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
January 8,2020

Bengaluru, Jan 8: Accusing the BJP of running a "fake news factory" at full potential, former chief minister Siddaramaiah on Tuesday said according to reports only Rs 669 crore of additional flood relief funds are being released by the Centre for the state as opposed to the ruling party's claim of Rs 1,869.85 crore.

Reacting to his attack, the State BJP unit, without clarifying on the actuals of the amount being released, said it believed in speaking the truth and not spreading lies.

Siddaramaiah, leader of the opposition in the state assembly, tweeted: "Reports from State govt officials tells that only Rs 669 crore of addl funds (sic) are released in 2nd instalment as opposed to the claim of Rs 1870 Cr by @BJP4Karnataka leaders. At a time when manufacturing industries are closing, BJP's fake news factory is running at full potential!!"

Calling BJP leaders "devotees of the God of lies," he said in another tweet that Prime Minister Narendra Modi released an additional Rs 669.85 crore moved by Chief Minister B S Yeddyurappa's plea, taking the total amount to Rs 1,869.85 crore. He said it was funny that they were attempting to depict the total relief amount as 1200+1869.85 equalling to Rs 3,069.85 crore.

Siddaramiahs tweet was in response to Karnataka BJPs tweet last night claiming that the High-Level Committee (HLC) Chaired by Union Home Minister Amit Shah has approved the release of Rs 1869.85 crore as central assistance to the state towards flood relief. This was in addition to Rs 1200 crore already released by the Centre in October 2019, the BJP unit had said.

On Monday, the HLC had approved additional central assistance to seven states affected by floods last year, from National Disaster Response Fund (NDRF), including Karnataka.

While a PIB release states that Rs 1869.85 crore was approved for Karnataka, according to sources in the state government the figure was inclusive of Rs 1,200 crore released in October. Earlier in the day, Chief Minister B S Yediyurappa while expressing confidence that more funds will be released in later stages, maintained that Rs 1869 crore has been released in addition to Rs 1,200 crore earlier, and thanked Prime Minister Narendra Modi.

"...funds will never be enough, they (central government) will release in stages, they have released such big amount- earlier Rs 1200 crore, now again Rs 1869 crore- I thank Prime Minister Narendra Modi for it," he told reporters here.

Revenue Minister R Ashoka said the state government will press for more funds in the days to come, and the state government will fulfil promises made to those hit by floods.

Karnataka faced two spells of unprecedented rains and floods last year, resulting in widespread damage to life and property, following which the state government had submitted a report to the centre claiming loss was to the tune of about Rs 38,000 crore.

Reacting to Siddaramaiah's attack of "fake news factory" against it, the state BJP tweeted "Ayyo @siddaramaiah Avare, We surrender to You as we are incapable of running Fake News Factory like You or @INCIndia.

We believe in speaking the Truth like Gandhiji, not spreading lies like Goebbels. Kannadigas still remember the "Lies Bhagya (a scheme)" you gave them as CM from 2013-18."

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News Network
March 24,2020

Mangaluru, Mar 24: The District Wenlock Hospital Superintendent Dr H R Rajeshwaridevi has filed a complaint with the police on Tuesday seeking action against those circulating fake videos of a man infected with COVID-19, at the hospital.

In the video, a man was seen struggling to breathe at a hospital. The message in the video says that the man was admitted at Wenlock Hospital.

Dr Rajeshwaridevi, who issued a clarification, stated that video clips which are being circulated on social media is not from Wenlock Hospital.

Moreover, Wenlock Hospital does not use blue colour beds.

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coastaldigest.com news network
January 6,2020

She is one of a few beauty queens who give equal importance to both modelling and academic growth. Within months after completing her MBA in Finance and HR, Shifali Saldanha won Miss India Continent 2019 first runner-up and Miss Glory of International 2019 held in Mumbai.

An alumna of St Aloysius College (AIMIT), this 23-year-old Mangalurean is now a much sought after budding model. “I am enjoying the moment and would like to go with the flow,” says the much-loved daughter of Stephen Saldanha and late Anupama Saldanha.

Over the course of past two years, Ms Saldanha has experienced various nerve-wracking moments. She was shattered when her beloved mother lost battle with cancer and bid adieu to the world a couple of years ago. Yet, she serenely braved all the challenges. Her ‘never give up’ attitude helped her to scale new heights amidst misfortunes and pains.

Speaking to coastaldigest.com about her success in Miss India Continent 2019, which was organised by Dr Mahesh Yadav of Aman Gandhi Film Productions, Ms Saldanha said 15 contestants from different parts of the country were shortlisted for the finale, which had five diverse rounds. 

“The meet and greet session was my favourite phase in the competition as it was an opportunity to interact with the participants from different parts of the country,” recalls the multi-talented, who dreams big. 

The leggy lass’ success wasn’t accidental one. A trained singer and multilingual anchor, Ms Saldanha was already a known figure in coastal Karnataka. She had won the titles Miss Karnataka International- Multimedia 2018, and Miss Beautiful Eyes Mangaluru 2018.

Being a moderate feminist, who carries a go-getter attitude, Ms Saldanha calls upon every woman to be optimistic, challenging and goal-focused.

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