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

Zakariya Zak
 - 
Tuesday, 29 May 2018

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MOHAMMED IQBAL…
 - 
Monday, 16 Apr 2018

ASSALAMUALAIKUM,

 

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Yasin Mahetar
 - 
Friday, 10 Feb 2017

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 - 
Wednesday, 25 Jan 2017

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 - 
Sunday, 4 Dec 2016

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 - 
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 - 
Sunday, 6 Nov 2016

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Sadikh. m
 - 
Sunday, 6 Nov 2016

Assalamu alaikum

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SHahid
 - 
Thursday, 13 Oct 2016

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Mohammed Salman
 - 
Wednesday, 12 Oct 2016

Bismillah ir Rahman nir Rahim

Assalamau alaikum ,

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Rest in mail.

Allah Hafiz.
Regards/Mohammed
Chennai

syed rizwan
 - 
Monday, 10 Oct 2016

Assalamu alaykum
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Jaza kallah khairan

Syed rizwan

Mohammed Sayeed
 - 
Wednesday, 5 Oct 2016

?????? ????? ????????? ???????
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Asif
 - 
Sunday, 2 Oct 2016

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MASHA-ALLAH

Mohammad Azhar
 - 
Friday, 30 Sep 2016

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 - 
Sunday, 25 Sep 2016

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Mir shareef Ali
 - 
Tuesday, 30 Aug 2016

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Mobile number: 9700087648
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Mojib Khan
 - 
Tuesday, 23 Aug 2016

???????????????? ????????????? ?????????? ????? ??????????????
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I am from mumbai
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???? ???? ????

Mohamed Ajmal K
 - 
Thursday, 11 Aug 2016

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SHAIK MAHAMMAD RAFI
 - 
Tuesday, 9 Aug 2016

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 - 
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MOHAMMED ALI
 - 
Friday, 22 Jul 2016

Assalamu Alaikum

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MOHAMMED ALI
 - 
Friday, 22 Jul 2016

ASSALAMU ALAIKUM

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 - 
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 - 
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Asha
 - 
Tuesday, 28 Jun 2016

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Asha
 - 
Tuesday, 28 Jun 2016

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Mohammed Mohideen
 - 
Monday, 27 Jun 2016

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Dear Sir,

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 - 
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shams
 - 
Saturday, 18 Jun 2016

assalamu alaikum.
sir,
i am a gov. Employee.
i have 24lac Housing loan for house Purchase.
my salary is 49000/month.
so can you sanction me house loan.
and what is criteria for home loan.

Shabbir Khan
 - 
Saturday, 18 Jun 2016

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Dear Sir,

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ABDUL AZEEZ P K
 - 
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SALEEM KHAN
 - 
Friday, 3 Jun 2016

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.

amin hussain
 - 
Thursday, 2 Jun 2016

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thank you.

ramees
 - 
Monday, 23 May 2016

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MD. MARGHUB HUSSIN
 - 
Sunday, 15 May 2016

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Mohammad Maaz Khan
 - 
Thursday, 5 May 2016

Assalamualaikum dear sir,

I want to open account in yr Islamic bank.
Pls guide me.
Salam

Mohammad Maaz Khan
 - 
Thursday, 5 May 2016

Assalamu alaikum dear sir,

I want to open my account in your Islamic bank
Can you please send me required information to open account.
Thanks
Salam

J M Husain
 - 
Tuesday, 3 May 2016

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MIR ANVER ALI
 - 
Monday, 2 May 2016

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AFTABALAM SHAIKH
 - 
Thursday, 28 Apr 2016

I am looking for the possibilities to open this bank branch in our city.

Shaikh Alimudd…
 - 
Sunday, 10 Apr 2016

Asslamwalykum aap se gujarish he lona ke liye

Shaikh Alimudd…
 - 
Sunday, 10 Apr 2016

Asslamwalykum aap se gujarish lona ke liye

Shaikh Alimudd…
 - 
Sunday, 10 Apr 2016

Asslamwalykum aap se gujarish lona ke liye

Sameer Syed
 - 
Tuesday, 5 Apr 2016

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rafeek indraje
 - 
Tuesday, 29 Mar 2016

I wishes apporval r b I
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thanks

AHMAD ZOHEB
 - 
Tuesday, 29 Mar 2016

Dear Sir / Madam,

I am AHMAD ZOHEB and workign as a EXPORT / IMPORT EXECUTIVE in Kanpur.

I wish to purchase a home, but i have no lot of money to purchase the same and also do not want to take the loan on interest due to religious reason, because my religion does not allow to take the loan on interest, so I would request you to kindly advise if this bank can give the home loan upto 10 lacs then i will be able to pay all the loan within 8-10 years.

Thanking you and looking forward to hear from you soon.

With Kindest Regards,
Zoheb

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News Network
February 6,2020

Kalaburagi, Feb 6: The State government will take steps to ensure that Kannada as a language is taught in all private schools, Chief Minister B.S. Yediyurappa announced today at the 85th Akhila Bharata Kannada Sahitya Sammelana in Kalaburagi.

This comes in the wake of the demand by some Kannada activists for making Kannada medium compulsory in all schools in the State. Sammelana president H.S. Venkatesh Murthy, who spoke after the Chief Minister, also made this demand.

The Chief Minister said “We are committed to putting in place a series of steps to see that Kannada is taught in all schools, aided and private, as a language. Kannada should be taught as the first or second language. We will also take steps to strengthen government schools. However, the government alone cannot do much. The community and parents should offer support to make sure that government schools provide quality education to all.”

To inculcate the spirit of scientific inquiry, the State government is setting up mobile planetariums. This will increase the interest of children in space technology and India’s efforts in space exploration.

The government is committed to protecting the interests of the State in Mahadayi and other river water disputes. It will take the border row issue, based on the Mahajan Commission report pending in the Supreme Court, to its logical end.

The government will also address backwardness and related issues. It will make sure that adequate funds are allocated to the development of Kalyana Karnataka. Among other things, it will establish a hostel for students from Kalaburagi region in Bengaluru. Land has been allotted in Nagarabavi for the hostel that can accommodate around 200 students. The government has decided to celebrate Kalyana Karnataka Utsav once every two years. This will showcase the culture of the region.

“We are working towards forging sentimental and emotional unity of the State other than unity based on language or administration. Our dream is to see that Karnataka remains a homogeneous unit with equality and equal opportunity for all,’’ the Chief Minister added.

Kambar bats for technology

Chandrashekar Kambar, Sahitya Akademi president and former president of the Akhila Bharata Kannada Sahitya Sammelana, favoured effective implementation of technology in administration and for universal use of Kannada in computing and e-governance.

Speaking at the Sammelana inauguration, he said “Several years ago, at the insistence of writer Poornachandra Tejaswi, I appealed to the State government to give a push to Kannada computing. We were convinced that no language can survive without the use of modern technology and use of the language in computers. The Department of Kannada and Culture, headed by then director Manu Baligar, released ₹2 crore for the project. The work began in earnest and teams of technologists came up with software and fonts. Some departments started using Kannada software. But this work has stopped or slowed down at some level. I appeal to Chief Minister B.S. Yediyurappa to continue the work and ensure that computerised Kannada is used at all levels of government and in e-governance.’’

Supports dubbing

Mr. Kambar batted for content dubbing of informative TV channels in Kannada. Channels such as Discovery and History produce good quality content that can be educative and informative. They are very useful for children. These channels are now available in Tamil, Telugu and Hindi and some other Indian languages. But they are not available in Kannada. That is because some people in the film industry are opposing dubbing. Such opposition is not good. Informative channels are our window to the world and allowing dubbing will enhance our knowledge base. There is no merit in not allowing dubbing. I appeal to C.T. Ravi, Minister for Kannada and Culture, to allow dubbing in Kannada, he said.

Mr. Kambar favoured primary education in the mother tongue of the child and urged the State government to introduce universal and compulsory education in Kannada medium in all schools. “This will help preserve our culture. Nothing else can,’’ he said.

He blamed the East India Company administration for inculcating a craze for English education among the people. “The introduction of English education by the British was strongly welcomed by the masses in India as they had been denied the opportunity for education for millenia. The deprived classes and Dalits who had not been exposed to education till then, were excited about the opportunity. However, along with English education, the British were successful in introducing inferiority in our minds. We are yet to escape from this inferiority complex.”

Quoting from Greek mythology, Mr. Kambar said that Hercules had killed his children and relatives in a fit of alcohol-induced rage. “We should not behave like that. We may be very strong, but we should not kill our mother tongue, in our power-induced rage,’’ he said.

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News Network
April 19,2020

Mangaluru, Apr 19: In order to boost the Coast Guard's (CG) surveillance and reconnaissance capabilities on the country's west coast in Karnataka, CG OPV Varaha and CG Dornier 785 ex Kochi were pressed to service to undertake extensive surveillance.

"Both seawards and aerial surveillance of Karnataka coast line will be undertaken from Sunday," said S Babu Venkatesh, Commander, Coast Guard, Karnataka. The surveillance will be an air-sea coordinated operation.

The Coast Guard ships and aircraft maintained extensive search in the area for intercepting any suspect vessel. Indian Coast Guard ships classified various contacts in the area and kept them under constant surveillance.

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News Network
January 12,2020

Bengaluru, Jan 12: Chief Justice of India, Sharad Arvind Bobde on Saturday hinted at the possibility of Artificial Intelligence being developed for the court system while making it clear that it will never replace human discretion.

Speaking at an event here, Bobde said, "We have a possibility of developing Artificial Intelligence for the court system. Only for the purpose of ensuring that the undue delay in justice is prevented."

"I must make it clear at the outset as there are times when even judges have asked this. AI is not going to replace human judges or human discretion", he added.

Sharing more details of his vision, he stated, "It is only the repetitive, mathematical and mechanical parts of the judgments for which help can be taken from the system...we are exploring the possibility of implementing it."

Bobde stressed on the requirement of developing AI for judiciary while outlining the number of pending cases in different courts.

"Some people are in jail for 10-15 years and we are not in position to deal with their appeals. The high court's and Supreme Court take so long and ultimately the courts feel that it is just to release them on bail", he said.

Bobde also endorsed employing every talent and skill to ensure delivery of justice in a reasonable time.

"We must employ every talent, every skill we possess to ensure that justice is received within reasonable time. Delay in justice can't be a reason for anybody to take law into their hands. But it's very important for us as courts to ensure there's no undue delay in justice", he said.

CJI Bobde also highlighted the need for pre-litigation mediation and said, "Pre-litigation mediation is the need of the hour especially in the backdrop of a significant pendency that the courts are tackling with. There are innumerable areas where pre-litigation mediation could solve the problem."

He also stressed that the position of a judge is very unique under the constitution and they have to deal with a variety of problems.

"The foundation of civilisation rests on the law. Judicial officers have to deal with a variety of problems...Judges without adequate knowledge, skills and experience may cause distortion, delay and miscarriage of justice", he said.

Earlier in the day, Chief Justice of India Bobde inaugurated the phase-1 of the new building of the Karnataka Judicial Academy on Crescent Road in Bengaluru.

The new building has three floors, besides, the ground floor and two basement floors.

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