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.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 18,2020

Bengaluru, May 18: Over two months after his appointment as the Karnataka Congress President, DK Shivakumar is likely to take-over the reigns of the party officially on May 31.

"There are two dates, May 31 and June 7. He is most likely to officially take over as KPCC President on the 31st," sources close to Mr Shivakumar told PTI.

After remaining in a virtual vacuum for nearly three months, the party high command on March 11 appointed Mr Shivakumar, known to be the Congress' chief troubleshooter in crisis situations, replacing Dinesh Gundu Rao as KPCC chief.

Mr Rao had quit the post in December 2019 after the party's dismal show in the bypolls when it won only two of the 15 seats and yielded 12.

Congress sources said once the appointment letter came from the high command, he has been KPCC president and officially taking charge was just a formality.

"He will be officially handed over the party insignias and responsibilities relating to bank accounts and cheques, among other things, that has been traditionally followed," they said, adding the official take over was delayed by the coronavirus.

After his appointment as KPCC president, Mr Shivakumar has been meeting a host of senior party leaders and leading the party in the fight against coronavirus.

These include setting up of Congress' COVID-19 task force, alerting the government in its management of the crisis, holding weekly video conferencing with leaders of party's local units to gather information, among other things.

Sources close to Mr Shivakumar said the official take over would be a simple event, looking at the current situation due to the pandemic.

"Very few select party leaders and office bearers, say about 50 odd people, are likely to be in attendance at the simple event at KPCC office," they said, adding that arrangements may be made to telecast the event live for the benefit for party workers and local leaders.

A six-time MLA, Mr Shivakumar had a long wait for his appointment to the coveted post, due to opposition within. There were reports that Congress Legislature Party leader Siddarmaiah had lobbied in favour of one of his confidants for the top job.

In a first, appointment of three KPCC Working Presidents- Satish Jharkiholi, Saleem Ahammed and Eashwar Khandre, was seen as an attempt by those apposing Mr Shivakumar, to weaken his hold on the party.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 22,2020

Chikkamagaluru, Jul 22: Nine staff of the Anti Naxal Force (ANF) in Koppa in the district were tested positive for Covid-19 on Wednesday.

Health officials said that these people don’t have any contacts outside as they were in the forest buffer zone. Now efforts were being made to find out how they contacted the Coronavirus.

Meanwhile, the Kalsa police station has been sealed down after four of its personnel tested positive.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 28,2020

Thiruvananthapuram, Mar 28: A man from Kerala was among the terrorists affiliated to Islamic State (IS) who allegedly attacked a Gurdwara in Kabul earlier this week in which 27 people were killed.

The IS has claimed that one of the suicide bombers was Abu Khalid al-Hindi.

According to sources, investigation agencies on Friday have identified him as 29-year-old Mohammed Sajid Kuthirummal of Padne in Kasargod. He was among the 14 persons, who left from Kerala to join IS in Nangarhar province of Afghanistan.

"IS had released the name Abu Khalid al-Hindi through its media agency soon after the attack. The photograph of him holding a rifle was also published by IS in their propaganda magazine Al Naba. From that, we have identified the person as Mohammed Sajid Kuthirummal. We are investigating the matter and in touch with the investigating agencies in Afghanistan for tracking his trail," sources told ANI.

The National Investigation Agency (NIA) probe had earlier revealed that Mohammed Sajid was recruited by Abdul Rashid Abdulla of Chandera, who was killed in Afghanistan last year.

Sajid worked as a shop keeper in a gulf country and returned to Kerala. Based on a complaint by Sajid's father Mahamood, the FIR was registered at Chendara Police Station, Kasaragod in 2016 regarding Sajid joining IS and leaving for Afghanistan.

He was among the 14 member team that left from Kerala to join IS in Khorasan Province' in Nangarhar.

ANI had earlier reported that two of these members Ayesha alias Sonia Sebastian and Fathima alias Nimisha who were in IS had expressed their interest in returning to Kerala. Out of 14, seven including Sajid is dead.

Comments

Abdul Gaffar Bolar
 - 
Saturday, 28 Mar 2020

First, investigate truly who is behind this? Then hang all of them. 

 

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.