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
June 24,2020

Bengaluru, Jun 24: The Karnataka government on Tuesday announced that fever clinics would be established at all district-level and taluk-level hospitals, wherein fever cases would be screened in a separate area.

"Fever clinics to be established at all district hospitals/district-level hospitals and taluk-level hospitals, wherein all fever cases should be screened 24x7 in a separate area and for Influenza-Like Illness (ILI) and Severe Acute Respiratory Illness (SARI) cases to be subjected for swab testing," read a circular from the Department of Health and Family Welfare dated June 22.

The circular said that private institutions in the corporation areas should also be designated as fever clinics.

"100 per cent of Community Health Centres (CHC), 50 per cent of Primary Health Centres and Urban Primary Health Centres (UPHC) to be converted as exclusive fever clinics to screen ILI/SARI during working hours. The remaining PHC/UPHC to cater to non-COVID-19 cases. All health institutions need to have a separate entry for COVID and non-COVID services," the circular further said.

Karnataka on Tuesday reported 322 fresh COVID-19 positive cases and eight deaths.
According to the state health department, the total number of positive cases has mounted to 9,721 and 150 deaths. So far, 6,004 people have been discharged.

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News Network
January 5,2020

Bengaluru, Jan 5: Lambasting Chief Minister B S Yediyurappa over the proposal to rename Ramanagara as Nava Bengaluru, former chief minister H D Kumaraswamy on Sunday said that such a move will be an insult to Lord Ram, after whom the district is named.

In a series of tweets, Kumaraswamy accused that renaming the district was a pretext to sell its fertile irrigated land to capitalists. Yediyurappa also wants to settle a score with me by renaming it, he alleged

"If Yediyurappa wishes to develop Ramanagara, he should release the funds allocated in the budget. If you want to develop it further, you will find support from me and my people. But, don't set fire to the districts' culture and identity by changing its name," he tweeted.

Comments

Ahmed Ali Kulai
 - 
Monday, 6 Jan 2020

Dear CM

 

please dont follow UP CM-

Being a CM of Karnataka, please concentrate on the welfare of Kannadigas.

 

 

 

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News Network
April 22,2020

Mangaluru, Apr 22: Iftar parties, Taraweeh and weekly Friday prayers in mosques have been banned in the district during Ramadan amid Coronavirus theat, Dakshina Kannada Deputy Commissioner Sindhu B Rupesh said here on Wednesday.

In a release issued here, she said, “As per the guidelines issued by the State government and Wakf Board, arranging Iftar gathering, and offering Taraveeh Namaz and Friday Namaz at mosques or dargas during the month of Ramadan has been prohibited as a precaution measure to prevent the spread of coronavirus. Therefore, offer prayers at homes instead of going to mosques," the DC said.

“No one can perform Namaz in the mosques except the muezzin and the Pesh imam and the staff of the mosque. Also, gathering neighbors and offering collective prayers at anybody's home is also not allowed. Masjid administration committees must follow the directives of the government, Wakf Board and the District Administration”, the DC urged.

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