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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coastaldigest.com news network
May 13,2020

Mangaluru, May 13: Union Minister and former Karnataka chief minister D V Sadananda Gowda today assured that he will exert pressure on the authorities concerned to operate more repatriate flights to bring back Kannadigas from Saudi Arabia to Karnataka. 

Speaking in a video conference organised by coastaldigest.com with Kannadiga delegates in Saudi Arabia, Mr Gowda said: “Today itself I will contact the external affairs ministry and Director General of Civil Aviation (DGCA) to convince them the need to add operate flights to bring back stranded Kannaidgas from the Kingdom.

After paying heed to the advices, requests and concerns of Kannadiga delegates that participated in the video conference, Mr Gowda said: “Two things need to be done. First thing is number of flights from Saudi Arabia to Karnataka should be increased. Second thing is to ensure that most of these flights land in the Mangaluru Airport as most of the Kannadiga expats in Saudi Arabia are from the coastal region.

“There should be at least two to three flights from Saudi Arabia to Karnataka (Bengaluru Airport or Mangaluru Airport) every week. That is my intention,” he added.

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News Network
February 21,2020

Bengaluru, Feb 21: Amulya Leona, a college student, who raised to pro-Pakistan slogans to embarrass organisers of a protest against the Citizenship (Amendment) Act (CAA) here on Thursday evening, has been charged with sedition.

The student-activist, who was allowed to talk on stage, suddenly raised pro-Pakistan slogans. She was arrested by police after All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief Asaduddin Owaisi snatched her mike.

Deputy Commissioner of Police Ramesh Bannoth confirmed the girl has been charged with sedition, provoking enmity between groups, and intentional insult to provoke breach of peace.

It was just after Mr. Owaisi’s arrival on the stage at Freedom Park here that the 19-year-old student was asked to speak. After preliminary remarks, she suddenly shouted “Pakistan zindabad” thrice, leaving the crowd and organisers stunned.

Some of the organisers rushed to her and tried to take the mike away and stop her from speaking further. Mr. Owaisi too joined in and snatched the mike. Holding on to the mike, the girl then went on to shout “Hindustan zindabad” twice, before a posse of police personnel and organisers whisked her away from the stage

Soon after the student was taken away, a visibly upset Mr. Owaisi told the crowd: “Whatever has been spoken [by the girl] is wrong. Neither my party nor I has any connection with it. As long as we are alive, we will be raising Bharat zindabad slogans. Never had we any relationship with Pakistan nor will we have anything in future,” he announced.

He further stated: “This is condemnable. The organisers should not have invited such people to this place. If I had known that these kind of things would be said here, I would not have come here.”

It is unfortunate that the organisers have invited such people and a wrong message is going out, he said. “Now, BJP has got an opportunity and will blame me,” he added.

Every speaker, who took the podium after the incident, condemned the pro-Pakistan slogans raised by Amulya.

Janata Dal (S) councillor representing Gurappanapalya, Imran Pasha, one of the organisers of the protest under “Hindu, Muslim, Sikh, Isayi Federation”, claimed that they had not invited the “activist” and were not aware that she would be speaking from the stage. Mr. Pasha said that such statements were “a deliberate attempt to drive a wedge between Hindus and Muslims”.

Meanwhile, the BJP State unit tweeted, “Truth is that protests against CAA are a joint venture between Pakistan and anti-National forces led by INC India.” In a press release, BJP State unit president Nalin Kumar Kateel termed this as an “anti-national act” and urged the police to take action.

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News Network
May 29,2020

Bengaluru, May 29: The Karnataka government clarified on Thursday that it has not sought for imposing a ban on flights emanating from Maharashtra, Gujarat, Tamil Nadu, Madhya Pradesh, and Rajasthan.

The domestic air travel was resumed in several parts of the country on May 25.

The state government also said that it has appealed to the Civil Aviation Ministry to take steps to lessen the incoming air traffic.

"If there is a huge turn out at a short span of time, there may not be adequate quarantine facilities," said the state government.

A total of 115 new COVID-19 cases have been reported in Karnataka, taking the total number of cases to 2,533.

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