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
March 4,2020

New Delhi, Mar 4: Tech giant Intel has said one of its employees in Bengaluru has "potentially been exposed" to coronavirus and is currently under quarantine.

The company also said it has implemented precautionary measures like travel restrictions, increased frequency of office sanitisation, and work-from-home provisions in India.

"An Intel employee in Bangalore has potentially been exposed and is currently under quarantine in accordance with government requirements," Intel said in a late night statement on Tuesday.

The company said it is monitoring the coronavirus situation closely and working to ensure that its employees have the information and resources they need to stay safe and informed.

In India, we have implemented precautionary measures such as travel and event restrictions, visitor screenings at all our offices, increased frequency of office sanitisation, and work-from-home provisions," it said.

The virus outbreak, which has seen cases being registered across the world including South Korea, Iran, Italy and Japan, has had a significant impact on businesses across industries.

Microblogging platform Twitter has asked its employees to work from home while other tech giants like Tata Consultancy Services and HCL Technologies instructed staff to avoid non-essential travel as IT firms put in place measures to safeguard workers against the deadly coronavirus.

The coronavirus outbreak claimed over 3,000 lives globally, and fresh cases being reported in India.

The government has stepped up its efforts to detect and check the virus outbreak whose epicentre was in China.

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coastaldigest.com news network
May 26,2020

Mangaluru, May 26: Days after the government of India approved the use of chartered flights for the repatriation of Indians stranded across the world amidst covid-19 lockdown, two NRI entrepreneurs in Saudi Arabia have offer to bear the cost of repatriation if they get formal green signal to repatriate stranded Indians from Dammam to Mangaluru International Airport before June 5.

Althaf Ullal and Basheer Sagar, the two Kannadiga Directors of Al Khobar-based Saqco, have made this offer in a letter written to Karnataka Chief Minister BS Yediyurappa and Union Civil Aviation Minister Hardeep Singh Puri.

The duo have assured that their company will bear the cost of the first chartered flight from Dammam to Mangaluru if the government paves way for its operation by June 5. 

It is learnt that many private airliners have come forward to operate chartered flight and are waiting for final clearance from the government. It will cost approximately Rs 45 lakh to hire chartered flight with 180 capacity from Dammam to Mangaluru. 

Pregnant women, medical emergency cases, senior citizens on visit visas, those who lost jobs due to lockdown among other stranded Indians will be given priority in this flight, they said.

"Our company will completely bear this cost. Passengers only need to bear the cost of institutional quarantine after reaching Mangaluru," they have clarified. 

Comments

i am from koda…
 - 
Friday, 29 May 2020

i am stuck in saudi arabia and waiting eagerly to reach karnataka as early as possible. I missed my sisters marriage this month 24th, and my marriage is on june 14th.... i have some health issue also... really want to go back as soon as possible. Please help me

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Agencies
June 13,2020

New Delhi, Jun 13: Loss of smell or taste has been added to the list of COVID-19 symptoms, according to the revised clinical management protocols released by the Union Health Ministry on Saturday.

The ministry said that coronavirus-infected patients reporting to various COVID-19 treatment facilities have been reporting symptoms like fever, cough, fatigue, shortness of breath, expectoration, myalgia, rhinorrhea, sore throat and diarrhea.

They have also complained of loss of smell (anosmia) or loss of taste (ageusia) preceding the onset of respiratory symptoms.

Older people and immune-suppressed patients in particular may present with atypical symptoms such as fatigue, reduced alertness, reduced mobility, diarrhoea, loss of appetite, delirium, and absence of fever, the ministry said.

Children might not have reported fever or cough as frequently as adults.

The US's national public health institute, the Centers for Disease Control and Prevention (CDC), had in early May incorporated "a new loss of taste or smell" in the list of COVID-19 symptoms.

According to the data from Integrated Health Information Platform and Integrated Disease Surveillance Programme, portal case investigation forms for COVID 19 (n=15,366), the details on the signs and symptoms reported are (as on June 11), fever (27 per cent), cough (21 pc), sore throat (10 pc), breathlessness (8 pc), Weakness (7 pc), running nose (3pc ) and others 24 pc.

According to the health ministry, people infected by the novel coronavirus are the main source of infection.

Direct person-to-person transmission occurs through close contact, mainly through respiratory droplets that are released when the infected person coughs, sneezes, or talks.

These droplets may also land on surfaces, where the virus remains viable. Infection can also occur if a person touches an infected surface and then touches his or her eyes, nose, or mouth.

The median incubation period is 5.1 days (range 2–14 days). The precise interval during which an individual with COVID-19 is infectious is uncertain.

As per the current evidence, the period of infectivity starts 2 days prior to onset of symptoms and lasts up to 8 days.

The extent and role played by pre-clinical/ asymptomatic infections in transmission still remain under investigation.

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