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 21,2020

Shivamogga, May 21: An FIR has been registered against Congress interim President Sonia Gandhi in Sagar taluk of Shivamogga district of Karnataka over tweets on May 11 by the party's official handle about PM-CARES fund.

The FIR, registered under Sections 153 (wantonly giving provocation with intent to cause riot) and 505 (statements conducing to public mischief) of the Indian Penal Code (IPC), identifies Gandhi as the handler of the social media account.

The complaint by advocate Praveen KV alleged that the Congress party, through the tweets, has made rumourous statements against the Government of India and Prime Minister Narendra Modi and was trying to provoke the people against the government.

According to the FIR, the Congress party had on May 11, 2020, made false and baseless allegations, claimed misappropriation of PM-CARES Fund and cast aspersions on the Government of India through the tweets.

"A Twitter account handled by All India Congress Committee headed by Sonia Gandhi had on May 11, 2020, published tweets terming PM CARES Fund as PM CARES Fraud. They had claimed that the PM CARES fund is not being used for the public," Praveen KV told ANI on Thursday.

He said that he has collected all the details related to the tweets and account from the handle and filed a complaint in the matter, following which a preliminary enquiry was conducted and an FIR was registered in the matter.

"They had also said that the Prime Minister was enjoying and going to foreign trips with this fund. This is clearly rumourous news against the Government of India in this COVID-19 pandemic situation. In this regard, I had filed a complaint. After a primary enquiry, the Sagar Police has filed an FIR against Sonia Gandhi, who heads the INC Twitter account," Praveen KV said.

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News Network
January 18,2020

Bengaluru, Jan 18: The government slammed Kerala’s tourism department for putting out a tweet on Sankranti Day, promoting ‘beef ularthiyathu’, a specialty in that state, but the move backfired spectacularly with Karnataka’s tourism minister being heavily trolled.

After Kerala put out its advertisement, state tourism minister CT Ravi, seizing the opportunity, took a dig at the Left government in Kerala, saying, “Welcome to Karnataka”. He followed that up with another tweet listing delicious “vegetarian” dishes of coastal Karnataka — a coastline which runs to Kerala.

“Welcome to Karnataka to bring out the Vegetarian in you. Enjoy the flavors of Tulu Nadu – Pathrode, Kotte Kadubu, Halasina Hannina Gatti, Avalakki Upkari, Badanekayi Mosaru Gojju and a whole lot of authentic food to hit Your tastebuds,” Ravi’s tweet read.

Ravi’s tweet sparked a debate between those for and against eating beef, including legislators like Sowmya Reddy (Congress) and Shobha Karandlaje (BJP). Some pointed out that Karnataka is 80% non-vegetarian and an appropriate response to beef curry would have been “pandi curry” (wild pig curry) — a Kodagu specialty.

Realising his tweets were getting more negative than positive traction, Ravi quickly amended his stand and on Friday tweeted: “Nati Koli Saaru Mudde. Aw! Delightful Delicacy of Old Mysuru region. Farm bred Chicken traditionally cooked to perfection and served with the soft Ragi Mudde. You will ask for more !!!”

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News Network
July 6,2020

Bengaluru, jul 6: With coronavirus cases surging and hospitals saturated with patients, the Karnataka government is setting up intensive care units (ICUs) at COVID Care Centres (CCC) in the state for severe cases needing oxygen, Deputy Chief Minister C N Ashwath Narayan said on Sunday.

Covid Care Centres are usually meant for patients who are asymptomatic or have mild symptoms.

"Initially, 10 ICUs will be set up at every CCC in Bengaluru and in other cities and towns across the state subsequently," Narayan said in a statement in Bengaluru.

The state government has set up CCCs at the GKVK campus, the Haj Bhavan and the Art of Living Foundation campus in the city so far. The government has also set up a more than 10,000 bed CCC facility in BIEC, on Tumkur road, on the outskirts of the city.

"About 100 ICUs will be set up soon at the new CCCs opened at the Bangalore International Exhibition Centre (BIEC), Ayurveda College, and Koramangala Indoor Stadium," said Narayan.

The sprawling BEIC in the city's northwest will soon have 10,100 beds for treating Covid patients and asymptomatic cases from state-run hospitals.

The state government has also relieved all Health Department employees from administrative and non-medical duties to depute them at the CCCs.

On complaints about the poor quality of food served to Covid patients and the medical staff, Narayan warned the vendors of cancelling their contracts if they did not supply good quality food as per the guidelines.

The minister also directed the Health Department to ensure adequate supply of drugs and medical equipment to all CCCs and state-run hospitals for treating Covid patients.

With a record 1,925 new cases reported on Sunday, the state's tally touched 23,474, including 13,251 active after 9,847 were discharged (including 603 on Sunday), while 372 succumbed to the infection since March 9, with 37 more deaths on Sunday.

Of the total cases across the state, Bengaluru accounted for 1,235, taking its tally to 9,580, including 8,167 while 145 died so far.

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