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
July 22,2020

Bengaluru, Jul 22: Congress MLA Priyank Kharge has questioned the Karnataka government on the alleged breakdown of oxygen in the intensive care unit (ICU) at ESIC hospital in Kalaburagi, saying he had got complaints that eight persons who were on ventilators had died.

He asked the government if it is "deliberately" hiding something about the patients that were admitted in ESIC.

"I have got complaints that eight people who were on ventilators are dead in ESIC Kalaburagi because there was oxygen breakdown in ICU. ESIC has not been admitting patients as the issue has not been resolved. Nobody is confirming or denying it. Is the Government deliberately hiding something?" he asked.
Kharge also accused the government of not having adequate facilities to combat COVID-19 in different parts of the state.

"I hope I am wrong, but if it is a fact, this ascertains that the administration has lost control over Corona pandemic in the district. No addition testing centre. No beds are available. PPE Kits and medical waste is thrown in Gulbarga Institute of Medical Sciences (GIMS)," he added.

According to the Union Health Ministry, there are 67420 COVID-19 cases in the state.

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News Network
May 9,2020

Bengaluru, May 9: With 41 new cases of COVID-19 reported on Saturday, the total number of positive cases in Karnataka has reached 794, said the state Health Department.

Out of the total number, 386 are discharged and 30 patients have passed away. The total number of active cases now in Karnataka is 377.

The total number of positive coronavirus cases across the country is 59,662, including 39,834 active cases.

Till now, 17,846 patients have been cured and discharged and 1,981 deaths have been recorded in the country, as per the data provided by the Union Ministry of Health and Family Welfare. 

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News Network
March 5,2020

Bengaluru, Feb 5: New Tulu movie Pingara has bagged the NETPAC International Jury Award at the 12th edition of Bengaluru International Film Festial (BIFFes) on Wednesday.

Written and directed by Preetham R Shetty, the movie revolves around people who worship daivas (spirits) of Tulu Nadu.

The narrative goes back and forth in time, to tell the story of a family to Sinchana (Chaitanya Chandramohan), a journalist from Bengaluru who visits a village in Tulu Nadu to ‘write on Tulu culture.’

The film speaks about the caste system in Tulu Nadu and the struggle for land in the post-independence period.

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