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
March 4,2020

New Delhi, Mar 4: Tech giant Intel has said one of its employees in Bengaluru has "potentially been exposed" to coronavirus and is currently under quarantine.

The company also said it has implemented precautionary measures like travel restrictions, increased frequency of office sanitisation, and work-from-home provisions in India.

"An Intel employee in Bangalore has potentially been exposed and is currently under quarantine in accordance with government requirements," Intel said in a late night statement on Tuesday.

The company said it is monitoring the coronavirus situation closely and working to ensure that its employees have the information and resources they need to stay safe and informed.

In India, we have implemented precautionary measures such as travel and event restrictions, visitor screenings at all our offices, increased frequency of office sanitisation, and work-from-home provisions," it said.

The virus outbreak, which has seen cases being registered across the world including South Korea, Iran, Italy and Japan, has had a significant impact on businesses across industries.

Microblogging platform Twitter has asked its employees to work from home while other tech giants like Tata Consultancy Services and HCL Technologies instructed staff to avoid non-essential travel as IT firms put in place measures to safeguard workers against the deadly coronavirus.

The coronavirus outbreak claimed over 3,000 lives globally, and fresh cases being reported in India.

The government has stepped up its efforts to detect and check the virus outbreak whose epicentre was in China.

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News Network
January 5,2020

Bengaluru, Jan 5: BJP leader and Karnataka Chief Minister BS Yediyurappa once again blamed the Congress of creating 'confusion' among the Muslim community over the Citizenship (Amendment) Act-2019 while launching a door to door campaign to dispel such rumors.

Yediyurappa was on a door-to-door campaign to make people aware of the Citizenship (Amendment) Act and to allay their fears.

"Unnecessarily, the members of Congress are creating confusion among the Muslim community. I assure you that not a single Muslim will be affected because of CAA," said B. S. Yediyurappa.

"Almost all previous Prime Ministers have supported it, now Congress is creating a problem so as to create confusion among Muslims. That's why we are out on the door-to-door campaign," he said.

The Citizenship Amendment Act, 2019, seeks to grant Indian citizenship to Hindu, Christian, Sikh, Buddhist and Parsi refugees from Pakistan, Afghanistan, and Bangladesh and who entered India on or before December 31, 2014.

Comments

Active
 - 
Sunday, 5 Jan 2020

 

U may confuse people with such statements but WE MUSLIMS, DALITS and some of our other HINDU Brothers are not in any Confusion on the chronology of NPR, CAA and NCR..  WE are firm that we will never allow you to go ahead with these discriminatining laws

 People are NOT FOOLS to believe all your JUMLAS

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News Network
July 18,2020

Bengaluru,  Jul 18: Union Minister for Chemicals and Fertilizers DV Sadananda Gowda on Friday said that Government of India headed by Prime Minister Narendra Modi has been extending all possible assistance to state government in their endeavour to combat the deadly coronavirus.

In a statement released after participating in a high-level meeting chaired by Chief Minister BS Yeddyurappa in Bengaluru today, Gowda said he shared his views with the state government on how to control the spread of COVID-19 in the state in general and Bengaluru in particular.

He said the Centre was in constant touch with the state government on the issue. The centre is more than happy to extend any help further if Karnataka requires so.

"Being a Union Minister handling the Pharmaceutical Department also, I am closely monitoring the medicine demand and supply situation across the country on a day-to-day basis. The availability of required medicines including HCQ and Paracetamol is satisfactory in all states including Karnataka. Also, there has been enough lifesaving drugs in our Jan Aushadhi Kendras all over India. Over 600 such outlets exist in Karnataka alone," he said.

"If there is any issue related to medicine shortage or overpricing, one can bring it to my knowledge or call PMBJP tollfree number 18001808080 or NPPA number 18001112550 / 011-23345118 / 011-23345122. The grievances will surely be resolved to everybody's satisfaction" added the minister.

With related to state governments or private agencies seeking to import emergency medicines, medical equipment etc., Gowda assured, we would facilitate required licences without any delay.

"I strongly feel that it is our collective responsibility to use everything in our armour to defeat the pandemic. We also seek public support in this mission. Together, we will win," he said.

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