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
June 7,2020

New Delhi, Jun 7: The Karnataka government has asked the railways to make announcements at originating stations that it was compulsory for passengers travelling to the state to register themselves on the ‘Seva Sindhu’ portal through which they can be tracked.

In a letter to Chairman Railway Board on Saturday, Chief Secretary of the state T M Vijay Bhaskar said many passengers are not aware of this mandatory rule of the southern state.

He said thousands of passengers are coming to Karnataka from New Delhi, Bihar, Maharashtra and other states through trains everyday, but most of them are not registered under the Seva Sindhu portal of the Government of Kamataka.

"If passengers are not registered under Seva Sindhu, the state will not be able to track them. Therefore, it is necessary to create awareness among the passengers regarding registration under the portal.

"Hence, it is requested to give instructions to origin railway stations to make announcements that ‘It is compulsory for all passengers travelling to Karnataka to register in Seva Sindhu portal. Otherwise they will not be allowed for home quarantine’, and also to give passengers awareness (about this) at the time of booking tickets,” Bhaskar said in his letter to the national transporter.

Seva Sindhu portal, under the control of the Karnataka government, provides various online services to the citizens of the state.

Currently, this portal is playing an important role in helping those stranded amid the COVID-19 pandemic to fill online registration forms for availing e-passes.

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News Network
May 12,2020

New Delhi, May 12: Minorities are "flourishing" in India and have been an equal partner in development without discrimination under the Modi government, Union Minister Mukhtar Abbas Naqvi said on Tuesday, dismissing allegations of Islamophobia as an attempt to defame the country.

The "Narendra Modi phobia club” has been unable to digest the inclusive growth under the prime minister and is engaged in a "nefarious campaign" in India and abroad through fake propaganda alleging "intolerance, communalism and discrimination" against minorities in India, Naqvi said.

In a blog titled "Islamophobia -- Bogey of Bogus Bashing Brigade", the minority affairs minister argued that the "Modi phobia club" is playing the “Islamophobia card" to harm the pluralistic fabric of India, but will not succeed.

Naqvi's remarks come days after a wave of angry reactions on Twitter by citizens and rights activists from various Arab countries following allegations that Muslims are being blamed for spreading COVID-19 in parts of India.

Also, the 57-member prominent international Mulim grouping, the Organisation of Islamic Cooperation, recently accused India of "Islamophobia".

India has dismissed all such allegations.

"Minorities in India are flourishing equally with all the citizens with a sense of equality, security and prosperity. Misinformation against such a gracious and tolerant country and its effective leadership is nothing but the height of ignorance and mental bankruptcy," Naqvi said.

He claimed that no riot took place in last 5 years of the Modi government and it was after "nefarious preaching" by those who were irked by this that the Delhi riots happened.

Naqvi said the women who sat on protests at Shaheen Bagh cannot be termed "anti-nationals" but they had been "misguided by the bogus bashing brigade”.

This brigade pushed these women on a path which had an “entry gate” but no “exit gate”, the minister said.

This was a “calculated conspiracy” by the brigade that wants to defame and disgrace Modi and India, Naqvi said.

He also argued that for the "first time since Independence", India has forged close and strong ties with nearly all Islamic nations and countries such as Saudi Arabia, the UAE, Afghanistan, Russia, Palestine, Mauritius and the Maldives have conferred Modi with their highest civilian awards.

"The United Nations has also conferred Narendra Modi with the prestigious 'Champions of the Earth Award'. Prime Minister Narendra Modi's global acceptance and popularity doesn't need any certificate," Naqvi said.

The Modi government never planned development on the basis of Hindus, Muslims, Sikhs, Christians or on region and caste, and its priority has been the poor and deprived, Naqvi said, adding that still some people with a “prejudiced mindset” are trying to defame India by raising the bogey of Islamophobia.

There is not a single incident of discrimination against any section of the society, including minorities under the Modi government, the minister asserted.

All sections, including minorities, are strongly moving forward on the path of “development with dignity” under the Modi government, he said.

When the challenges due to the coronavirus were in initial stages across the world in early January and several countries, including Pakistan, had not taken care of their people abroad, it was the Modi government that brought back thousands of Indians stranded in Wuhan (China), Iran, Iraq, Saudi Arabia and other countries, Naqvi said, adding that a majority of these people were Muslims.

In the recent Vande Bharat Mission also, the Indian government is bringing back thousands of Indians from countries such as the Maldives, the UAE, Saudi Arabia, Iran, Qatar and other countries which include a large number of Muslims, he pointed out.

"Strong eternal commitment of my country will defeat and demolish the fake and fabricated Islamophobia card of the 'India bashing brigade'," Naqvi said in his blog.

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News Network
March 27,2020

Bengaluru, Mar 27: Karnataka Pradesh Congress Committee (KPCC) on Friday formed a task force to monitor the spread of COVID-19 disease in the state and provide guidelines and suggestions to contain its proliferation in the state.

In a press release, the KPCC has stated that the 15 member committee will be headed by the senior Congress leader and former Health minister K R Rameshkumar also included two other former health ministers, Shivanand Patil and U T Khader as the members of the committee.

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