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
April 29,2020

Lucknow, Apr 29: Tablighi Jamaat members, who got cured of COVID-19, have been asked by their organisation to donate their plasma for treatment of other coronavirus-infected patients, a move that the outfit thinks will help it shed its “villain” tag.

"Maulana Saad, in an open letter on April 21 to all Jamaatis who have recovered from the coronavirus (infection), has appealed them to donate their plasma to help others. The message has reached all the members," Maulana Anees Ahmad Nadvi, the manager of Tablighi Jamaat’s Lucknow branch, told PTI PTI on Wednesday.

"As per the Health Department data, over 50 per cent of corona patients are Jamaatis. Among them those who have recovered are being contacted and all of them are ready to donate their plasma," claimed Nadvi.

"We have till now contacted 400 Jamaatis. In the entire country, those who have recovered are also giving their plasma. Markaz has given instructions that no one should be left from donating plasma," he said. "Jamaatis are not doing any favour to anyone by giving their plasma.

This is a humanitarian step. This is true that Jamaatis are being presented as villains after coronavirus spread, but Maulana Saad has asked us to forgive those doing this," he said. Tablighi Jamaat leader Maulana Saad Kandhalvi is on the run after an FIR was registered against him by the Delhi police for organising a religious gathering in March this year despite restrictions to combat the coronavirus spread.

With some plasma therapy trial results rekindling hopes of it being a likely cure for COVID-19, the Uttar Pradesh government too had begun contracting patients cured of it for plasma donation, but the move was suspended after the Union Health Ministry on Tuesday said the therapy was only at an experimental stage and there was no evidence yet to support that it can be used as treatment for COVID-19.

Uttar Pradesh Surveillance Officer, Dr Vikasendu Agarwal, said all those who have recovered from coronavirus, including Jamaatis, were being contacted for plasma donation, but the move has been suspended after the Centre’s statement on the issue.

Refusing to divulge the number of cured Jamaatis, he said "We were contacting them. They are not different from us. We were contacting all our patients and asking them that they could donate if they find it appropriate, as it would help other patients." "All of those contacted by us are ready for giving plasma," he said.

Chief Medical Officer, Lucknow, Dr Narendra Agarwal said all 28 Jamaatis, who were admitted in KGMU were contacted to donate their plasma and all of them agreed. "A proposal in this regard has been sent to the government.

After approval, their plasma will be taken," he said. With the plasma therapy gaining a lot of traction as a possible cure for coronavirus, the Union Health Ministry on Tuesday clarified that it is at an experimental stage and there is no evidence yet to support that it can be used as treatment for COVID-19. Till the effectiveness of this mode of treatment is scientifically proven, its application except for research and clinical trial is illegal, Joint Secretary in the Ministry of Health Lav Agarwal said.

Dr Vikasendu said after the Centre's clarification contacting people for plasma donation has been put on hold. A further step will be taken on decision of KGMU which is working on plasma therapy here, he added.

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Media Release
July 31,2020

Mangaluru, July 31: Kanara Chamber of Commerce and Industry (KCCI) has unveiled a campaign both on digital media and outdoor billboards on bringing awareness on the right usage of masks, social distancing and hand washing in the fight against COVID19. The campaign has received very good response and attention on social media and with the citizens of Mangaluru.

While the numbers of Covid-19 infected people were increasing and a vaccine would take some more time it was observed that norms of social distancing and other precautionary practices were thrown to the wind. Many people in Dakshina Kannada were found using masks inappropriately. Wearing a mask in a scientific way by covering both the nose and mouth is imperative to control droplets that spread the virus. We need to rise above our inconvenience to fight the virus.

Considering this the KCCI found an immediate need to bring awareness and constant reminder to people on the right usage of masks, social distancing, washing hands and other dos and don’ts to stay ahead of the virus and beat the pandemic.

A digital campaign and an outdoor advertisement campaign were planned by the chamber to remind and encourage people to follow best practices when interacting with others. 

The theme of the Campaign was decided to be “Let’s Fight Back Together” Origin Designext a Creative Agency in Mangalore was roped in to do the creative for the campaign and a team from KCCI worked with the Agency to shape up the campaign with their inputs. In the meantime Indian Red Cross Society Dakshina Kannada and Rotary Mangaluru expressed their interest to support the Campaign. 

Mangaluru based outdoor agencies like Jyothi Advertisers, Kalkura Advertisers and Gee Dee Advertisers agreed to provide outdoor space gratis to this community service campaign. Presented both in English and Kannada, the campaign has been creating waves on social media and on the street, a sign that it is being very well received by the populace of Mangalore city. 

The creative of Half Covered or Half exposed where a model is shown with a mask that exposes the nose and KA-19 v/s COVID-19 (KA-19 being the Vehicle Registration Code for the District) have been particularly making a buzz in the community. All together 14 hoardings are currently on display with various Covid-19 awareness messages. Many business houses have shown interest to participate in this public awareness campaign.

The Chamber hopes this campaign would go a long way in the fight of the city against COVID-19 and play its role in putting the pandemic behind us. “Businesses and our economy has suffered enough, we need to work together to fight this virus, we need to rise above minor inconvenience and win this war,” says Isaac Vas the President to KCCI.

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News Network
January 5,2020

Bengaluru, Jan 5: Former Deputy Chief Minister G Parameshwara has said the Karnataka Congress has unanimously decided to appeal to the party high command regarding the appointment of KPCC President and Congress Legislature Party (CLP) leader in the state.

Speaking to reporters, the Congress leader said, "We have decided to gather the opinion of senior leaders regarding the selection of Karnataka Pradesh Congress Committee (KPCC) president and opposition leaders. We will appeal to the high command regarding the same. The party will decide its next course of action."

He made these remarks after a meeting of senior party leaders was held at Parameshwara's residence here on Saturday.

Adding that the Congress leaders discussed the current political scenario in the state, Parameshwara said: "We held a meeting to reiterate that we are not confused and we all are together."

"There has been no personal discussion on who should be the president," he said.

Earlier, KPCC president Dinesh Gundu Rao and former Chief Minister Siddaramaiah had tendered resignation from their respective posts owning moral responsibility for the party's poor performance in the recent by-polls.

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