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
April 21,2020

Bengaluru: Seven fresh Covid 19 positive cases are reported in 24 hours which includes one death from Kalburgi. Of the 7 cases, Kalburgi and Vijayapura share 3 cases each and one case is from Dakshin Kannada, as per the Tuesday mid day health bulletin issued by the Department of Health and Family Welfare.

The deceased has been identified as a 80 year male from Kalburgi. He was bedridden from the past 3 years and was suffering from Parkinson’s Disease since 4 years. Health officials said that he came with the complaint of Severe Acute Respiratory Infection (SARI) and expired on Monday night.

Along with his death, the total death tally now stands at 17 and the total positive cases in the state is 415.

Kalburgi which recorded the first death for Covid 19 in India has so far reported 4 deaths including the above one. The first slot for recording more deaths in the state is now shared by Bangalore urban district and Kalburgi district with each recording 4 deaths each.

Kalburgi district now has 24 active cases.

All the three cases are females, reported from Vijayapura were the primary contacts of a Corona positive patient (P306), who inturn got infected from a patient with history of SARI.

Apart from the deceased male who tested positive, the other cases from Kalburgi is of 29 year old male with influenza like illness and other case is of a 61 year old male whose source of infection is yet to be traced by the health department.

The case from Dakshin Kannada district is from Bantwala region and the positive patient is a 67 year old female with history of SARI. She is getting treated at designated hospital at Dakshin Kannada.

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News Network
May 25,2020

The government of India has added 141 more flights to West Asian countries for the second phase of Vande Bharat Mission, its massive repatriation programme for citizens stranded overseas because of Covid-19-related travel restrictions.

The second phase was to end on May 22. However, External Affairs Ministry Spokesperson Anurag Srivastava said the ongoing phase will last till June 13 and that India is looking at making Frankfurt a hub for the mission.

With these new flights, more than half of them to the United Arab Emirates, the total number of flights in the second phase of the programme have gone up to more than 400, people familiar with developments said on condition of anonymity.

The flights were added due to increased demand from citizens stranded in West Asian countries and the availability of adequate quarantine facilities in states for the returning Indians, the people said. As with all the flights operated so far under Vande Bharat Mission, priority will be given in the second phase to Indian nationals with compelling reasons for returning to the country, they added.

The additional flights are from the UAE (81 flights), Oman and Saudi Arabia (15 flights each), Kuwait (14 flights), Qatar (11 flights) and Bahrain (five flights).

A majority of the flights are bound for Kerala (84 flights), while the other destinations are Delhi (10 flights), Tamil Nadu (nine flights), Telangana (six flights) Gujarat and Jammu and Kashmir (five flights each), Bihar, Rajasthan and Uttar Pradesh (four flights each), Punjab (three flights), Odisha and West Bengal (two flights each), Chandigarh, Karnataka and Goa (one flight each).

The other 260-odd flights being operated during the second phase of Vande Bharat Mission are from Armenia, Australia, Bangladesh, Belarus, Belgium, Canada, Egypt, Finland, France, Georgia, Germany, Indonesia, Ireland, Israel, Italy, Japan, Jordan, Kazakhstan, Kenya, Kyrgyzstan, Malaysia, Mauritius, Myanmar, Nepal, the Netherlands, New Zealand, Nigeria, Oman, the Philippines, Russia, Singapore, South Korea, Spain, Sri Lanka, Sweden, Tajikistan, the UK, Ukraine and the US.

The second phase of the repatriation programme began on May 16 and will continue till June 13, with all the flights being operated by state-run Air India and its subsidiary Air India Express. Private airlines are likely to be included in the third phase.

As of Thursday, a total of 23,475 Indians have been repatriated under Vande Bharat Mission. The second phase had included new destinations such as Istanbul, Ho Chi Minh City and Lagos, and had increased flights to the US and Europe.

More than 259,000 Indians in 98 countries across the world have registered to return under Vande Bharat Mission. Most of them are workers (28%), students (25%), professionals (14.5%), and short-term visa holders such as tourists (7.6%). Fishermen, deportees and Indian nationals who benefited from visa amnesties have also registered.

Comments

Uwaiz
 - 
Tuesday, 26 May 2020

No flights from oman to manglore nor to Banglore 

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News Network
March 27,2020

Bengaluru, Mar 27: Karnataka has so far witnessed 62 Covid-19 positive cases including 3 deaths and five discharges, according to mid-day bulletin released by the Department of Health and Family Welfare.

The state on Friday witnessed a sudden spike in the number of Covid-19 cases with the officials confirming seven new positive cases overnight (26 March 5:00 pm to 27 March 8:00 am) across the state including a 10-month-old baby boy becoming the youngest Covid-19 patient in Karnataka and second youngest patient in India after 8-month-old baby in Jammu and Kashmir.

According to mid-day bulletin released by the Department of Health and Family Welfare on Friday, Karnataka witnessed 62 Covid-19 positive cases including 3 deaths and five discharges. The 10-month-old baby (P56) even though had no travel history to any of the Covid-19 affected countries, officials revealed that the family members had taken the baby to Kerala and six primary contacts have been established and put under home quarantine.

This apart, a 20-year-old male (P57) who returned from Colombo, a 25-year-old female (P58) who returned from London have also been tested positive for Covid-19. Further, a 35-year-old female (P59) and 33-year-old female (P61) said to be the primary contacts of P25 (House Maid) have also been tested positive according to the officials

Besides, a 60-year-old male (P60) who returned to Sira in Tumakuru by train from New Delhi died on Friday morning also tested positive. His primary contacts, including health care professionals have been put under house quarantine. According to officials a 22-year-old male (P62) from Uttara Kannada with travel history to Dubai has also been tested positive for Covid 19 on Friday.

According to bulletin, all the patients barring P60 are being treated at designated isolation hospitals in Mangaluru, Bengaluru and Uttara Kannada. In the meantime, P1 and P3 from Bengaluru have been discharged from RGICD, according to officials.

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