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 5,2020

New Delhi, April 5: Former Karnataka chief minister HD Kumaraswamy on Sunday challenged Prime Minister Narendra Modi to offer a "credible scientific and rational" explanation for his candle-lighting call and said he is giving "meaningless tasks" to an already exhausted population.

The JD(S) leader questioned if the Prime Minister asked the nation to observe a candle-light vigil on the eve of foundation day of BJP.

"Has the PM slyly asked the nation to observe a candle light vigil on the eve of foundation day of BJP? April 6 being its foundation day, what else can explain the choice of date & time for this event? I challenge the PM to offer a credible scientific and rational explanation," Kumaraswamy tweeted.

"The government is yet to provide PPEs for doctors and make test kits affordable for the common man. Without telling the nation what concrete steps are being taken to combat COVID-19 menace, the prime minister is giving meaningless tasks to an already exhausted population," he tweeted.

"It is shameful to convert the national crisis into an event of self aggrandizement & it is beyond shameful to push the hidden agenda of his party in the face of global calamity. May sense prevail upon the PM," the JDS leader said in another tweet.

Amid a nationwide COVID-19 lockdown, Prime Minister Modi on Friday appealed to countrymen to light diyas and candles on April 5 at 9 pm to fight the darkness spread by the pandemic. He asked the people to turn off all the lights in their homes and stand at doors or balconies and light candles or diyas, torches or mobile flashlights for 9 minutes on April 5.

Last month, PM Modi had asked the people to come out in their balconies and clap and beat utensils to show appreciation for doctors, nurses and others helping fight coronavirus on 'Janata Curfew'.

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News Network
March 21,2020

Hubbali, Mar 21: South Western Railway suspended an employee on Thursday, for allegedly hiding her son's travel history who returned from Spain. The employee's son has now been kept under isolation.

Earlier it was reported that the man had a travel history of Italy- among the worst affected countries by Coronavirus.

He was working in Germany and had taken a flight from Spain to return to India.

In an order issued by General Manager of South Western Railway, the employee was further asked to leave the headquarter without obtaining permission from the competent authority.

The suspended Railway Officer is posted in Bengaluru.
According to the official data, the total number of Covid-19 cases in India has risen to 206, according to ICMR. Timely diagnosis and isolation have been considered vital to check the spread of the deadly disease.

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News Network
March 24,2020

Mangaluru, Mar 24: A Covid-19 patient from Kasaragod, who recently came from abroad travelled to Mangaluru twice, revealed Karnataka department of health and family welfare.

The 54-year-old person is confirmed as Covid-19 positive case yesterday.

He landed at Mangalore International Airport on March 10 at 5.30pm by Air India Express flight.

From there, he had travelled in his own vehicle to Kasaragod. He had coffee near Kasaragod and reached home at 7.30pm.

On March 11, he had visited local fish market and returned home at 10pm.

He had consulted a local doctor at Kasaragod on March 18 and later visited to Kasturba Medical College, Attavar at 3pm, visited reception and consulted a doctor.

He had tea at KMC canteen and travelled in an auto to Medicity and brought medicines and returned to Kasaragod by KSRTC bus.

Again he travelled to Mangaluru on March 20 in a private vehicle and visited a doctor and returned back to Kasargod in a private vehicle.

The health department has requested all passengers who travelled in the above said flight/aircraft, and KSRTC bus can self-report by dialing 104 or other helpline numbers.

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