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
March 30,2020

New Delhi, Mar 30: Congress MP Rajmohan Unnithan on Monday approached the Supreme Court seeking directions to open the Karnataka-Kerala border to allow movement of ambulances and other emergency vehicles for the transport of essential items to Kerala.

Unnithan, who is an MP From Kerala's Kasaragod constituency, filed a plea seeking direction to Karnataka to open the borders with Kerala and in particular Kasargod-Mangalore border at Talappadi.

The petition sought directions to Karnataka to allow the movement of ambulances, emergency vehicles, trucks and other vehicles carrying essential and non-essential items to Kerala. It also sought to stay the blockade imposed by Karnataka with its border states.

The plea also sought directions to Karnataka to register an FIR and constitute a special investigation team (SIT) under the supervision of this court to enquire against the concerned authorities including the police officials whose action led to the death of two citizens.

It said that the imposition of such a blockade at a time when the supply of commodities is itself hit hard and when a medical emergency has plagued the entire country is a clear violation of Articles 21 and 19(d) of the Constitution.

"This blockade has also resulted in cutting off the essential lifeline of National Highways and State Highways and major District Roads leading to the State of Kerala which has resulted in the shortage of supply of essential and non-essential items to the State of Kerala leading to shortage supply of food and medical supplies," the plea said.

"This ill-planned and dangerous blockade has claimed the life of a 70-year-old woman who was denied entry into Karnataka even for the purpose of urgent medical treatment which was only available in the medical hub of Mangalore. This is a clear case of violation of the right to life with dignity by the state as citizens are made to die on the roads because of the action of the state which is in total disregard to Article 21," it added.

This comes as the country is under a 21-day lockdown to prevent the spread of coronavirus, which according to the Ministry of Health and Family Affairs has claimed the lives of 29 people and infected a total of 1071 people as on Monday morning.

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News Network
May 4,2020

Mangaluru, May 4: An engineering student has claimed to have received 600 threat calls in the past few days from unidentified people for starting fish business during the lockdown in Kavoor. 

According to Sakshath Shetty, resident of Kavoor, he started receiving threat calls from various people after he started selling fish during the lockdown. 

Police said they have been able to identify some of the numbers from where the threat calls were made and investigation is under way.

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News Network
June 18,2020

Bengaluru, Jun 18: The ruling Bharatiya Janata Party (BJP) nominated Prathap Simha Nayak, M.T.B. Nagaraj, R. Shankar and Sunil Valyapure to contest in the June 29 biennial elections for 4 of the 7 Karnataka legislative Council seats, an official said.

"Our high command selected 3 of the 4 candidates the state core committee recommended on Tuesday, excluding H.R. Vishwanath, a former Janata Dal-Secular (JD-S) rebel, who lost in the December 5 Assembly by-elections from Hunsur in Mysuru district on a BJP ticket," a party official said.

Nagaraj, a former Congress rebel, who also lost in the Assembly by-election from Hoskote in Bengaluru Rural district on a BJP ticket, was the state housing minister in the 14-month-old JD-S-Congress coalition government, which fell on July 23, 2019 after 17 of their rebels resigned then.

Shankar, who was an Independent and a minister in the former coalition government, was not given the BJP ticket to contest in the December Assembly bypolls though he too resigned from the Ranebennur assembly seat in Haveri district, about 340km northwest of Bengaluru, along with former Congress and JD-S rebels.

Valyapure is the party's grass-root leader from Chincholi in Gulbarga district in the state's northern region, about 586km from Bengaluru.

Valyapure extensively campaigned in the May 2019 general elections and ensured the victory of BJP candidate Umesh Yadav from the reserved Gulbarga Lok Sabha seat, defeating Congress senior leader Mallikarjun Kharge.

Nayak is also the party's grassroot cadre who rose from the ranks to become its Dakshina Kannada district president in the state's coastal region.

As the ruling party has 116 legislators in the 225-member Assembly, all its 4 candidates will need 28 votes each to win the contest.

Of the 7 outgoing Council members, 5 are from the Congress and one each from the Janata Dal-Secular (JD-S) and an Independent.

With 68 lawmakers, the Congress will be able to retain 2 seats and the JD-S one as it has only 34 legislators in the lower house.

The Congress has nominated its outgoing Rajya Sabha member B.K. Hariprasad and outgoing Council member Naseer Ahmed to contest for 2 Council seats.

Of the 75-member Council, the opposition Congress has 37, BJP 19, JD-S 16, two Independents and one Chairman.

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