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
February 22,2020

Belagavi, Feb 22: A madrasa in Karnataka’s Belagavi district hosted a Hindu-Muslim mass marriage on its premises on Friday, sending a strong message of communal amity. As many as 76 Muslim couples and 25 Hindu couples entered marital life on the occasion.

Madarsa Al Arabia Anwarul Ulooma, an Islamic religious institute in Bailhongal, 50km from Belagavi district headquarters, played host to the event that was organised by Jamia Faizan-ul-Quran and Issa Foundation, which has conducted mass marriages on a bigger scale in Gujarat.

The mass marriage comes a month after the 100-year-old Cheravally Jamaat Masjid in Kerala’s Kayamkulam in Alappuzha hosted a Hindu wedding, complete with a vegetarian feast for 4,000 people. A Hindu priest led the rituals, and the couple sought the blessings of chief imam Riyasudeen Faizy of the mosque.

At Bailhongal, moulvis and pontiffs led the marriage proceedings and asked the couples to read passages from Quran and Bhagvad Gita.

The Hindu couples were gifted a copy of the Gita, and newly-married Muslim couples received a copy of Quran. The organisers provided each Hindu bride a mangalsutra. Bailhongal MLA Mahantesh Koujalagi blessed the couples at the event, which was attended by more than 4,000 people.

Mohammad Rafique A Naik, a member of Jamia Faizan-ul-Quran, said they have gifted each couple a refrigerator, an almirah and a tailoring machine. Ranjita Kalala, a bride who married a daily-wage labourer, said her family couldn’t afford the cost of a wedding, adding, “When we learnt about the Bailhongal madrassa’s plan, we agreed to sign up because it also sends out a message of communal harmony.”

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News Network
January 9,2020

Bengaluru, Jan 9: Some BJP workers created a ruckus on Wednesday at a college here while seeking support for the amended Citizenship Act by raising slogans like 'Go back to Pakistan' outside the campus on Wednesday, as girl students opposed a pro-CAA banner on the wall of their institution.

A video of the incident went viral on social media.

A group of BJP workers, supporters of local party leader M M Govindaraj, had put up a poster "India Supports CAA" on the wall of Jyothi Nivas College near Koramangala.

This was opposed by girl students, who said they would not allow any such poster to be put up on the college property.

The BJP workers then tried to shout down the students.

"You are not concerned about citizenship, you are concerned about yourself. You should be concerned about India first. You are not an Indian then," a BJP worker is heard screaming at the girls in the video.

They also questioned the students if they had valid reasons to oppose the Citizenship Amendment Act and sought to know whether they wanted an argument or a debate.

The BJP workers purportedly told the girls that they were only the students of the college and not the owner.

"What's your problem madam with the CAA? Are you the owner of the college?" they asked.

Amid the heated argument, the BJP workers resorted to sloganeering like 'We want CAA' and "Go back to Pakistan', as seen in another video shot by the students.

BTM Layout Congress MLA Ramalinga Reddy visited the college on Thursday after learning about the incident and spoke to its management.

Later, he told reporters that the campus should not be allowed for any political activities.

"Any signature campaign whether in favor or against it (CAA) should be done outside the campus," Reddy said.

He cautioned the pro-CAA protesters he will not let any violent incidents like the one at Jawaharlal Nehru University in New Delhi happen at the city college.

Reddy's daughter Sowmya Reddy, who is the Jayanagar MLA, tweeted, "A few videos & photos of outside #JyotiNivascollege are being circulated on social media."

"MLA Ramalinga Reddy & I have spoken to cops and the Prinicipal about this incident. Spoke to DCP South East Bengaluru and she said that Koramangala cops went there immediately & they are picketing even now," she added.

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coastaldigest.com news network
January 14,2020

Srinagar, Jan 14: Davinder Singh, deputy superintendent of police, who was arrested on Saturday along with two Hizb terrorists and a Hizb overground worker in Kulgam, has confessed to his interrogators that he had received Rs 12 lakh from the terrorists to ferry them to Jammu and then Chandigarh for their onward journey to New Delhi, IG (Kashmir) Vijay Kumar told the media here on Monday.

Intelligence sources said the terrorists planned to carry out attacks on Republic Day.

The DSP was suspended on Monday and is likely to be stripped of all his awards, including the President’s Police Medal for anti-militancy operations.

Davinder, who was interrogated by various intelligence agencies, including IB, military intelligence and RAW, besides the police, has disclosed that he had put up the terrorists at his Indira Nagar house in Srinagar, right next to the Army’s 15 Corps HQ, and thereafter accompanied them to Jammu in a Maruti car driven by the Hizb overground worker, intelligence sources claimed.

Meanwhile, sources said the Union home ministry may hand over the case to the NIA to find the real motive of the terrorists, Davinder’s links to terrorism and whether he had helped terrorists in the past as well.

The two Hizb terrorists arrested with Davinder are Naveed Babu alias Babar Azam, a resident of Nazneenpora in south Kashmir’s Shopian district, and his associate Rafi Ahmad Rather. The Hizb overground worker, identified as Irfan Shafi Mir, was driving the vehicle when it was intercepted by the police on Saturday. Irfan Shafi Mir has travelled to Pakistan five times on his passport.

Davinder, interestingly, was on duty ensuring security cover for the envoys of 15 countries who visited Srinagar at the Union government’s invitation last week.

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Ashi
 - 
Tuesday, 14 Jan 2020

There is 2 side for Terrorism, none have dare to attack or bombing unless there is hand from IB, Police and Intelligence (Also RSS support). Frequent bombings or terror attacks was stopped when Hemant Karkare emerged as true officer.

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