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
May 14,2020

Hubballi, May 14: South Western Railway (SWR) has so far ferried about 54,000 passengers, including migrant workers, students and stranded people to 11 states to reach their home towns by Shramik Special trains.

So far 40 Shramik Specials were run one each from Kabakaputtur in Mysuru and Hubballi and remaining 38 from Chikkabanavara/Malur from Bengaluru area. About 54,000 passengers were ferried to different parts of the country. Maximum Shramik Specials trains train services were run to Lucknow (9) and Danapur (7).

Shramik Specials were run to Bihar (Bakora, Danapur, Baruni, Darbhanga), West Bengal (Purila, Bankura, New Jalpaiguri), Jharkhand (Hatia, Barkakana), Rajasthan (Jaipur, Udaipur), Uttar Pradesh (Lucknow, Gorakhpur), Orissa (Bhubaneswar), Madhya Pradesh (Gwalior), Uttarakhand (Haridwar), Himachal Pradesh (Una), Tripura (Agartala) and Jammu and Kashmir (Udhampur).

SWR is transporting passengers to their destination as per the demand of the State Government with proper protocol and the receiving State Government is ready to accept them.

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News Network
February 24,2020

Bengaluru, Feb 24: Wanted gangster Ravi Poojary, who was arrested in South Africa and brought to India, was on Monday sent to police custody till March 7 by a Bengaluru court.

First Additional City Magistrate V Jagdish, while sending Pujari to police custody, said that there should be no interference in the investigations.

The court also asked the police to record video and audio of the interrogation process.

Poojary, who was wanted in over 200 cases of serious crime including murder and extortion, was brought to India by a team of senior officials and arrived at the Kempegowda International Airport here.

Pujari was extradited from Senegal on February 22 pursuant to an extradition request made by India in early 2019.

"He is physically fit. Questioning will begin from tomorrow. He is supporting our investigation and answering questions," Additional Director-General of Police Amar Kumar Pandey told reporters here earlier today.

Poojary, who parted ways with underworld don Chhota Rajan had jumped bail after he was arrested in Senegal in 2019 and had escaped to South Africa, where he was involved in drug trafficking and extortion.

According to sources in the Indian intelligence, Ravi Pujari was hiding with a false identity of Anthony Fernandes, a Burkina Faso passport holder, in a remote village in South Africa.

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News Network
April 28,2020

Bengaluru, Apr 28: Karnataka has found that the rapid antibody test kits for COVID-19 that the Centre supplied to the state have only 47% sensitivity. The state will be returning the kits to the Indian Council of Medical Research (ICMR).

Karnataka had received 11,400 rapid antibody test kits from the ICMR a few days back, out of which it had sent around 200 of them to NIMHANS for validation.

After the ICMR, on Monday, sent a circular to all states to return the test kits to the suppliers, Dr CN Manjunath, Director, Jayadeva Institute of Cardiovascular Sciences and Research, and nodal officer for lab testing in the state's COVID-19 task force, said, "We have cancelled the orders we placed to Guangzhou Wondfo Biotech and Zhuhai Livzon Diagnostics for one lakh rapid antibody test kits. Since the ICMR supplied us with 11,400 kits out of the 6.5 lakh kits it procured, we will be returning the kits to them."

Manjunath told said that the validation at NIMHANS revealed the kits to have only 47% sensitivity. Sensitivity is the ability of a test to identify the true-positives in a population, i.e., the actual number of people who've been infected with the disease. With the rapid antibody testing kits being shelved, the state's plan to randomly test high risk groups has taken a backseat. 

So far, the state has tested 43,791 samples. 

Karnataka now has 22 testing facilities -- 14 government and seven private labs. Many private labs have not tested any samples so far because of the lack of test kits (the state has made it clear that it will not provide test kits to private labs). So, getting an ICMR approval for testing has become a moot point.p

Agreeing to the setback the state's plans of ramping up testing has taken, Manjunath said, "It is true that RT-PCR test kits are in shortage. Even Pune's Mylabs had a shortage in supplying test kits. But we are relying on institutes like Kidwai, Narayana Health and Biocon's Syngene that have received approval for testing. They're big institutes and we hope that they will test a large number of samples."

On reports that the Centre has RT-PCR test kits that will last for only a week, he said, "We have test kits that will last for eight to 10 days. We have ordered for more. We are hoping to receive them before the current kits run out."

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