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 21,2020

Bengaluru, Apr 21: Karnataka cabinet on Monday decided to continue the COVID-19 lockdown measures currently in force in the state till May 3 without any relaxation, Law and Parliamentary Affairs minister J C Madhuswamy said.

However, leaving a window open, it authorised chief minister B S Yediyurappa and the COVID-19 Task Force to meet in three or four days to review and take further decision about any relaxation, he told reporters.

"Today cabinet has decided it (the norms) will be extended up to May 3... there will be no relaxation and the situation that that exists as of today will continue," he said.

Pending the cabinet decision, chief secretary T M Vijay Bhaskar had on Sunday issued fresh orders directing the continuation of the stringent lockdown measures issued by the Ministry of Home Affairs till the midnight of April 21.

Meanwhile, five new coronavirus cases have been confirmed in Karnataka, taking the total number of infections in the state to 395, the Health department said on Monday.

"Five new positive cases have been reported from last evening to this noon... Till date 395 COVID-19 positive cases have been confirmed. This includes 16 deaths and 111 discharges," the department said in its mid-day situation update.

All the five fresh cases are from Kalaburagi and contacts of patients who have already tested positive.

Four of them are men of age 17, 13, 50 and 19, and one woman aged 30.

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News Network
February 12,2020

Bengaluru, Feb 12: Mohammed Nalapad, the rogue son of Karnataka Congress leader NA Harris, who is out on bail in a 2018 case of him bashing up a man at a pub, has now rammed his luxury car into vehicles, injuring four people on Bengaluru road.

The incident took place on Sunday on the Ballari Road where Nalapad was rash driving his car. The car hit a biker and an autorickshaw, injuring four people. He immediately got off his car and fled riding a friend's car.

The biker has suffered a fracture in his leg and is undergoing treatment at a hospital.

According to police, soon after the accident a man appeared before police to claim responsibility for the accident.

Ravikante Gowde, Joint Commissioner of Police said, "A man named Balakrishna came to surrender as the one who was driving the car. Investigation has, however, showed that it was Nalapad who was driving when he met with the accident. The investigating officer has issued him a notice to appear before the police."

BJP spokesperson S Prakash has said, "A case under the Goonda Act should be filed against Nalapad and the court should take cognisance of this and cancel his bail. The father has no control over son. He is a serial offender who is harming the public on a repeated basis."

Nalapad was earlier arrested in 2018 in the Bengaluru pub incident in which he and his associate bashed up the son of a prominent businessman in the city. Nalapad Harris is out on bail after remaining in judicial custody for three months in the case of attempt to murder after the 2018 midnight brawl.

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News Network
January 4,2020

Mangalore, Jan 4: Writer-Researcher Dr Indira Heggade has been elected as the president of Mangaluru Taluk Sahitya Sammelan, which will be held on January 29 at St Agnes College in the City.

Dr Indira Heggade has brought out three stories, four novels and one poetry. She co-wrote 'Guttininda Sainika Jagattige' with SR Heggade.

Also, she translated 'Bantaru Vandu Samajo Samskrutika Adhyana' into English.

She is the recipient of various award given by literary and cultural organisations of Karnataka, including Janapada Academy Award, and Rani Abbakka Award.

Indira Heggade, along with receiving several awards in foreign nations, honoured with Sahitya Academy Award, Kamana Rangaswamy Dattinidhi Awards.

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