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
April 23,2020

Bengaluru, Apr 23: The Karnataka government on Wednesday promulgated 'The Karnataka Epidemic Diseases Ordinance 2020' that provides the state with a power to seal borders, restrict essential services and punish those attacking public servants and damaging public property.

The Ordinance comes after violence in Padarayanapura when the police and BBMP officials were attacked while they tried to take some secondary contacts of a deceased COVID-19 patient into quarantine on April 19.

The Ordinance, which was promulgated after the Centre's guidelines in this regard, said, "The offender shall be liable for a penalty of twice the value of public or private property damaged as determined by the Deputy Commissioner after an inquiry."

It further said that if the penalty is not paid by the offender, then the amount shall be recovered under provisions of the Karnataka Land Revenue Act, 1964. The Deputy Commissioner can even attach the property of such offender in due course.

Also, abetment of offence would attract imprisonment of up to two years and a penalty of Rs 10,000 or both.

"No person shall commit or attempt to commit or instigate, incite or otherwise abet the commission of offence to cause loss or damage to any public or private property in any area when restrictions and regulations are in force to contain any epidemic disease," the Ordinance said.

Whoever contravenes such provision shall be punished with imprisonment for a term which shall not be less than six months, but may extend to three years and with fine which may extend to Rs 50,000, it added.

On Wednesday, the Centre brought an Ordinance to end violence against health workers, making it a cognisable and non-bailable offence with imprisonment up to seven years for those found guilty.

"We have brought an Ordinance under which any attack on health workers will be a cognisable and non-bailable offence. In the case of grievous injuries, the accused can be sentenced from six months to seven years. They can be penalised from Rs 1 lakh to Rs 5 lakhs," Union Minister Prakash Javadekar briefed media after Cabinet meeting.

Javadekar said that an amendment will be made to the Epidemic Diseases Act, 1897 and ordinance will be implemented.
This comes amid nationwide lockdown in the wake of COVID-19.

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News Network
March 18,2020

Thiruvananthapuram, Mar 18: Bindhu Sampath, the mother of Nimisha alias Fathima who travelled from Kerala to Afghanistan to join the Islamic State (IS), has sought the Central government's help to bring her daughter back to India.

"I saw a video of my daughter in which she was requesting her return to India. She has realised that India is her country, not Afghanistan. She is scared that she'll be put in jail over there. Responding to my mail, the Afghanistan government has said that the procedure will take time," said Bindhu Sampath.

"I believe in Indian laws. Let her be questioned and realise what is good or bad. I am waiting for the Central government's confirmation on the matter," added Sampath.

Around four years back, a team of 21 members which consisted of couples and children went to Syria from Kerala to join ISIS and lead an Islamic life. After they left, police registered a case against them, which has been handled by the National Investigation Agency.

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News Network
January 18,2020

Bengaluru, Jan 18: Union Home Minister Amit Shah on Saturday called Prime Minister Narendra Modi as the "flag-bearer" of the Indian culture and tradition.

In his speech at an event organised by Vedanta Bharati here, Shah said, "Prime Minister Narendra Modi is touring across the globe as the flag bearer of the Indian culture and tradition." To buttress his point, the BJP National President said Modi took a holy dip in Ganga and attended Ganga Arati in Varanasi before taking oath as the Prime Minister.

It was for the first time that Modi sent red sander to Pashupatinath Temple in Nepal to perform special prayers on behalf of the government of India.

Shah also slammed the previous governments for their wrong interpretation of secularism, preventing them from honouring the best things of the country. "But after a long interval we have a Prime Minister who sends across the message that we have a lot to give to the world," Shah said.

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