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
July 23,2020

Bengaluru, Jul 23: The opposition party Congress on Thursday demanded a judicial enquiry in the alleged scam in coronavirus related medical equipment procurement by Karnataka government.

However, Deputy chief minister Ashwathnarayan and Home Minister Basavaraj Bommai denied all the allegations.

Leader of Opposition (LoP) and former Chief Minister of Karnataka Siddaramaiah and Karnataka Congress president DK Shivakumar addressed a press conference here and demanded a judiciary enquiry under a sitting High Court judge to investigate "BJP's Corona Scams."

"I made allegations on July 3. Nobody has denied it officially. On July 20, Karnataka Health Minister B Sriramulu and Deputy Chief Minister Ashwathnarayan in a press conference denied my allegations. Today, I furnished 14 documents. If you go through it, you will find corruption and misappropriation in medical equipment purchase," Siddaramaiah said.

"The documents are available with the government, how can they deny their own documents. They are telling that they have spent only Rs 324 crore but according to me the government has spent more than Rs 4,000 crore and nearly Rs 2,000 crore went in the minister and bureaucrats' pockets," he said.

He further said, "Centre has procured 50,000 ventilators under PM Cares at a cost of Rs 4, lakh per unit. Tamil Nadu has procured at Rs 4.78 lakh. But in our state, the price is between Rs 5.6 lakh to Rs 18.2 lakh. Is this not corruption?"

Siddaramaiah also dared the government to step up for an enquiry if they are "honest and transparent".

"I am demanding, constitute a judicial committee headed by sitting high court judge, let there be an enquiry in detail," he said.

DK Shivakumar said that his party has made the allegations based on government documents and media reports showing corruption.

"Karnataka government is purchasing equipment at high rates. We have exposed BJP's Rs 2,000 crore scams today. The government's main focus is to loot. They have paralysed the state administration," he said.
Denying the Congress' allegations, Deputy Chief Minister, Ashwathnarayan said that the government is ready to discuss this in the Assembly house.

"They have alleged Rs 700 crore misappropriation by health department but we have shown we have spent only Rs 290 crore," he said.

Giving details of the SDRF expenditure towards COVID-19 containment he said, "We have released Rs. 23,220.01 lakh in SDRF accounts and they have spent Rs Rs. 15, 918.99 lakh in various activities like migrant relief measures, measures for quarantine, sample collection, screening from March 14 to July 16."

Karnataka Home Minister, Basavaraj Bommai, said, "Karnataka government has spent Rs 506 crores for medical equipment and Rs 1,611 crores for other activities related to combatting COVID-19. So, we have spent Rs 2,117 crores as of now and there is no corruption in it."

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coastaldigest.com news network
May 27,2020

Kolhapur, May 27: Praising the Muslims of Ichalkaranji town in the Kolhapur district for making invaluable contribution for setting up of a new intensive care unit in Indira Gandhi Memorial (IGM) hospital for treatment of corona infected patients, Maharashtra Chief Minister Uddhav Thackeray has said that with this donation, they have set an ideal example before the country.

While dedicating a 10-bed ICU unit at IGM hospital online from Mumbai, during Eid al Fitr, Mr Thackeray said that by donating Rs 36 lakh for ICU unit at IGM hospital, the Muslim community has set an ideal example before the country as to how to celebrate the festival.

The Muslims of Ichalkaranji made the donation following an appeal by the state government about avoiding unnecessary expenses for celebrating the Eid.

Minister of State for Health Rajendra Patil-Yadravkar, MP Dharysheel Mane, MLAs Prakash Awade and Raju Awale, district collector Daulat Desai, district superintendent of police Dr Abhinav Deshmukh, Zilla Parishad chief executive officer Aman Mittal, district surgeon Dr B C Kempipatil and others were present on the occasion.

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News Network
April 24,2020

Bengaluru, Apr 24: The Karnataka Health Department is likely to shift the 119 accused in Padarayanapura violence to Bengaluru's Haj Bhavan from Ramnagar Jail.

This comes after two accused out of 121, who were shifted to Ramnagar jail, tested positive for coronavirus. They have been shifted to Victoria Hospital.

A ruckus erupted in Padarayanapura on Sunday allegedly over the shifting of 15 secondary contacts of corona positive patients to a quarantine facility by the Bruhat Bengaluru Mahanagara Palike (BBMP) officials.

Padarayanapura is recognised as a 'red zone'. When BBMP officials went to shift the suspected COVID-19 patients, some people created a ruckus, broke a barricade and removed the police post in the area.

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