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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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coastaldigest.com news network
July 29,2020

Mangaluru, July 29: Justifying the transfer of Dakshina Kannada deputy commissioner Sindhu B Rupesh, district in-charge minister Kota Shrinivas Poojari has accused Mangaluru MLA U T Khader of politicizing the issue. 

The IAS officer was transferred by the Karnataka government on July 28, a day after a saffron activist issued a death threat against her on social media after she warned of legal action against the miscreants who attack cattle traders.

Condemning the development, Mr Khader had tweeted that the state government has punished the deputy commissioner instead of punishing the culprit, who issued death threat.

Responding to Mr Khader’s tweet, Mr Poojari said that the transfer of the officer was on administrative ground. “It is unfortunate that Khader politicized a transfer carried out by the government on administrative ground. This is not Khader’s time to protect any accused,” tweeted Mr Poojari. 

It is worth mentioning here that Mr Khader was the district in-charge minister of Dakshina Kannada before Mr Poojari taking over the position. 

Meanwhile, police has arrested a person in connection with the death threat against the IAS officer.

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News Network
April 14,2020

Bengaluru, Apr 14: The Karnataka government has decided to adopt “remote monitoring” of COVID-19 positive patients in order to ensure the safety of healthcare professionals - the frontline warriors against the pandemic.

Two doctors treating COVID-19 patients tested positive recently and in to check such instances in future, the Department of Medical Education is planning remote monitoring, which reduces doctors’ exposure to patients.

Medical Education Minister Dr K Sudhakar has consulted some of the doctors in the United States who are already using this technology to treat the COVID-19 positive cases. The minister is also having a meeting with representatives of some of the companies which provide such technology.

“I spoke to a team of epidemiologists and heads of certain departments at the United States to know about the remote monitoring technology they are using. I am also meeting the representatives of a few such companies which can provide us with the technology at our hospitals,”  Dr Sudhakar said.

Track state-wise coronavirus cases here

The minister added, “We have heard reports of many doctors and other health professionals succumbing to COVID-19. We don’t want to take risk.” Explaining the technology, Dr Sachidanand, Vice Chancellor of Rajiv Gandhi University of Health Sciences said that remote monitoring uses a software with which specialist doctors can monitor health condition of patients and treat them by not getting exposed directly.

The presence of all the doctors in COVID-19 is not necessary when patients are monitored remotely. 

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News Network
March 13,2020

Bengaluru, Mar 13: Karnataka Health Department is planning to set up a separate hospital for COVID-19 so that the affected can be kept in quarantine at one place.

Presently, it is in the process of setting up separate isolation wards for COVID-19 cases at eight Bengaluru hospitals.

Minister for Medical Education K Sudhakar said on Friday that he has already discussed the idea of a separate facility for COVID-19 cases, so that those isolated, can be kept at a single location to contain the spread of the virus.

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