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
February 21,2020

New Delhi, Feb 21: A petition has been filed in the Supreme Court challenging the sedition case registered against a Karnataka school management for allegedly allowing students to stage an anti-CAA, anti-NRC drama that 'portrayed Prime Minister Narendra Modi in poor light'.

The petition seeks quashing of the FIR against the principal and other staff of the Shaheen School at Bidar who have been booked under sections 124-A (sedition) and 153-A (promoting enmity between different groups) of the Indian Penal Code.

In the petition filed on Thursday, social activist Yogita Bhayana has also sought an apex court direction for a proper mechanism to deal with alleged government misuse of the sedition law.

Section 124A of the IPC says that "whoever brings or attempts to bring into hatred or contempt, or excites or attempts to excite disaffection towards... the Government shall be punished with imprisonment for life...".

Bhayana, in the plea, has sought a direction to the Centre and the Karnataka government "to quash the FIR registered in connection of seditious charges against the school management, teacher and a widowed parent of a student for staging a play criticizing CAA, NRC, and NPR."

The petition claimed the police "also questioned students, and videos and screenshots of CCTV footage showing them speaking to the students were shared widely on social media, prompting criticism."

It further quoted the school principal, alleging that "on one occasion, police in uniform questioned students, with no child welfare officials present".

The plea said that the "proceedings were violative of Article 21 (right to life and personal liberty) of the Constitution and abuse of process of law."

"Issue an order directing the Centre to constitute a committee to scrutinise complaints under 124-A IPC and adhere to judgments by the apex court before registering the FIR under the section 124-A IPC," the petition said.

The drama was staged on January 21 by students of fourth, fifth and sixth standard.

The sedition case was filed based on a complaint from social worker Neelesh Rakshyal on January 26.

The complainant has alleged that the school authorities "used" the students to perform a drama where they "abused" Modi in the context of the Citizenship Amendment Act and the National Register of Citizens.

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News Network
June 23,2020

Bengaluru, Jun 23: Former Karnataka Chief Minister HD Kumaraswamy on Tuesday demanded that Bengaluru should be put under lockdown for 20 days to contain the spread of coronavirus, the cases of which have risen sharply recently.

 “Stop playing with people's lives. There’s no use in sealing off only some areas. If the people of Bengaluru must live, then a lockdown of at least 20 days is needed. Otherwise, Bengaluru will become another Brazil,” Kumaraswamy said in a tweet. “People’s health is more important, not economy.”

The JD(S) leader was reacting to the BJP government's decision to impose an area-wide lockdown in Chickpet, KR Market, Kalasipalyam and Chamarajpet while streets will be sealed off in VV Puram, Siddapura, Yelahanka, Vidyaranyapura and Chickpet.

Bengaluru has witnessed a huge spike in its Covid-19 tally; the city currently has at least 919 active cases. This has sparked off fears that the contagion might have reached the community.

Kumaraswamy has also demanded welfare measures for the poor. “The poor and the labourers should be given ration immediately. The state’s 50 lakh working class should get ₹5,000 each. The aid already announced by the government hasn’t reached drivers, weavers, Madiwalas and other communities,” he said, adding that mere announcements of a package won’t be enough and “it has to be implemented.”

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News Network
July 2,2020

A 7-year-old Dalit girl who had gone missing from outside her residence in Tamil Nadu’s Pudukkottai district on June 30 was found dead last evening. 

Police sources said that the body with severe injures was found in a forest area bordering her village. The young girl had been sexually assaulted before the murder, according to police.

Victim’s neighbour, Raja, 25, who belongs to the Pandaram caste, has been arrested in connection with the incident.

While they have included murder charges in the First Information Report (FIR) against him, they are awaiting the post-mortem report to add sections of the Protection of Children against Sexual Offence Act (POCSO act) in the FIR.

"The girl was playing outside her home at 4pm. Her parents then found her missing and her father filed a complaint at the station at around 7pm. Efforts were then underway to find the girl," said an investigating official.

They found the minor's body in the forest area near her village on the evening of July 1. Her clothes were in a state of disarray and her face was severely injured.

"She has been beaten with sticks on the face and injuries are clearly visible. The post-mortem will reveal the actual cause of death," says an official from the district.

Police sources further add that the neighbour had found the minor roaming around the area on Wednesday and allegedly took advantage of the fact that she was alone.

"During inquiry he admitted that he had sexually assaulted and murdered the girl," says a police official from the district. "Further investigation is underway and we will have more clarity once we get the post mortem report," he adds.

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