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
February 14,2020

Bengaluru, Feb 14: Raja and Rani got married on Valentine's Day at Cubbon Park here.

The bride and the groom were decked up in bridal finery were heralded with traditional wedding music with nadaswaram and thavil (percussion) . The catch was that the married couple were horses.

Pro-Kannada activist and Kannada Vatal Party chairman Vatal Nagaraj performed the marriage ceremony of the two horses.

Nagaraj gave a dhoti and shirt to Raja (male horse) and a saree along with a taali (mangal sutra) to Rani (female horse).

Nagaraj has been conducting such ceremonies in the past too. Last year he had married off two sheep- Jacob and Carolyn in a similar ceremony.

The activist says he is all for love and urged anti-Valentine's Day supporters not to oppose lovers and their Valentine's Day celebration.

He also urged the Central government and the Karnataka state governments to give Rs 1 lakh and RS 50,000 respectively to the "lovers to support their love" by helping them get married.

Meanwhile, sweets were distributed to all the guests who had participated in the Valentine's Day marriage ceremony today.

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coastaldigest.com news network
January 21,2020

Mangaluru, Jan 21: Thousands of people today boarded boats from Ullal's Kotepura to join a massive protest against the amended Citizenship Act and National Register of Citizens (NRC) in Kasba Bengre, here.

People traveling through boats and steamers decorated with national flags, raised slogans during their journey through the river.

The innovative mode of transportation was used by the protestors to reach the venue, as it not only saved time but was also more convenient for the fishermen, a large number of people from this community joined the protest.

The protestors docked their boats at the shore and reached the venue chanting slogans of azadi.

Comments

abdullah
 - 
Wednesday, 22 Jan 2020

Ma sha Allah.   However, Amit shah has dead body and he is blind+deaf+dumb.   May Allah make his life miserable and let him beg for death. 

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News Network
February 10,2020

Bengaluru, Feb 10: The Rashtriya Swyamsevak Sangh (RSS) on Sunday conducted a route march (Pathsanchalan) in Ramanagara to express solidarity with the anti-Christian forces protesting against a project to install 114-feet tall Jesus Christ statue atop Kapalabetta in Harobele town in Kanakapura taluk in Ramanagara district.

Hindutva ideologue Kalladka Prabhakara Bhat, who had led a rally in Kanakapura last month against the project, also led the Sunday’s route march and addressed a public meeting following the march.

“The district name is Ramanagara, but they have not nurtured the culture of Ram here. They have developed a strong culture of Ravana, which we pledged to dislodge,” Bhat told the gathering.

He said the Sangh Parivar will never allow the statue to come up as he said it would foment religious conversion that is rampant in Harobele.

“The so called Kapalabetta is of stones, which are revered as Lord Muneswara by the Hindus. This hillock must be named as Muneswara Betta,” he added.

Referring to the ongoing protests against the Citizenship (Amendment) Act (CAA), Bhat said the law was brought in to protect the Hindu minority in Pakistan and Bangla Desh.

“The Muslims living in India hail Pakistan. But when we ask them to go to Pakistan, they will never go,” he took a jibe at the minority community.

Reacting to the RSS route march, senior Congress functionary DK Shivakunar, who represents Kanakapura assembly seat, said the Sangah Parivar is trying to disturb the communal harmony in the district and they will never succeed in it.

“The BJP is operating through the Sangh Parivar in the Ramanagara district. The party has won as may as 26 Lok Sabha seats in Karnataka, still they are doing all these things to keep their support base. People of Ramanagara will never back them,” said Shivakumar.

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