bhaskar Rao said that an investigation was initiated into the incident in which ASHA workers were attacked.

"I have appointed Pulikeshi Nagar ACP, Tabarak Fathima, to investigate the matter. A case will be registered and action will be taken. ASHA workers will be protected by the police to carry out their functions," Rao told ANI here.

Earlier, Karnataka Deputy Chief Minister CN Ashwath Narayan visited one of the ASHA workers who was allegedly attacked by unidentified miscreants and termed the incident as "completely demoralising" for the workers.

ASHA workers, who were deployed to spread awareness about coronavirus and identify suspected cases, were allegedly attacked by a group of locals in Byatarayanapura here on Wednesday.

The workers said that the locals did not allow them to work and around 100 people gathered at the spot and harassed them.

This comes as the country is under a 21-day lockdown to prevent the spread of coronavirus.

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