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 7,2020

Bengaluru, Apr 7: With reporting of 12 positive cases of COVID-19 since last evening, including three women, the total number of confirmed cases in Karnataka increased to 175, including four deaths.

According to official sources, while three fresh cases of COVID-19 were reported from Bengaluru, two each had been reported from Bagalkot, Kalaburagi and Mandya, followed by one each at Gadag and Bengaluru Rural districts.

After a gap of over three weeks, two more fresh cases had been reported from Kalaburagi, which had reported the first death of the country.

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News Network
April 5,2020

Bengaluru, Apr 5: Opening of Karnataka's borders to Kerala at this point in time will be like "embracing death," chief minister B S Yediyurappa said on Saturday making clear his government's stand not opening the state border.

The chief minister repeatedly said that for his government interest of the people of the state was supreme.

Yediyurappa made his stand clear in a letter to former prime minister and JD(S) patriarch H D Deve Gowda.

Gowda had recently written to the chief minister on March 31 seeking relaxation of the border restrictions on "humanitarian" grounds.

He had also written to Kerala chief minister Pinarayi Vijayan expressing his anguish against Karnataka authorities for imposing restriction and promising to raise the matter with prime minister Narendra Modi.

Stating the decision to close the border was not sudden, Yediyurappa said, it was a conscious decision after analysing the health situation in the area following the spread of COVID-19.

The chief minister cited the Indian Medical Association, Mangaluru branch data regarding the spread of Covid-19 in Kasargod of Kerala and surrounding areas which was alarming.

Noting that the region has nearly 106 positive coronaviruscases, he said, "this is the region with most number of infections in the country."

If this restriction is removed, it puts the health of the people of Karnataka in to risk and create a situation of "embracing death", so we will not be able to open the border, Yediyurappa said.

He also clarified that there was no prejudice behind his government's decision, and the interest of the people of the state was of utmost importance.

"...There is also no political maliciousness. We want to have good and brotherly relationship with neighbouring states," he said, adding that opening the border will open a pandora's box that will be disastrous for the state.

Yediyurappa also thanked opposition parties for their support to his government in its fight against COVID-19.

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News Network
April 5,2020

Mangaluru, Apr 5: As the number of Covid 19 cases continue to spike across Karnataka, there are patients who are recovering from this deadly virus as well. The first case of Covid 19 detected in Mangaluru has fully recovered and all set to return home.

The first case of corona infection was reported on March 22 in Dakshina Kannada district. 

A 22-year-old youth hailing from Bhatkal had landed at Mangaluru International Airport on March 19. 

As he was suffering from mild fever and cold, he was quarantined in Mangaluru. He had come from Dubai.

His throat swabs were sent for testing on the same day and on March 22 he was tested positive for coronavirus. 

He has undergone 14-day long treatment at the Wenlock Hospital, Mangaluru. 

On April 2 and 3, his throat swabs were sent for testing again. Both times he was tested negative for coronavirus. He is expected to be discharged on April 6.

So far a dozen coronavirus positive cases have been confirmed in Dakshina Kannada. With the recovery of one patient, there are 11 active cases in the district.

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