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 6,2020

Bengaluru, Jan 6: Cab aggregators are once again in news for the wrong reasons after an Ola cab driver misbehaved with a 34-year-old woman passenger and even threatened to kill her when she raised an alarm.

But what followed was worse. The woman, a software engineer, immediately called the Ola emergency number following which they asked her to check if the driver was drunk. She later pressed the emergency button on the Ola app but received a message asking her to dial 100. After the aggregator failed to help her, she said she was lucky to be saved by the public.

Reacting to the incident, an Ola spokesperson said, “We regret the unfortunate incident and have immediately terminated the driver-partner from the platform upon receiving the complaint.”

Shruthi G (name changed), an employee at a software company at Bagmane Tech Park in Mahadevapura, booked an Ola cab after her work in the evening of January 3. She booked pick-up stops at two locations as she had to pick her four-year-old daughter from the day-care centre, which is 2 km away from her house.

However, around 6.22 pm, when the cab reached Malleshpalya near Kids Castle, the driver did not stop the vehicle. He asked her to get down at the last drop location. She told him to stop and tried to open the doors but he locked the doors, insisting that she sit in the car. When she resisted, he held her hands and abused her; he even threatened to kill her if she raised an alarm.

The victim said she pressed the emergency button on the app twice but only got a message advising her to call the police.

When she called the Ola emergency number, the person at the other end asked about her condition and to check whether the driver was drunk. They called back after one-and-a-half hours when she was filing a complaint at the police station.

“Ola did not make any efforts to reach out to the police or do anything to track my location and help me in that situation,” she said.

The victim called 100 and the staffer at the control room asked her which area she was in. Since she was familiar with the area, Shruthi was able to give her location.

“First they told me that the area comes under Baiyappanahalli. Later, they said it comes under HAL. Finally, they figured out the location. It took 20 minutes for the police to reach the spot,” she said.

What saved Shruti was her sheer instinct and luck. Alone in the cab, she started raising an alarm. Luckily, commuters in the other vehicles next to the cab noticed her screaming for help and stopped the driver.

“If this is the kind of security Ola provides its customer, it is very questionable,” she said. “If we have to really call the police during an emergency then why they put out the number and emergency button, it’s a waste of time during that crucial situation. If they directly told us to dial 100 during an emergency, it will save time. Lakhs of commuters take Ola cabs thinking it is safe but they have no mechanism to check their drivers and track their customers in danger.”

Baiyappanahalli police said the accused Bhimashankar Malged was arrested and remanded in judicial custody following the complaint.

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coastaldigest.com news network
July 26,2020

Bengaluru, Jul 26: The government of Karnataka has urged the Muslims to celebrate Eid al-Adha in a simple manner and follow all guidelines amid mounting cases of covid-19.

The festival, also known as Bakrid, will be celebrated on July 31 in coastal districts of Karnataka and on August 1 in other parts of Karnataka. 

In an order, A B Ibrahim, secretary of the department of minority welfare, Hajj and Waqf has prohibited offering Eid prayers in open grounds (Eidgahs) in the wake of pandemic.

Eid prayers can be offered in mosques by following all the necessary precautionary measures including maintaining physical distance. The congregation should not exceed 50 worshippers. If they number exceeds, they should be divided into three groups. 

However, except for mosques, no other places should be used for offering congregational prayer. 

Besides, all those who attend Eid prayers at mosque should compulsorily wear face masks. Entry is banned for people who are above the age of 60 years and below the age of 10. At least six feet distance needs to be maintained while offering prayer.

Thermal scanning needs to be done before entering the mosque. Hands need to be washed in soap or sanitizer. No one should touch the holy books in the mosque. Hand shaking and embracing to greet will also not be allowed. If any strangers are seen, their movement should be monitored.

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News Network
April 23,2020

Bengaluru, Apr 23: Nine new COVID-19 positive cases have been reported in Karnataka in the last 24 hours.

Out of these nine coronavirus positive cases, five have been reported from Kalaburagi and two each from Mysuru and Bengaluru.

According to the government of Karnataka, the total number of positive cases in the State now stands at 427 including 131 cured or discharged cases and 17 deaths.

The total number of positive coronavirus cases across the country are 19,984, including 15,474 active cases of the virus. So far, 3,869 patients have either been cured or discharged while 640 deaths have been recorded in the country, as per data provided by the Union Ministry of Health and Family Welfare.

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