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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Agencies
March 26,2020

Madrid, Mar 26: More than three billion people around the world were living under lockdown on Wednesday as governments stepped up their efforts against the coronavirus pandemic which has left more than 20,000 people dead.

As the number of confirmed cases worldwide soared past 450,000, UN Secretary General Antonio Guterres warned that only a concerted global effort could stop the spread of the virus.

In Spain, the number of fatalities surpassed those of China, where the novel coronavirus first emerged three months ago, making it the hardest-hit nation after Italy.

A total of more than 20,800 deaths have now been reported in 182 countries and territories, according to an AFP tally.

Stock markets rebounded after the US Congress moved closer to passing a $2.2 trillion relief package to prop up a teetering US economy.

In Washington, President Donald Trump said New York, the epicenter of the US outbreak with over 30,000 cases, likely has a few "tough weeks" ahead but he would decide soon whether unaffected parts of the country can get back to work.

"We want to get our country going again," Trump said. "I'm not going to do anything rash or hastily.

"By Easter we'll have a recommendation and maybe before Easter," said Trump, who had been touting a strong US economy as he faces an election in November.

UN chief Guterres said the world needs to ban together to stem the pandemic.

"COVID-19 is threatening the whole of humanity -- and the whole of humanity must fight back," Guterres said, launching an appeal for $2 billion to help the world's poor.

"Global action and solidarity are crucial," he said. "Individual country responses are not going to be enough."

India's stay-at-home order for its 1.3 billion people is now the biggest, taking the total number of individuals facing restrictions on their daily lives to more than three billion.

Anxious Indians raced for supplies after the world's second-biggest population was ordered not to leave their houses for three weeks.

Russia, which announced the death of two patients who tested positive for coronavirus on Wednesday, is expected to follow suit.

President Vladimir Putin declared next week a public holiday and postponed a public vote on controversial constitutional reforms, urging people to follow instructions given by authorities.

In Britain, heir to the throne Prince Charles became the latest high-profile figure to be infected, though he has suffered only mild symptoms.

The G20 major economies will hold an emergency videoconference on Thursday to discuss a global response to the crisis, as will the 27 leaders of the European Union, the outbreak's new epicenter.

China has begun to relax its own draconian restrictions on free movement in the province of Hubei -- where the outbreak began in December -- after the country reported no new cases.

Crowds jammed trains and buses in the province as people took their first opportunity to travel.

But Spain saw the number of deaths surge to more than 3,400 after 738 people died in the past 24 hours and the government announced a 432-million-euro ($467 million) deal to buy medical supplies from Beijing.

The death toll in Italy jumped in 24 hours by 683 to 7,503 -- by far the highest of any country.

The number of French deaths was up by 231 on Wednesday to more than 1,330, and metro and rail services in Paris were cut to a minimum.

Spain and Italy were joined by France and six more EU countries in urging Germany and the Netherlands to allow the issue of joint European bonds to cut borrowing costs and stabilise the eurozone economy.

The call is likely to fall on deaf ears when EU leaders talk on Thursday -- with northern members wary of pooling debt with big spenders -- but they will sign off on an "unprecedented" recovery plan.

At La Paz University Hospital in Madrid, nurse Guillen del Barrio sounded bereft as he related what happened overnight.

"It is really hard, we had feverish people for many hours in the waiting room," the 30-year-old told AFP.

"Many of my colleagues were crying because there were people who are dying alone, without seeing their family for the last time."

Coronavirus cases are also spreading in the Middle East, where Iran's death toll topped 2,000, and in Africa, where Mali declared its first case and several nations announced states of emergency.

In Japan, which has postponed this year's Olympic Games, Tokyo's governor urged residents to stay home this weekend, warning of a possible "explosion" of the coronavirus.

Jerusalem's Church of the Holy Sepulchre, believed by Christians to house Christ's tomb, was shut as Israel tightened movement restrictions.

The impact of the pandemic is also hitting European football, with leagues and tournaments cancelled, while the fate of the Wimbledon tennis tournament could be decided next week.

The economic damage of the virus -- and the lockdowns -- could also be devastating, with fears of a worldwide recession worse than the financial meltdown more than a decade ago.

But financial markets rose after US leaders reached agreement on a stimulus package worth roughly 10 percent of the US economy, an injection Senate Majority Leader Mitch McConnell said represented a "wartime level of investment."

Meanwhile, more than half of all Americans have been told to stay at home, including residents of the largest state, California.

The United States has at least 65,700 cases and 942 people have died.

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Agencies
January 9,2020

Alappuzha, Jan 9: The houseboat of Nobel Laureate Michael Levitt was blocked in the backwaters here for some time by trade union activists, who were on a nationwide strike against the Centre's "anti-labour" policies on Wednesday.

Michael Levitt, an American-British-Israeli biophysicist and a professor of structural biology at the Stanford University in the United States, said the incident sent a bad message to tourists.

Levitt, who was in Kerala as a state guest, also said he felt as if a bandit had stopped his wife and him at gunpoint. Police said Levitt, who received the 2013 Nobel Prize in Chemistry, was in Alappuzha with his wife and they were stopped by the protesters near Kainakary.

"Being stopped by criminals on the backwaters sends a very bad message to tourists. It is as if a bandit stopped us at gunpoint and delayed us under the threat of force for one hour," Levitt wrote in an email to his tour agent at Kottayam.

In the email, which was later released to the media, he also said the person who blocked them "ignored all arguments that tourists were exempted" from the strike.

"This person, who did this, ignored all arguments that tourists were exempted and that I am a VIP guest of the Kerala government. He was obviously acting, knowing that he was safe from prosecution. Sadly, this makes me fear that India is sinking into lawlessness," Levitt wrote in the email.

The police registered a case after the houseboat owners filed a complaint in this regard.

Reacting to the incident, state Tourism Minister Kadakampally Surendran said the government would take strong action. "Strong action will be taken against those anti-social elements who stopped the boat. Levitt was here as a guest of the state government. The government had made it clear that the tourism industry was exempted from the strike," he said.

Trade union leaders had also announced that the strike would not affect the tourism industry.

Ten trade unions, including the INTUC, the AITUC and the CITU, had called for the nationwide strike to protest against the labour reforms, FDI, disinvestment, corporatisation and privatisation policies of the Centre and press for a 12-point demands of the working class, relating to minimum wage, among others.

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News Network
June 2,2020

Mangaluru, Jun 2: The Karnataka Muzarai department, whose main income comes through temple and other religious places of worship, has incurred a loss of Rs 600 Crore in revenue during the lock-down, Minister for Muzrai Kota Srinivas Poojary said on Monday.

Addressing reporters here, he said the Kollur Sri Mookambika temple alone lost revenue of about Rs 14 crore it was earning during April and May.

Around 300 A and B grade temples under Muzrai (Hindu religious institutions and charitable endowments) department in the State lost around 35 per cent of their annual income, he said.

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