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
July 13,2020

Bengaluru, July 13: As Bengaluru prepares for a seven-day lockdown from Tuesday following the spike in COVID- 19 cases, opposition parties in Karnataka have urged the government to enforce the measure in the entire state.

JD(S) patriarch H D Deve Gowda and Congress working president Eshwar Khandre have demanded that the entire state be placed under lockdown.

Welcoming the government's decision to implement the lockdown in Bengaluru Urban and Rural, Gowda said, "I urge the government through the media to enforce lockdown in the entire state."

The former Prime Minister in a statement appealed to people of the state and the entire country to wear masks while venturing out, maintain social distancing, clean hands with sanitizer regularly, and to come out only if there is necessary work.

Stating that allegations of misappropriation have been made by several leaders against the government in implementing measures and packages to control spread of the virus and its impact, Gowda said, "whatever it is let's discuss about it in the next legislature session, at present health of the people is important and let's focus on it."

The government should work in this direction, we are all with the government, let's not play with the health of the people, he said, adding that "I appeal that at least from here on work actively."

With a spike in Covid-19 cases, the Karnataka government on Saturday announced complete lockdown in Bengaluru Urban and Rural from July 14 to 22.

The lockdown is from 8 pm on July 14 to 5 am on July 22.

Congress leader Khandre, meanwhile reminded Chief Minister B S Yediyurappa that COVID cases and related fatalities were not only increasing in Bengaluru but also in the border districts of the state.

The situation was getting out of hand in Bidar, Kalaburagi, Yadgir, Raichur, Koppal, Ballari districts, he alleged.

"So implement strict lockdown once again in the state at least for fifteen days."

"Bring the situation under control. I appeal to the government that in this lockdown period at least to correct its past shortcomings and take all measures to face the pandemic efficiently in the future," he tweeted.

Meanwhile, Chief Minister B S Yediyurappa will be chairing video conference with Deputy Commissioners, Zilla Panchayat CEOs and Superintendents of Police of various districts regarding the COVID situation and the rains.

As of July 12 evening, cumulatively 38,843 COVID-19 positive cases have been confirmed in the state, which includes 684 deaths and 15,409 discharges.

Bengaluru Urban district tops the list of positive cases, with a total of 18,387 infections. Of the 2,627 fresh cases reported in the state on Sunday, a whopping 1,525 cases were from Bengaluru Urban alone.

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
January 28,2020

Bengaluru, Jan 28: The state government is set to allow investors who bought farmland for industrial and other purposes to sell it off if they fail to use it within seven years. The new buyers, however, must utilise the land parcel for the same purpose for which it was allotted.

An amendment bill in this regard will be tabled during the joint session of the assembly, which begins on February 17.

Currently, investors remain tied to unused parcels. Law and parliamentary affairs minister JC Madhuswamy said the amendment to Section 109 of the Karnataka Land Reforms Act, which deals with the purchase of farmland for non-agricultural purposes, would remove hurdles for disposal of such plots. “To prevent misuse of land, the bill makes it mandatory for the new buyer to utilise it for the purpose for which the land was purchased by the first investor,” he said.

The government will also table a bill which seeks to regulate the affairs of religious and educational trusts. It will empower the government to intervene in the affairs of the trusts when irregularities come to light.

“Currently, the government has no role to play when allegations of irregularities and mismanagement crop up against trustees. The bill seeks to address this,” Madhuswamy said. He clarified the government didn’t want to interfere in trusts’ affairs. But some issues, he added, were of concern: trustees illegally selling off the trust property.

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 2,2020

Bengaluru, Mar 2: The Opposition Congress and the JD(S) members protested in the Karnataka Legislative Assembly on Monday over the BJP leader Basavaraj Patil Yatnal's alleged derogatory remark against veteran freedom fighter H S Doreswamy.

Opposition Leader in the Assembly and former Chief Minister Siddaramaiah, raised the issue, immediately after the obituary reference of sudden demise of former Minister C Chanigappa, and sought permission from the Speaker to raise the issue of Yatnal's outburst in the House stating that the matter of hurling defamatory remark against Gandhian Doreswamy, by Mr Yatnal, was very much serious. However, the treasury bench members protested and urged the Speaker not to allow the matter to discuss as the issue was not in the agenda.

The Speaker, Vishveshwar Hegde Kageri, promised the Congress leader about permitting the issue after the House adopts resolution on the thanksgiving motion for the Governor's address of the joint House recently and asked Chief Minister B S Yediyurappa to continue his reply to the Governor's address.

The opposition Congress and the JD(S) members, protesting the Speaker's action, trooped into the well of the house and raised slogans against the BJP government.

The Chief Minister continued his reply amidst the din before the Speaker adjourned the House for 30 minutes after the House adopted the thanksgiving motion to the Governor's Address.

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.