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
June 3,2020

Bengaluru, Jun 3: The Karnataka Institute of Medical Sciences at Hubballi has successfully treated a COVID-19 patient through plasma therapy, state medical education minister K Sudhakar said today.

"Karnataka achieves yet another milestone in battle against #COVID19. KIMS Hubli has successfully treated a Covid19 patient through Plasma Therapy & is the first institute in the state to accomplish this. Congrats to KIMS doctors & staff for this feat!" Mr Sudhakar tweeted.

In plasma therapy treatment, plasma cells from a COVID-19 patient, who has recovered from the disease, is transfused to a coronavirus patient who is in critical condition to treat him.

Plasma therapy was effectively used in the past during Ebola and the Spanish flu pandemic.

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News Network
March 7,2020

Mangaluru, Mar 7: Deputy Chief Minister Dr. Ashwatha Narayana said journalists are facing a challenging task of functioning with credibility while also upholding their professional ethics in this age of globalization where monetary aspects have gained great significance.

Inaugurating the 35th state-level Journalists’ Conference at the Kudmul Rangarao Town Hall on Saturday which was hosted by the DK District Working Journalists’ Union the Deputy CM also said that journalists should refrain from giving priority to political news as that does not serve any purpose for the common man.

Dharmadhikari of the Dharmasthala Temple Dr. D Veerendra Heggade was the chief guest at the event. The souvenir brought out to commemorate the occasion was released by Taranga Editor Sandhya Pai. The Deputy CM also inaugurated a cartoon exhibition organized on the occasion.

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News Network
May 29,2020

Bengaluru, May 29: Karnataka Law and Parliamentary Affairs Minister J C Madhuswamy on Thursday said the Centre has objected to the state's decision to increase working days at factories, and the matter would be discussed in the next cabinet meeting.

"....the Centre has raise objection to extending working days and has said it should be brought down. We will amend it....I will share the details after the next cabinet meet, the matter did not come up today (Thursday), we have received the letter," Madhuswamy told reporters in response to a question after the cabinet meeting.

He noted that a couple of states that had increased the working hours have withdrawn it. The Karnataka government had, on May 22, issued a notification allowing factories to extend working hours upto 10 hours a day and 60 hours a week till August 21. The extension of work hours is from the existing eight hours a day and 48 hours a week.

Pointing out that while announcing COVID-19 relief package, the Chief Minister B S Yediyurappa had announced Rs 5,000 per acre for maize farmers, Madhuswamy said while issuing the circular which mentioned that relief would be applicable to rabi crop, as it would not benefit many farmers.

Now, it has now been decided to give Rs 5,000 per acre to all maize farmers, irrespective of rabi or kharif. There were also several rules and regulations for barbers, autorickshaw and taxi drivers among others to claim their one-time compensation of Rs 5,000, the Minister said.

"We have decided to relax most of them (rules) other than those essential and give compensation, as regulations wouldn't have benefited many," he said. With five nominated seats of legislative council falling vacant on June 23, the cabinet has authorised the Chief Minister to nominate for 5 seats.

The cabinet also gave post-facto approval for Karnataka Repealing of Certain Enactments and Regional Law Bill 2020 that has been passed by the legislature.

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