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
July 5,2020

Bengaluru, Jul 6: With a record 1,925 new cases across the state during the last 24 hours, Karnataka's Covid-19 tally rose to 23,474 including 13,251 active after 9,847 were discharged till date, an official said on Sunday.

"Of the total cases across the state on a single day, Bengaluru accounted for 1,235, taking its positive tally to 9,580, including 8,167 active," said the health official in a statement.

With 37 succumbing to the disease in the state, including 16 from Bengaluru, the state's death toll increased to 372, with 145 from this tech city since March 9.

Of the 603 discharged from across the state during the day, 302 were from Bengaluru, taking its total number of cured to 1,267 so far.

Of the 243 cases in the intensive care unit (ICU) across the state, 132 are in Bengaluru, 15 at Dharwad, 12 at Kalaburagi and 10 each at Ballari and Raichur.

Of the 16,899 samples tested in the day, 14,649 were negative and 1,925 positive. Of the total 7,06,425 samples tested so far, 6,65,525 were negative and 23,474 positive.

After Bengaluru, Dakshina Kannada reported 142 positive cases followed by Ballari 90, Vijayapura 57, Kalaburagi 49 and Udupi and Dharwad 45 each.

Of the total 603 discharged, 52 were from Kalaburagi, 37 from Ballari, 36 from Dakshina Kannada and 22 each from Udupi and Dharwad.

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News Network
May 3,2020

Bengaluru, May 3: Renowned Kannada poet KS Nissar Ahmed passed away on May 3.

Winner of several awards including Karnataka Sahitya Akademi Award for Poetry, Rajyotsava Award, Padma Shri among others, Ahmed died at the age of 84

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News Network
June 26,2020

Bengaluru, Jun 26: Karnataka recorded 445 new Covid cases, majority of whom were contacts of earlier positive cases, breaching the 11,000 mark to settle at 11,005, an official said on Friday.

"New cases reported from Thursday 5 p.m. to Friday 5 p.m., 445," said a health official on Friday.

In the past 24 hours, 10 patients succumbed to the virus in Karnataka, three in Bengaluru Urban and one each in Kolar, Dharwad, Shivamogga, Bagalkote, Bidar, Kalaburagi and Ballari.

Like everyday, contacts of earlier cases outnumbered domestic returnees in the number of infections, constituting 39 per cent.

Positive cases with domestic travel history numbered 65, a mere 15 per cent and majority to Maharashtra.

There were also 21 cases with international travel history to countries like Oman, Qatar, Saudi Arabia and Dubai.

On Friday, cases spiked in Bengaluru Urban, Ballari, Kalaburagi, Koppal, Dakshina Kannada, Dharwad, Raichur, Gadag, Chamarajanagar, Udupi, Yadgir, Mandya, Uttara Kannada, Bagalkote, Shivamogga, Kolar and Mysuru.

Among the new cases, Bengaluru Urban accounted for 144, followed by Ballari (47), Kalaburagi (42), Koppal (36), Dakshina Kannada (33), Dharwad (30), Raichur (14), Gadag (12), Chamarajanagar (11), Udupi (9), Yadgir (7), Mandya, Uttara Kannada, Bagalkote, Shivamogga and Kolar (6 each).

Mysuru (5), Chikkamagaluru and Kodagu (4 each), Hassan and Bengaluru Rural (3 each), Vijayapura, Tumkur and Haveri (2 each) and Bidar, Belagavi, Davangere, Ramanagara and Chitradurga (1 each).

As many 144 patients are suffering from Influenza-like Illness (ILI) and 19 from Severe Acute Respiratory Infection (SARI).

In all, 5.68 lakh samples have been tested so far, of which 5.41 lakh tested negative.

Meanwhile, 178 patients are admitted in the ICU.

Of the total 180 deaths, Bengaluru Urban has accounted for 81, followed by Bidar (16), Kalaburagi (15), Ballari (9) and Dakshina Kannada (8), among others.

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