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.
coastaldigest.com news network
June 28,2020

Mangaluru, June 28: In his apparent bid to win the hearts of the people of Tulu Nadu while leaving this coastal city, Dr P S Harsha, the outgoing Mangaluru city police commissioner, today took to social media and thanked the people. The language he chose for his prolonged Facebook post and one paragraph tweet was Tulu.

“Loveable people of Kudla! I have received the transfer order after serving as the Commissioner of Police of Mangaluru City for 11 months. (During this period) I worked with utmost honesty and pro-people approach with the complete cooperation of my department. I wholeheartedly thank all those who supported me,” tweeted Dr Harsha, who is now posted in Bengaluru as the Deputy Inspector General and Commissioner of Information and Public Relations.

In his Facebook post, Dr Harsha claimed that thanks to his initiative “My Beat My Pride”, the policing in the coastal city has strengthened. 

“My only intention was to put an end to rowdyism and illegal activities. I had given priority to curb the drug mafia. ‘My Beat My Pride’ became a successful initiative thanks to public support,” he said. 

The IPS officer went on to claim that with the with the co-operation of the senior officers, the police department managed to efficiently handle situations during anti-CAA and pro-CAA agitations in the city, detection of explosives at Mangaluru International Airport and also during the covid-19 pandemic. 

However, he did not mention about the death of two people in random police firing following a baton charge during anti-CAA protests in the city on December 19.

Comments

MP
 - 
Tuesday, 30 Jun 2020

power is not permenant. 2 innocents were killed in mangalore,  if it was in USA the cop would have been in jail.

 

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 8,2020

Mangaluru, Jan 8: In an operation, forest officials of Puttur has arrested two persons as many elephant tusks at Puduvettu in Belathangadi taluk of Dakshina Kannada.

Forest officials said on Wednesday the accused nabbed last night were identified as PK Dinesh from Madikeri and V Kumar from Hassan district.

Both were caught while trying to sell tusks the value of which was estimated to be lakhs.

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
January 14,2020

Jan 14: A day after it moved the Supreme Court against the controversial Citizenship Amendment Act (CAA), the Kerala government on Tuesday said it would continue its fight against the legislation as it "destroys" the secularism and democracy in the country.

The CPI(M)-led government had on Monday moved the apex court challenging the CAA and sought to declare it as 'ultra vires' of the Constitution. State Industries Minister E P Jayarajan told reporters here that the state has moved the apex court and will explore all options to fight the Act.

"The state government will to go to any extent and continue its fight against CAA. This Act destroys democracy in the country. This will only help in implementing the RSS agenda, to drive the nation through a fascist regime, and destroying the secularism and democracy in the country. The RSS and the Sangh Parivar cannot implement this law just by using muscle power," Jayarajan said.

Tourism Minister Kadakampally Surendran tweeted that the state became the first in the country to approach the top court against the Act. "Kerala government files lawsuit against the unconstitutional CAA. Kerala becomes the first state in the country to go to the Supreme Court against CAA.

"Kerala leads the way," he said in the tweet. In a suit filed in the apex court, the Kerala government has sought to declare that the CAA 2019 was "violative" of Article 14 (Equality before law), 21 (Protection of life and personal liberty) and 25 (Freedom of conscience and free profession, practice, and propagation of religion) of the Constitution.

It also claimed that the law was violative of the basic principle of secularism enshrined in it. The state Assembly had on December 31, 2019, passed a unanimous resolution against the CAA and became the first state to do it.

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.