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
January 31,2020

Bidar, Jan 31: In a disturbing development, the police have arrested two women – a schoolteacher and mother of two students – in connection with staging a play against the Citizenship Amendment Act and National Register of Citizens at a prestigious school in Karnataka’s Bidar.

The arrested have been identified as Farida Begum, headmistress of Shaheen Urdu Medium Primary School, and Navida, the mother of a student who played a role in the play.

The development comes days after police filed a sedition case against the management of Shaheen School following a complaint lodged by the ABVP claiming that play contained objectionable dialogues against Prime Minister Narendra Modi. The drama was performed during an annual function of the school on January 21.

Bidar SP Sreedhara T confirmed the arrest of Farida Begum and Navida, and said the accused were remanded to judicial custody on Thursday.

Sreedhara said that based on the complaint by one Neelesh Rakshal, the police filed an FIR under sedition charges, initially against the headmistress and management of the school on Saturday. He said that the police have questioned about 50 people, including the members of the management committee of Shaheen Urdu Medium Primary School, staff of the school, audience, parents and students. Based on the statements and evidence, the headmistress and the parent have been arrested.

The SP said that as per the statements and evidence collected, they came to know that the headmistress played a major role in organising the controversial play. The students practised the drama for a week and the headmistress knew about its script containing controversial dialogues against the Prime Minister and senior BJP leaders.

Considering this, she has been booked for creating communal disharmony and abetting sections. The SP said that when a dialogue of slapping the Prime Minister was said on the stage, Navida gave her chappals to the child, to be used while saying the dialogue. She has been arrested for abetting.

Expressing shock over sedition case and arrests, Dr Abdul Qadeer, the chairman of Shaheen Group of Institutions, said that the school management would fight out legally.

About Shaheen Group

Founded by Dr Abdul Qadeer, Shaheen Group has spread its wings through nine states of India and runs 43 institutions and related units. It has also been running a unique course for Huffaz named as ‘Hifz Ul Quran Plus’ in which Huffaz are prepared to appear and excel in competitive exams (NEET-JEE(IIT)).

According to Dr Qadeer, Shaheen’s mission is to engage, educate and empower wards, equipping them with strengths to enter the world of opportunities through free education across various domains in state- owned academic centers of excellence.

The group also runs coaching centers for medical and engineering entrance examinations. So far 1,200 students from the Shaheen Group of institutions got seats in government medical colleges, he said.

‘Hifz Ul Quran Plus’ course was for huffaz between 12 and 17 years. A four-year integrated course is conducted for Huffaz-E-Karam for getting students modern education. By pursuing this course and by appearing in competitive exams (NEET-IIT JEE), Huffaz will be able to get admission into MBBS, BE, & MBA, he said.

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coastaldigest.com web desk
January 27,2020

Mangaluru, Jan 27: No power can now stop Kashmiri Pandits from going back to Kashmir, Defence Minister Rajnath Singh said on Monday, forcefully defending the NDA government’s decision to reorganise Jammu and Kashmir and abrogating its special status under Article 370.

Addressing a massive pro-CAA, NRC rally organised by the Bharatiya Janata Party at Gold Finch city, Kuloor, on the outskirts of the city, the Defence minister also sent a strong message to Pakistan and said India will not let anyone live in peace if it is harmed.

"We will not touch anyone, but if someone bothers us, then we are not going to let them live in peace," he said.

Referring to the exodus of a large number of Kashmiri Pandits from the Valley in the late 1990s at the height of militancy, Singh said no power now can stop them from returning to their homes.

On the Citizenship Amendment Act, the minister said it is not a law to hurt the sentiments of any religion but to give relief to victims of religious persecution.

Mahatma Gandhi had told Nehru to give citizenship to minorities like Hindus and Sikhs if they come to India and Prime Minister Narendra Modi has fulfilled that vision by bringing in the law, Singh said.

On several non-BJP states refusing to implement the CAA, the defence minister said it it is a central law and everyone should follow it.

Accusing the Congress of misleading people on the issue, he said the party should not forget its duty towards the nation just because it is in opposition.

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coastaldigest.com web desk
June 14,2020

Benglauru, June 14: Even as schools are divided over providing online education, the state Higher Education Department is stressing on continuing online education.

Deputy Chief Minister and Higher Education Minister Dr C N Ashwath Narayan has stressed the need for digital learning to eliminate educational inequalities.

Taking part in a Webinar on ‘Digitising Higher Education - Challenges and Opportunities,’ organised by the Padmashree Institute of Management, he asked educational institutions to give emphasis to digital learning.

“Digital learning is a means to ensure quality education to all sections of the society without discrimination on the basis of caste, region and religion. This is a solution to eliminate discrimination. Through digital learning, a student in a remote village will also get an opportunity to learn from an experienced and highly qualified teacher.”

In addition to this, students are getting study material in digital form. Keeping these important aspects in mind, all educational institutions should give stress to digital learning without wasting any time,’’ he said.

He, however, admitted that digital learning has its own challenges like - quality internet connectivity, laptops and mobile gadgets.

“We are trying to find a solution to it by raising funds through Corporate Social Responsibility or through government funds,” he said. “We are making efforts to provide 4G network across the State,” he said.

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