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 23,2020

Udupi, May 23: Issuing a stern warning to people against venturing out unncessarily 7:00 pm on May 23 and 7:00 am on May 25, Udupi deputy commissioner G Jagadeesh said that those who violate the lockdown norms will face punishment. 

“Lockdown should be observed strictly across Udupi district. If anyone is found roaming around, we will not speak, but our batons will”, he said in a press meet here today. 

He suggested the people to buy all necessary things for 36 hours of total lockdown before 7 p.m. today. 

Chief Minister has already clarified that a complete lockdown would be observed in the State on every Sunday. Only the medical shops, newspaper delivery, milk parlours will be permitted to function. Vehicular movement has also been restricted during this period, he said.

If marriages have been scheduled already on Sunday, they will be considered as a special case. However, prior permission is must for scheduled weddings, he said.

Udupi SP N Vishnuvardhan and ZP CEO Preethi Geholot CEO ZP were also present.

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News Network
March 5,2020

Mangaluru, Mar 5: Chairman of Karnataka Christian Development Committee (CDC) Joylus DSouza on Thursday welcomed the allocation of a Rs 200-crore grant in the state budget for the development of the Christian community.

In his message to the Chief Minister B S Yediyurappa released to the media, DSouza said, "Christians in Karnataka welcome with gratitude the announcement of Rs 200-crore allocation for the community in the budget for fiscal 2020-21."

In 2011-12 fiscal also, Yediyurappa as Chief Minister had allocated a grant of Rs 50 crore for the community for the first time in the history of the state, he said.

The grant of Rs 200 crore this year shows Yediyurappas concern for the Christians.

I congratulate and offer my sincere gratitude on behalf of the Christian community of the state to Yediyurappa, DSouza said.

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News Network
May 30,2020

Bengaluru, May 30: A city corporator in Bengaluru was sent into quarantine on Saturday after he tested positive for the coronavirus infection, officials said.

"Yes, I have tested positive," Padarayanapura municipal ward corporator Imran Pasha told some news channels.

The JDS corporator said he would quarantine himself as per the regulations.

The entire area where Pasha lives was cordoned off.

Health workers reached there in an ambulance and gave him a personal protection gear to wear and he was taken to a designated hospital.

Reacting to the development, Karnataka Revenue Minister R Ashoka claimed Pasha hardly paid heed to the COVID-19 regulations.

"He rushes to all those places wherever there are positive cases...," Ashoka told reporters.

Padarayanapura was declared as a containment zone earlier with a few cases coming to the fore.

It was in this area where some policemen and health workers were attacked when they went to quarantine a few primary and secondary contacts of a COVID-19 patient about a month ago.

Following the incident, about 125 people were arrested, and later quarantined after a few of them tested positive.

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