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
April 29,2020

New Delhi, Apr 29: WhatsApp on Tuesday said it will now allow up to eight people to connect on a group video call as an increasing number of people turn to digital platforms to connect with friends and family amid the COVID-19 pandemic.

The Facebook-owned company said over the last month, people on average are spending over 15 billion minutes talking each day on WhatsApp calls, well above a typical day before the pandemic.

"...we see that people all over the world are turning to voice and video calling on WhatsApp more than ever before. Group calling has been particularly useful and our users have asked to connect with more people at once," WhatsApp said in a blogpost.

Starting Tuesday, the company is doubling the number of participants one can have on a WhatsApp video or voice call from 4 to 8 people at a time, it added.

WhatsApp emphasised that like written messages, all calls on its platform are protected with end-to-end encryption.

"We have built group calling in a way that makes it available for as many users as possible, including people on lower-end devices and slow network conditions," it added.

Also Read: Coronavirus India update: State-wise total number of confirmed cases, deaths

WhatsApp said that to access the new, higher participant limit on WhatsApp calls, all participants in a call need to update to the latest version of WhatsApp available on iPhone or Android.

Video calling tools like Google Meet, Microsoft Teams, Zoom and others have also seen a significant jump in userbase and traffic as people connect while maintaining social distancing amid the coronavirus outbreak.

Last week, Facebook had introduced Messenger Rooms that will soon hold up to 50 people with no time limit.

It had added that the company will also add ways to create rooms from Instagram Direct, WhatsApp and Portal.

Noting that between WhatsApp and Messenger, more than 700 million accounts participate in calls every day, Facebook had said, adding that video calling on Messenger and WhatsApp more than doubled in many countries.

Also, views of Facebook Live and Instagram Live videos have also increased significantly in March, it said.

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News Network
February 19,2020

Bengaluru, Feb 19: Karnataka Chief Minister B.S. Yediyurappa thanked his Kerala counterpart Pinarayi Vijayan for initiating action against those dumping bio-medical and bio-wastes in Karnataka's districts from neighboring state Kerala.

In a statement, he said, "First I would like to thank Kerala Chief Minister Pinnarayi Vijayan for his prompt reaction and response to initiate legal action against the dumpers of bio-medical and bio-waste in our districts neighboring Kerala."

The Karnataka Chief Minister has taken a serious note of the reports in a section of media on alleged dumping of bio-medical waste and bio-waste by people from Kerala in bordering Mysuru, Kodagu and Chamarajnagar districts.

"I have directed deputy commissioners of concerned districts, environment department, and pollution control board to take stock of the situation and check surreptitious activities of individuals and agencies from Kerala who are indulging in this illegal activity. I have also directed the officials to prevent the use of this bio-medical waste by Jaggery units as fuel," Yediyurappa said.

He assured that soon this activity will be checked and ended.

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News Network
January 8,2020

Bengaluru, Jan 8: The Karnataka high court on Tuesday directed the government to submit steps taken in respect of the order of Lokyukta in relation to the Kethaganahalli landgrab case involving former chief minister HD Kumaraswamy, his relatives and former minister DC Thammanna.

A division bench headed by Chief Justice Abhay Shreeniwas Oka gave the direction on a PIL filed by Samaj Parivartan Samudaya (SPS), an NGO. The petitioner said despite an order from the Lokayukta on August 5, 2014, to take action within 15 days, no action has been initiated till date in respect of encroachment of a huge tract of land in Kethaganahalli along Bengaluru-Mysuru highway.

SPS says the land was purchased in 1979 contrary to norms of Karnataka Land Revenue Act. It claims Kumaraswamy and others paid only Rs 5,000 per acre, although the prevailing market rate was Rs 25,000 to Rs 30,000 per acre.

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