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 2,2020

Kalaburgi, Jan 2: At least 10 students sustained injuries when a private bus carrying students of a school on an educational tour rammed into a tree today morning.

The mishap occurred when the students of Ayyappa School located in Chennaveera Nagar were going around the city in a bus during their tour.

The bus crashed into a tree near Venkatagiri Hotel on New Jewargi Road in the city.

A case has been registered at a traffic police station.

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News Network
April 13,2020

Bengaluru, Apr 13: Karnataka Pradesh Congress Committee (KPCC) President and former Minister D K Shivakumar has demanded resignation of Minister In-Charge of COVID-19 for his alleged irresponsible comment, despite holding a responsible post.

Mr Shivakumar's comments came after Dr Sudhakar on Sunday shared a picture of him and his children in a swimming pool, on Twitter with a caption, ''After a long time joined my children for swimming hope maintaining social distance here as well…hahaha.''

However, Dr Sudhakar deleted the tweet from his account, soon after he was criticised for sharing such a picture, when the country is facing a health crisis.

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coastaldigest.com web desk
June 9,2020

Mumbai, June 9: A 45-year-old doctor posted in the 108 ambulance service at Malad railway station in Mumbai died of COVID-19 after two hospitals refused admission, in spite of the fact that he was a frontline warrior against coronavirus.

The victim is Dr Shaukat Ali, who was working with the 108 ambulance service for the last four years. A few days ago, he got his blood tests done after his health deteriorated. The result stated typhoid fever following which he started getting treatment at home in Malwani.

Ali's family ran from pillar to post to get him hospitalised in either a private or government hospital, to no avail.

"On Friday, his condition worsened and he started feeling breathless. Despite us calling the 108 ambulance service, no one picked up the call. So after waiting for a while, I and uncle's colleague, Dr Nigam, rushed him to SK Patil hospital in Malad East in an auto. But they refused us stating they were admitting only COVID-19 patients.”

“Then we took him to Desai Hospital, where doctors were initially ready to admit him but later refused stating lack of beds. They said we could take him home as his condition was fine," Zubair Shaikh, Ali's nephew said.

"But his condition worsened. So, I called Dr Nigam and we managed to admit him in Shatabdi hospital. On Sunday, when his results came out stating that he had COVID-19, doctors had already put him on a ventilator, where he passed away in the evening," he added.

Zubair further said, "Had the doctors at Desai Memorial Hospital admitted him, my uncle would have been alive today. It is a matter of great regret that a doctor, who was risking his life during this pandemic, could not get help from his own government hospitals."

Ali's wife and his two children's are in UP, while he was staying with his elder daughter who had recently appeared for HSC exams and preparing for NEET.

Comments

Please don't say such words, I personally became very sad after hearing this that Warrior like Dr. Saukat Ali passes away due to mismanagement of health organization. My condolence to him and his family. Please don't divide Hindu and Muslims in such way, not only Muslims but Hindu also died due to such reasons and one more thing here in Maharashtra, BJP is not ruling party. Thanks..

Ugly Indian
 - 
Wednesday, 10 Jun 2020

VERY VERY SAD...innna lillahi wainna yelahai rajoon.
this is the lession for all INDIAN muslim doctor as well as muslims....open your ear and listen.
this is indian not italy and now current ruling government is very very bad...they want indian to be slave.
also today you help your hindu brother but tommorow they will vote for same people BJP who is giving touble to muslim..GOD given chance to develop muslim community not our enemy,
india is divided alreday, my 20 year old hindu friend become my enemy now after NRC and CAA..
we will see where it will end. may the justice and peace prevail.

 

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