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
January 12,2020

With an aim to provide water to stray animals in Mangaluru, an animal activist announced a project 'Jal' under which free water bowls will be distributed to the people across the city.

Tauseef Ahmed believes many animals and birds do not find source to drink water which leads to death.
"Finding clean and safe drinking water has been a major issue in a lot of places. We humans when we face some scarcity we manage by taking the water out from the well," Ahmed told ANI.

"Unfortunately, that's not the case with when it comes to animals and birds. They do not find sources for water to drink so they eventually end up drinking sewage water and they fall sick. In some cases, even that is not available and due to dehydration, they die," he added.

Under the "Jal" project, Ahmed will distribute free water bowls to the people and expects them to make equal efforts in saving the lives of the animals.

"So, this project "Jal" will be providing 100 free water bowls all over Mangaluru. We are distributing it free of cost. All you have to do is keep the bowls outside in the garden or any places where animals frequently visit. Every day, we just have to fill the bowls with water for the animals. It will help a lot of animals to survive in the harsh weather of summers," Ahmed highlighted.

"We have used cement to make the bowls which will keep the eater really cool. We are spending close to 74 rs per bowl. We have made around 100 bowls and will continue making it. We are trying to cover as many animals as we can," he said.

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
February 12,2020

Bengaluru, Feb 12: Hinting at the possibility of a consolidation of ex-Janata Parivar leaders, JD(S) supremo HD Deve Gowda said Tuesday his party was open to talk to any former Janata leaders, who are at present either in various factions of the Janata Dal or in Congress and BJP. The veteran leader also appreciated Arvind Kejriwal-led AAP's way of work.

At the party's National Executive Committee meeting held here, Gowda said that some ex-Janata Parivar leaders had reached out to him in this regard. His comments come at a time when JD(U) leader Mahima Patel recently rekindled the debate of a unified Janata Parivar.

However, Deve Gowda was clear that he was not interested in pursuing anyone who was happy with the party they were in. "It's a waste of time to pursue someone who has seen success within their party. I am not going to do that. I am willing to persuade only those who are not holding any office at present," he said. He added that he had already asked party leaders in Kerala to take the initiative and figure out ways to bring leaders together. As for other places, it would take him some time to reach out people, he added.

The party, which organised the National Executive Meet here on February 10 and 11, spoke of strategies to rejuvenate the party from the grassroots level. The party is also conducting a membership drive.

'Much to learn from AAP'

There is much to learn from Aam Aadmi Party, which registered a victory in Delhi elections on Tuesday, said Devegowda. "Kejriwal has showed that caste does not matter. There is lesson to be learnt from the work done by AAP," he said. Later in the day, Deve Gowda also wrote a letter to Arvind Kejriwal, congratulating him on his victory.

On the occasion, the party also came up with resolutions to urge the central government to release pending amount of GST it owed to state governments apart from focusing on development of labour, industries and agriculture; to demand the centre to rollback decision on CAA, NRC and NPR and to urge the centre to pass the women's reservation bill.

At the JD(S) National Executive Meet, even as news poured in about the victory of Aam Aadmi Party in Delhi elections, the JD(S) leaders celebrated Arvind Kejriwal's victory. Seeing it as an optimistic sign for regional parties across the country, the leaders distributed sweets to mark the hat trick win of Kejriwal.

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.
Agencies
February 20,2020

India ranked 77th on a sustainability index that takes into account per capita carbon emissions and ability of children in a nation to live healthy lives and secures 131st spot on a flourishing ranking that measures the best chance at survival and well-being for children, according to a UN-backed report.

The report was released on Wednesday by a commission of over 40 child and adolescent health experts from around the world. It was commissioned by the World Health Organization (WHO), UN Children's Fund (UNICEF) and The Lancet medical journal.

In the report assessing the capacity of 180 countries to ensure that their youngsters can survive and thrive, India ranks 77th on the Sustainability Index and 131 on the Flourishing Index, it said.

Flourishing is the geometric mean of Surviving and Thriving. For Surviving, the authors selected maternal survival, survival in children younger than 5 years old, suicide, access to maternal and child health services, basic hygiene and sanitation, and lack of extreme poverty.

For Thriving, the domains were educational achievement, growth and nutrition, reproductive freedom, and protection from violence.

Under the Sustainability Index, the authors noted that promoting today's national conditions for children to survive and thrive must not come at the cost of eroding future global conditions for children's ability to flourish.

The Sustainability Index ranks countries on excess carbon emissions compared with the 2030 target. This provides a convenient and available proxy for a country's contribution to sustainability in future.

The report noted that under realistic assumptions about possible trajectories towards sustainable greenhouse gas emissions, models predict that global carbon emissions need to be reduced from 39·7 giga­ tonnes to 22·8 gigatonnes per year by 2030 to maintain even a 66 per cent chance of keeping global warming below 1·5°C.

It said that the world's survival depended on children being able to flourish, but no country is doing enough to give them a sustainable future.

"No country in the world is currently providing the conditions we need to support every child to grow up and have a healthy future," said Anthony Costello, Professor of Global Health and Sustainability at University College London, one of the lead authors of the report.

"Especially, they're under immediate threat from climate change and from commercial marketing, which has grown hugely in the last decade," said Costello – former WHO Director of Mother, Child and Adolescent health.

Norway leads the table for survival, health, education and nutrition rates - followed by South Korea and the Netherlands. Central African Republic, Chad and Somalia come at the bottom.

However, when taking into account per capita CO2 emissions, these top countries trail behind, with Norway 156th, the Republic of Korea 166th and the Netherlands 160th.

Each of the three emits 210 per cent more CO2 per capita than their 2030 target, the data shows, while the US, Australia, and Saudi Arabia are among the 10 worst emitters. The lowest emitters are Burundi, Chad and Somalia.

According to the report, the only countries on track to beat CO2 emission per capita targets by 2030, while also performing fairly – within the top 70 – on child flourishing measures are: Albania, Armenia, Grenada, Jordan, Moldova, Sri Lanka, Tunisia, Uruguay and Vietnam.

"More than 2 billion people live in countries where development is hampered by humanitarian crises, conflicts, and natural disasters, problems increasingly linked with climate change," said Minister Awa Coll-Seck from Senegal, Co-Chair of the commission.

The report also highlights the distinct threat posed to children from harmful marketing.

Evidence suggests that children in some countries see as many as 30,000 advertisements on television alone in a single year, while youth exposure to vaping (e-cigarettes) advertisements increased by more than 250 per cent in the US over two years, reaching more than 24 million young people.

Studies in Australia, Canada, Mexico, New Zealand and the US – among many others – have shown that self-regulation has not hampered commercial ability to advertise to children.

Children's exposure to commercial marketing of junk food and sugary beverages is associated with purchase of unhealthy foods and overweight and obesity, linking predatory marketing to the alarming rise in childhood obesity, it said.

The number of obese children and adolescents increased from 11 million in 1975 to 124 million in 2016 – an 11-fold increase, with dire individual and societal costs, the report said.

To protect children, the authors call for a new global movement driven by and for children.

Specific recommendations include stopping CO2 emissions with the utmost urgency, to ensure children have a future on this planet; placing children and adolescents at the centre of global efforts to achieve sustainable development, the report said.

New policies and investment in all sectors to work towards child health and rights; incorporating children's voices into policy decisions and tightening national regulation of harmful commercial marketing, supported by a new Optional Protocol to the UN Convention on the Rights of the Child, it said.

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.