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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Media Release
January 23,2020

Mangaluru, Jan 23: Veekshitha Arasa, an officially certified Zumba instructor is all set to present Zumba fitness on the Beach to the people of Mangalore on January 26, 2020. The Zumba event will be hosted at Panambur Beach on Republic Day (Sunday) from 4.00 p.m. to 6.00 p.m. Entry is free to the public and there are no tickets.

Veekshitha Arasa will be accompanied by some of the immensely talented Zumba Instructors from Bangalore who have been passionately spreading love for Zumba through their classes and events. Some amazing instructors from Mangalore too will be joining the event to make it even more happening.

With the sole aim to promote fitness among Mangaloreans these Zumba Instructors will make you groove to peppy, energetic numbers and make your evening sweat-blasting and fantastic.

The main presenter and host of this event Veekshitha hails basically from Mangalore. Having conducted Zumba training in various fitness centers and corporates across Bangalore and being the presenter in several mega events both in India and International Platforms in Hong Kong, Veekshitha always had a dream to have a full-fledged Zumba fitness event in her own city - Mangalore. The idea of having it by the beach side fascinated her even more and that’s how this event has been planned exclusively for the people of Mangalore right on the beach.

For all those who have been planning to start their fitness journey this might just be the beginning. Go join the Zumba party and shed some calories.

AJ Hospital & Research Centre, APD Foundation and SS Arrangers & Caterers are the sponsors for the event.

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News Network
May 27,2020

Kalaburgi, May 27: Karnataka's Kalaburgi district recorded a maximum temperature of 44 degrees Celsius on Tuesday, as per information provided by the India Meteorological Department (IMD).

In light of the increasing mercury levels, people here were seen consuming sugarcane juice and cold drinks to beat the heat. Animals and birds could also be seen searching for water for relief from the scorching sun.

Locals of the area requested the district administration to take necessary actions such as spraying water on roads, in order to bring down the temperatures.

"We are facing huge heat waves in this district from the past two days, and even the temperature is around 44 to 45 degrees on a daily basis. So, it is a very alarming situation in Kalaburgi. When we move around the city, we are unable to find water and fresh fruit juice, and even if fresh juice is available, we are afraid of getting infected by COVID-19," said one local.

"If we carry cold water, it gets warm within half an hour, and gets unfit for drinking, and it is tough for us. I request the district administration to look into this matter and do the needful such as spraying water on the roads, etc. for slightest relief," he added.

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News Network
January 23,2020

Mangaluru, Jan 23: Members of the Social Democratic Party of India (SDPI) on Thursday held a protest against the Karnataka government, accusing it of shielding Aditya Rao, the main accused of planting an improvised explosive device (IED) at the Mangaluru airport on January 20.

Meanwhile, the Judicial Magistrate First Class (JMFC) Court has sent the accused Aditya Rao to 10 days police custody.

Earlier on Wednesday, the Bengaluru Police said that the procedure is being followed to hand-over to the Mangaluru Police a suspect who surrendered before it two days after planting an improvised explosive device (IED) at the Mangaluru International Airport.

The IED was later defused in an open field by the personnel of the bomb disposal squad.

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