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
June 6,2020

Belagavi, Jun 6: Suspecting that cow meat was being transported to Goa, unidentified persons set goods vehicle on fire near Karle village in Belagavi taluk last night.

The Incident came to the fore on Saturday morning.

Usually, vehicles carrying vegetables, milk and other essentials being transported to Goa and other towns plying via Karle village near Belagavi.

Sources said that for the past few days vehicles carrying meat were stopped and were handed over to police by section of activists suspecting it to be cow meat.

Persons who set the vehicle on fire were yet to be identified. Jurisdictional Belagavi Rural police have rushed to the spot. More details were awaited.

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News Network
January 18,2020

Mangaluru, Jan 18: Congress leader Siddaramaiah targeted Union Home Minister Amit Shah soon after he arrived in Bengaluru on Saturday, demanding his answers on various questions pertaining to the state.

In a slew of tweets under the #AnswerMadiShah banner, Siddaramaiah raised issues ranging from the August 2019 floods to the recent police shootout in Mangaluru that killed two people during an anti-CAA protest.

On December 19, Jaleel (45) and Nausheen (24) were killed after the police opened fire during a protest against the CAA.

“Two innocent victims were killed in Mangaluru in what public opinion says that it is a fake encounter. You are the Home Minister of the country. Don't you think adequate investigation has to take place when people cry foul about the incident?” Siddaramaiah asked.

He further asked: “Mr Amit Shah, before investing time to brainwash people to accept your divisive policies, why don't you visit flood-affected areas again and assess if the Central government funds  are sufficient or not?”

The Congress leader pointed out that Chief Minister BS Yediyurappa had claimed that Karnataka suffered losses of over Rs 35,000 crore due to the floods. “But your aid is just Rs 1,870 crore. When are you planning to give the remaining? Will there be any funds left after the implementation of CAA, NPR & NRC?” he added.

The former chief minister brought up the Mahadayi river water sharing dispute. It may be recalled that Shah, in the run-up to the Karnataka Assembly elections in 2018, had promised a resolution to the dispute within six months if BJP was voted to power in the state.

“Mr. Amit Shah, your colleagues give contradictory statements on the initiation of Mahadayi project. Why is there a change in stance after elections? What is your stand on the issue,” Siddaramaiah asked.

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News Network
July 8,2020

Bengaluru, Jul 8: In a setback to the State government, the Karnataka High Court on Wednesday stayed the initial ban and the subsequent restrictions imposed on schools against conducting online classes from pre-primary to Class X.

Prima facie the ban and embargo imposed on online education violate Articles 21 and 21A of the Constitutionon the fundamental right to education, the Court said.

A Division Bench comprising Chief Justice Abhay Shreeniwas Oka and Justice Nataraj Rangaswamy passed the interim order staying the operation of Government Orders issued on June 15 and June 27 respectively.

The Bench passed the interim order on the petitions filed by parents of children and several educational institutions questioning the legality of the ban and the restrictions imposed.

However, the Bench made it clear that this order should not be construed that the schools have right to make online education compulsory and can charge fee for offering online education. Also, the schools should not deprive students, who cannot opt for online education, the lost education when the schools reopen on regular basis.

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