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 3,2020

Bengaluru, Jul 3: The Karnataka government is allowing select asymptomatic and mildly symptomatic Covid-19 patients to recuperate at home as part of home isolation guidelines, an official said on Friday.

"Only those who are asymptomatic or mildly symptomatic shall be allowed to be in isolation at home," said a health official, highlighting that such patients should be properly oriented on home isolation.

However, before home isolation, a health team will visit the patient's house and assess its suitability for executing home isolation.

Similarly, the patient should be provided with a tele-consultation link for initial triage, daily follow up and during the entire home isolation time.

For a daily update, the patient isolated at home should give a report on his health status to the physician or health authorities.

"The home isolation shall be with the knowledge of the family members, neighbours, treating physician and local health authorities," said the official.

Though home isolation is allowed, it is not a blanket permission for all asymptomatic and mildly symptomatic cases in Karnataka to avail.

"Such cases should have the requisite facility at their residence for self-isolation and also for quarantining the family contacts. A care giver should be available to provide care on 24x7 basis," said the official.

Likewise, the caregiver should also have a regular communication link between him and the hospital during the home isolation.

No patient above 50 years will be allowed to avail home isolation.

"If the patient has the following comorbidities: hypertension, diabetes, obesity, thyroid disease, they shall be well managed and under good clinical control as assessed by medical officer," he said.

However, patients with comorbidities such as kidney diseases, dialysis, heart diseases, stroke, tuberculosis, cancer and HIV cannot avail home isolation.

Likewise, immunity compromised patients and those on steroids also cannot be on home isolation.

Though pregnant women are not allowed to avail this facility, lactating women are allowed after due instruction and assessment.

The Health Department has also issued several other guidelines and protocols for a patient choosing home isolation.

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News Network
February 14,2020

Bengaluru, Feb 14: BJP leader and Karnataka Revenue Minister R Ashok refused to comment on the Bellary car accident case, allegedly involving his son, saying that the matter was still under investigation and that they did not have anything to do with the said car.

The car crash took place on February 10, when a speeding red Mercedes Benz allegedly driven by Ashok's son rammed into a tea stall by the roadside killing two people. While a 16-year-old boy Ravi died on the spot, one of the car's passengers was also killed in the accident.

"I came to know about the incident and also heard that two people have died and a few others have sustained injuries. Everybody is equal under the law. It is not fair to comment as a minister when the case is being investigated," Ashok told reporters here on Thursday.

However, the minister avoided answering questions about his son's presence in the car and said that they had "no connection" with the car.

"The case is in the investigation stage, I don't want to comment on anything. My son's name is not present in the FIR. We have no connection with the car," he said.

Superintendent of Police CK Baba told reporters that Ashok's son was not present in the car.

"There was no senior BJP leader and Revenue Ministers's son in the car. We will not hide anything and the case will be investigated," Baba said.

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News Network
July 29,2020

Bengaluru, Jul 29: The Karnataka High Court’s division bench of Chief Justice Abhay Oka and Justice H P Sandesh today rejected an application that wanted Amulya Leona’s case to be transferred from Karnataka Police to the National Investigation Agency (NIA).

The bench, while observing that extraordinary jurisdiction can’t be exercised for transferring the case to the NIA, asked “What is so special that investigation should be transferred to NIA?”

The court, in its previous hearing, had questioned the maintainability of the petition seeking transfer of the sedition case against Leona to the NIA.

According to the petitioner, advocate Pavana Chandra Shetty, the case is a serious matter against national integration and unity and has not been investigated properly by the police. The state police also failed to file the chargesheet within 90 days, he said, and also asked for cancellation of her bail.

The bench asked the petitioner as to how a bail, already granted to a person, can be cancelled. “Is it not the indefeasible right of the accused to be released on bail if chargesheet is not filed within stipulated time? How can you make a prayer for cancellation of bail?”  the Court asked.

The counsel for the petitioner also stated that in cases of a cognizable offence, when the chargesheet is purposely not filed within the stipulated time, the matter will have to transferred to the appropriate authority.

The court responded to his contention by asking him how could the court override law and cancel the bail. “Where is the question of cancellation of bail? Can we override the law and say that bail should be cancelled?” said the bench.

Advocate Vishal Raghu had filed the petition for transfer of Leona’s case, who was accused of raising pro-Pakistan slogans at an anti-CAA rally on February 20 at Freedom Park. The advocate had blamed the probe team for not filing a chargesheet on time and has asked the state government to approach the higher court against bail granted to Leona.

Bengaluru student Amulya Leona was charged with sedition for her actions in the presence of All India Majlis-e-Ittehad-ul-Muslimeen chief Asaduddin Owaisi. She was arrested by the Bengaluru police for allegedly shouting ‘Pakistan Zindabad’ slogans at an anti- CAA Protest in Bengaluru in February this year. On June 11, she was granted conditional bail by the Bengaluru civil court.

Her bail plea was earlier rejected by a Bengaluru court, after she had spent a three-month period in jail, stating that she may abscond if she is released. The sessions judge Vidhyadhar Shirahatti had also stated that if the petitioner is granted bail, she may abscond and may involve in similar offence which affects peace at large and hence her petition is liable to be rejected. The court had also noted that Amulya Leona is an influential person who may threaten and influence the witness and hamper the case in case of the prosecution and will abscond if released on bail.

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