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.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 1,2020

Bengaluru, June 1: Prime Minister Narendra Modi today praised the Karnataka government for its handling of the COVID-19 pandemic.

Addressing the silver jubilee celebrations of the Rajiv Gandhi University of Health Sciences (RGUHS) via a digital platform, he spoke about the Karnataka government's efforts.

He appreciated the work of front-line warriors who are fighting every day in the war against COVID-19 and stressed the need to respect them.

"Doctors and other medical workers are soldiers without wearing the uniform of soldiers. Any kind of attack or violence against them is not acceptable," said Modi.

"There are incidents of violence against the front-line warriors. Any kind of abuse, violence or rude behaviour is not acceptable. The world is looking at doctors and medical staff with gratitude," he said.

"This is the biggest crisis since the two World Wars," the prime minister said. "Pre- and post-COVID-19, the world will be different. The discussions now at a global level are humanity-centric."

Stressing the importance of medical infrastructure, the prime minister spoke about the decision taken by the Union Government to set up a medical college in every district.

"A nation like ours has to have the medical infrastructure and medical education. Now, every district is going to have a medical college," he said.

However, the PM remained silent on salaries of front-line warriors. The Karnataka government has so far not released the salaries of doctors, nurses and lab technicians hired under National Health Mission.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 30,2020

Thiruvananthapuram, Mar 30: With suicide cases being reported from various parts of the state after liquor sales were stopped in Kerala following the lockdown, Chief Minister Pinarayi Vijayan has directed the Excise Department to provide liquor to those with a prescription from a doctor.

The move comes after many reportedly showed acute withdrawal symptoms and suicide cases were reported in the state.

On Saturday, in Kodungaloor in Thrissur district, a youth committed suicide by jumping into the river after suffering from withdrawal symptoms.

In another incident, a 38-year-old man working in a barbershop in Kayamkulam consumed shaving lotion after he didn't get alcohol. Though he was taken to hospital after he developed uneasiness, he died.

The Kerala government has also asked the Excise Department to provide free treatment and admit people with withdrawal symptoms to the de-addiction centres.

The Chief Minister has said the government is also considering the option of online sale of liquor as the sudden unavailability of alcohol may lead to social problems.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 19,2020

Bengaluru, Jul 19: Three legislators of the opposition Congress in Karnataka, including 2 MLAs and 1 MLC tested positive for coronavirus and are under treatment, a party official said on Saturday.

"Our Bailhongal MLA Mahantesh Koujalgi in Belagavi district and Humnabad MLA Rajashekhar Patil and his MLC brother Chandrashekhar Patil in Bidar district tested positive for the infection and are under treatment at designated hospitals," party spokesman Ravi Gowda told media persons in Bangaluru.

Koujalgi's swab sample was taken on Friday after he showed signs of illness and its result turned positive earlier in the day.

"As Koujalgi attended a review meeting at Bailhongal, about 20 officials who participated in the meeting have been home quarantined," said Gowda.

Koujalgi is the second lawmaker in the state's northwest region to test positive after BJP's Belagavi North assembly segment MLA Anik Benake tested positive for the virus on July 15.

"Patil brothers were in self quarantine after meeting BJP's Bidar Lok Sabha member Bhagwanth Khuba, who tested positive on Wednesday. Their tests also showed they were infected with the virus," Gowda said.

Congress MLC Sandesh Nagaraj, who tested positive on Friday, is under treatment at a private hospital in Mysuru.

Dakshina Kannada district Youth Congress president Mithun Rai is in institutional quarantine in Bengaluru after he tested positive for the infection.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.