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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Deepak Shetty Qatar
June 19,2020

Mangaluru, Jun 19: A repatriation flight from Doha brought 178 passengers to Mangaluru today. This is the first flight operated from Qatar to Mangaluru under the Vande Bharat Mission. 

The Air India Express flight, which took off from Hamad International Airport in Doha at 12 noon (Qatar time) landed at Mangaluru International Airport around 6.30 pm IST.

Indian embassy had prepared the list of passengers to be flown in the flight. Stranded people who were in need of emergency repatriation such as pregnant women, senior citizens and those in need of emergency medical treatment were given priority while finalising the list of passengers. 

Kannadiga organisations in Qatar such as Karnataka Sangha, Tulu Kuta Qatar, Karnataka Muslim Welfare Association, Mangalore Cricket Club, Bunts Qatar, Mangalore Cultural Association, South Canara Muslim Welfare Association, Qatar Billawas had been striving for the repatriation of stranded Kannadigas by exerting pressure on the elected representatives to operate flights. 

Kannadigas in Qatar have thanked former Udupi-Chikkamagaluru MP Jayaprakash Hegde for persuading the authorities concerned to facilitate the repatriation. 

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News Network
April 5,2020

Bengaluru, Apr 5: The COVID-19 related lockdown has substantially improved the air quality of Bengaluru, taking it from satisfactory level to good, a senior state pollution control board offcial said here on Sunday.

"During the course of the lockdown 19 problem, we reached good position from satisfactory.

It is between zero to 50 AQI (Air Quality Index) now. We have good quality air," the Karnataka State Pollution Control Board member secretary Basavaraj Patil told PTI.

He said the indicator for knowing the air quality in

"If the AQI is zero to 50 then it is good. If it is 50 to 100 then it is satisfactory. 101 to 150 is moderate and if it is 151 to 200, then it is poor, he explained.

Patil said as per available recrods, there has been a 60 to 65 per cent reduction in pollution during the lockdown.

The city railway station and Peenya industrial area, which used to be among the areas with highest AQI, has seen pollution levels come down significantly, he said.

Another major contributor of pollution was construction activities, which too had ground to a halt due to the lockdown, resulting in zero dust emission.

Patil opined that the improved air quality would boost the immune system of the people.

"It will improve the immune system of people, including those who have breathing problems like asthma," he said.

He asked the public to learn lessons from the lockdown and later switch to sustainable means of transport such as public transport, walking and cycling,.

"We can still reduce the pollution load even after the lockdown is over," Patil said.

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News Network
February 1,2020

Mangaluru, Feb 2: A video of a woman rescuing a dog from a well in Mangaluru has gone viral on social media. The dog fell inside the well accidentally and the woman rushed to the spot to rescue it. The two minute seven second video has been shared on Twitter by a user, Mauna, and has ever since been viewed over 15,000 times.

The woman climbed down the well as other people attached a rope to her body during the rescue mission. Another rope was then thrown to her and she tied it around the dog after which it was pulled outside. The woman, thereafter, climbed outside the well with much difficulty.

"Bless the lady who saved the Dog," the user captioned the post.

Watch the video here:

 

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