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
January 22,2020

Bengaluru, Jan 22: Karnataka home minister Basavaraj Bommai today refused to respond when a journalist asked him why Aditya Rao, who was arrested on charge of planting bomb at Mangaluru International Airport, can’t be called a terrorist.

Responding to another query of another journalist on the sidelines of a private program, here, Mr Bommai said all airports in the state would soon have bomb disposal squads.

"After the Mangaluru airport bomb incident, a thought has been given to establishing bomb disposal squads near airports in the state. Hubballi and Kalburgi airports too will have them," he said.

He said, Aditya Rao resident of Udupi who has been in a frustrated state for not getting employment and earlier too arrested for hoax calls surrendered at the DGP office in Bengaluru on Wednesday. The Mangaluru police will take him into custody for investigations, he added.

Despite the suspect surrendering to the police, investigations into the case will continue, he said.

He further added, 'Irrespective of the organisations the accused belongs to, he will be punished.”

Explosives used in the Mangaluru airport bomb have been sent to the Forensic Science Laboratory for analysis and investigation. National Security Guards too were collecting details, he stated.

He then went on to slam Opposition parties over Mangaluru Airport bomb incident. “State police, on getting information about the suspected bag, had acted swiftly and diffused it. The opposition has resorted to politics and using the incident to appease minorities,” he said.

He also termed that the statements made by the opposition would instigate anti-national elements.

Comments

SATYA VISHWASI
 - 
Thursday, 23 Jan 2020

The biggest and terrible terrorist are those who justify and support  terrorist by whatever means even if its not calling a terrorist as terrorist

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News Network
February 17,2020

Varanasi, Feb 17: For the first time, the Indian Railways has reserved a seat for a deity on a train. The national transporter, which launched its third IRCTC operated train named Kashi Mahakal Express from Varanasi to Indore, has reserved a seat for Lord Mahakal (Lord Shiva) on board.

Speaking to media, Northern Railway spokesperson Deepak Kumar said: "It is for the first time that a seat has been left reserved for a deity."

"One seat in Kashi Mahakal Express (seat number 64 in B5 coach) has been left reserved for Lord Shiva," he said.

"Even a temple has been drawn on the seat to make people aware that the seat is reserved for Lord Mahakal," he said.

IRCTC's Director, Tourism, Rajni Hasija said that the practice would continue beyond the inaugural run.

Prime Minister Narendra Modi flagged off the Kashi Mahakal Express via video conferencing from Varanasi, where he is all launched several projects worth Rs 1,250 crore during the day's visit to his parliamentary constituency.

The third IRCTC train, after the two Tejas Express trains on New Delhi-Lucknow and Mumbai-Ahmedabad routes, the Kashi Mahakal Express will connect three places -- Jyotirlinga-Omkareshwar (near Indore), Mahakaleshwar (Ujjain) and Kashi Vishwanath (at Varanasi).

Also connecting the industrial and educational hub of Indore, with Bhopal, the train will begin its commercial run from February 20.

"The Kashi Mahakal Express will operate three days in a week and it will be a bi-weekly service through the Sultanpur-Lucknow route and a weekly service via the Prayagraj route," Kumar said.

Elaborating on the two routes from which the train will pass every week, Hasija said: "Once the new train starts its regular run from this week, it will depart from Varanasi at 2.45 p.m. every Tuesday and Thursday to reach Indore at 9.40 a.m. on Wednesday and Friday.

Similarly, the train will start from Indore at 10.55 a.m. every Wednesday and Friday and will reach Varanasi at 6.00 a.m. the next day. This train will have stoppages at Ujjain, Sant Hirdaram Nagar, Bina, Jhansi, Kanpur and Sultanpur stations in both directions.

Meanwhile, in the weekly service via Prayagraj route, the Kashi Mahakal Express will depart from Varanasi at 3.15 p.m. every Sunday to reach Indore at 9.40 a.m. the next day. On the other way, it will depart from Indore at 10.55 a.m. every Monday and reach Varanasi at 5 a.m. the next day.

"This train will halt at Ujjain, Sant Hirdaram Nagar, Bina, Jhansi, Kanpur and Allahabad stations in both directions," Kumar said.

Explaining the fares of the Kashi Mahakal Express, Hasija said, "Kashi Mahakal Express will follow a dynamic fare structure like the other two Tejas Express trains."

One-way journey from Varnasi to Indore will cost Rs 1,951, inclusive of four meals.

According to the IRCTC officials, the Indore-Varanasi Kashi Mahakal Express will be the first private train that will run overnight and for a comfortable long distance journey, will feature a host of facilities. The IRCTC will serve vegetarian food, and provide housekeeping services, on-board security services and bedrolls.

The IRCTC officials said that passengers will also get complementary insurance of Rs 10 lakh.

The train will have an advance reservation period of 120 days and will only have the general and foreign tourist quotas. The current booking will be available to the passengers on the platform itself after preparation of first chart, four hours to five minutes before the scheduled departure of the train.

To facilitate travel for pilgrims, the IRCTC is also introducing special tour packages for passengers who want to see the pilgrim centres enroute. The tour options are; Mahakal Darshan (Ujjain - Omkareshwar), Bhopal-Sanchi-Bhimbetka, Malwa Jyotrilinga Darshan (Ujjain-Omkareshwar- Maheshwar- Indore) and Bhopal-Sanchi-Bhimbetka-Ujjain. Other tour options include Kashi, Ayodhya and Prayag; Kashi Darshan; Kashi, Prayag, Ayodhya; Kashi and Prayag and only Kashi.

The train has silent features like CCTV cameras, which will be monitored online around the clock from the IRCTC centres, whereas for the first time the IRCTC has brought the marshals in the train for passengers safety and also to make people aware to not smoke inside the train as it has smoke and heat sensors installed in the coaches as well as in the bathroom. For the blind passengers, the train coaches have the seat numbers written in Braille, and the catering staff will be dressed in yellow kurta-pyjamas with a rudraksh malas on their necks to promote the train's theme.

Comments

ASIF
 - 
Tuesday, 18 Feb 2020

waw.. good header with superb news..

good going !!

Althaf
 - 
Tuesday, 18 Feb 2020

If you are truthful then go to china and stay with patients of carona virus. The carona virus should not affect you as you are a vegeterian. Prove this first. 

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News Network
July 29,2020

Bengaluru, Jul 29: A day after Congress staged a nationwide 'Save Democracy' protest, Janata Dal (Secular) leader HD Kumaraswamy slammed Congress for "dividing" the political parties and "buying MLAs" and questioned their "democratic behaviour" to lure Bahujan Samaj Party (BSP) MLAs who supported them.

Kumaraswamy, in a media statement, said, "Is it a democratic behaviour to lure MLAs of other parties through political shenanigans and later merging with them?"

"Congress is an expert in dividing political parties and purchase of MLAs," said Kumaraswamy adding, "If you are dividing the like-minded party MLAs through deceit, who would support you?"

He alleged that the term "horse trade" in politics came to be used because of Congress.

Congress had tied to divide the Janata Dal (Secular) in 2004. To this, he added, "To avoid the party being hijacked by the Congress, I had to oust the Congress-JD(S) coalition government through a political coup."

Kumaraswamy further accused, "Haven't the Congress who is making a big noise about the purchase of MLAs divided the JD(S) in the past? Is it not a fact that for the sake of one Rajya Sabha seat, the Congress government in Karnataka purchased eight JD(S) MLAs?"

Both -- Congress and BJP -- are "criminals" in purchase matter, he added.

Rajasthan Congress is in turmoil after simmering differences between Sachin Pilot and Chief Minister Ashok Gehlot came out in the open. Pilot was removed as the Deputy Chief Minister and the state unit chief of Congress.

The Congress has accused the BJP of indulging in horse-trading to bring down the Gehlot government. The BJP has rejected the allegations.

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