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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Media Release
June 9,2020

Mangaluru: Continuing the relief work they started in the wake of the Corona Lockdown, ‘Team B-Human’ a local social organization is reaching out to the migrant workers who are stuck here in the region, unable to return to the homes.

Team of volunteers of the organization reached out to the migrant workers and distributed essential items including clothes and footwear of men, women, and kids.

Earlier, the organization had reached out to thousands of migrant workers and needy families and had helped them with food kits, Ramadan Kits along with medical assistance to many.

Several migrant workers recently moved back to their respective states, villages with their families, while others, unable to move back for various reasons are stuck here facing several difficulties and plights. The relief work by ‘Team B Human’ has helped several families of migrant workers in these distressing times.

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coastaldigest.com news network
June 5,2020

Bengaluru, June 5: Under the leadership of trouble-shooter D K Shivakumar, the Karnataka Congress is planning a political ‘ghar wapsi’ to bring back leaders who quit the party and also rope in those from other parties.

Shivakumar, the Karnataka Pradesh Congress Committee (KPCC) president, has constituted a 12-member committee headed by former minister Allum Veerabhadrappa to liaise to anchor this effort to bring back people into the party fold. 

The committee comprises of former legislators B A Hasanabba, Ajaykumar Sarnaik, Abhaychandra Jain, Satish Sail, Prafulla Madhukar, former MPs R Dhruvanarayan and BN Chandrappa, MLA V Muniyappa, former mayor Sampath Raj, Mahila Congress leader Kripa Alva and former KPCC general secretary V Y Ghorpade. 

This move comes more than a year after over a dozen Congress MLAs defected and joined the BJP, leading to the collapse of the Congress-JD(S) coalition government. Also, several influential leaders quit the party ahead of the Lok Sabha elections last year.

The constitution of this committee also coincides with disgruntlement brewing within the ruling BJP. 

“Many people who left the party and others have applied (to join Congress). Many have met me also. I felt it wouldn't be right for me to make a decision. So, this committee has been constituted,” Shivakumar said. “They will process all applications and send it to the KPCC.” 

According to Shivakumar, any person wanting to join the Congress should accept the party’s leadership and its ideology. “Importantly, they should be first accepted by the cadre. If there's no acceptance from the cadre, then what's the point?” he said.

Comments

Abdullah
 - 
Saturday, 6 Jun 2020

should not vote them even if they return to congress. They are backstabbers of voters.

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News Network
May 4,2020

Davanagere, May 3: Karnataka's Davanagere district on Sunday reported 21 COVID-19 positive cases, said Mahantesh Beelagi, Deputy Commissioner.

The number of COVID-19 patients has suddenly taken a giant leap in the district.

"We had sent 94 samples on May 1, on May 2 we sent 72 samples. Today we sent 164 samples for testing. In the last two days, 21 samples have tested positive for coronavirus, we are tracing to know how did all of them came in contact with COVID-19 infected person," said Mahantesh Beelagi.

"Our surveillance team and police team have started tracing the primary and secondary contacts of all 21 people," he added.
Davanagere is currently in the Green Zone.

Meanwhile, 13 new COVID-19 positive cases were reported in Karnataka till 5 pm on Sunday, taking the total number of cases in the state to 614, according to the State Health Department.

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