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
May 8,2020

Bengaluru, May 8: 45 more COVID-19 cases have been reported from Karnataka, taking the total number of coronavirus cases in the state to 750, the state Health Department said on Friday.

According to the Health Department, the total cases include 371 discharged cases and 30 deaths.

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News Network
April 16,2020

Bengaluru, Apr 16: A 66-year old man from the city, became the thirteenth COVID-19 related fatality in Karnataka, Health Department officials said on Thursday.

The elderly patient from Bengaluru, who was coronavirus positive died on April 15 at Victoria Hospital in the city, officials said.

"He was referred from a private hospital and was admitted in Victoria Hospital and was on ventilator support since April 10," they added.

A 80-year old woman in Belagavi and a 65-year old man from Chikkaballapura had also died on Wednesday.

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News Network
January 17,2020

Belagavi, Jan 17: Maharashtra Minister of State for Public Health, Medical Education, FDA and Textiles Rajendra Patil-Yadravkar who had come here to participate in the martyrs day programme of Maharashtra Ekikaran Samiti (MES) was detained by the police and escorted back till the state borders on Friday.

MES had organised its annual martyrs day programme at Hutatma Circle here. Its leaders had earlier been asked by the District Administration and City Police to ensure that none of the political leaders from Maharashtra participate and create law and order problems by their anti-state statements.

Patil had managed to sneak into the city through a route which was not manned by the police. He came in an auto-rickshaw to the programme venue.

Police personnel present for security took him into their custody and later escorted him till the state’s borders with Maharashtra at Kognoli on the Pune-Bengaluru national highway.

MES leaders alleged that the police personnel violated protocol while taking the incumbent minister into their custody and they also roughed him up.

All vehicles entering the city from different routes and particularly from Maharashtra were screened to confirm that political leaders from the neighbouring state do not participate in the martyrs day programme and create problems by their statements that also affect law and order along with linguistic harmony.

It was not known if Patil had landed in the city on Thursday and managed to reach the programme venue without getting noticed by using an auto-rickshaw.

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