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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Media Release
June 1,2020

As part of the Indian Overseas Congress Mera Bharat Mahaan NRI Series, a Facebook live Global Conference was facilitated by Dr Arathi Krishna, Dy. KPCC NRI Chairman and Mr. Mohammad Mansoor President IOC Bahrain on 30th May, 2020.

In the one and half hour live interaction, questions and answers were addressed by DK Shivakumar, President of PCC Karnataka and attended by hundreds of participants, accumulating an impressive 300K people viewing the live broadcast across the globe.

The event was inaugurated with a welcome address by the inspiring and innovative IOC chairman Sam Pitroda followed by the motivational speech of AICC Secretary Shri Himanshu Vyas, IOC US President Mr. Mohinder Singh Gilzian and former KPCC NRI Dy Chairman Dr. Arathi Krishna by whom Shivakumar was introduced.

The event was remarkably successful with maximum interaction of global congress family members and straight forward answers by Shivakumar. 

He emphasized on the present political issues in India and the Indian government's negligence in handling the crisis related to Covid-19 and the indefinite lockdown. He added at present, that the Congress is playing a frontline, constructive role by addressing and articulating the Covid-19 issues and offering critique-based solutions to the government as a responsible opposition party.

The insightful meeting covered the congress strategy and the rebuilding of the KPCC, as well as discussed counter corrupt and hatred politics of current regime along with the role of constructive opposition, etc.

IOC Bahrain President Mr. Mohammad Mansoor thanked IOC Chairman Sam Pitroda, AICC Secretary  Himanshu Vyas for their role in strengthening the party and motivating the team; former KPCC NRI Dy Chairman Dr. Arathi Krishna for introducing the guest; IOC global IT Cell Chairman Manoj Shinde, along with Dananjay and Vinay for professionally managing the event;  IOC US President Mohinder and  Karnataka Chapter President Gauri Shankar for emphasizing the guest of honour; Ms Sofiya Sharma and Ms Vijya Nadela for beautifully moderating the event and all the distinguished guests and Presidents of IOC and KPCC wing Leaders from Saudi Arabia, Bahrain, Kuwait, UAE, Germany and other countries who were present on the online meeting and especially  Mr. Althaf,  PA to DKS and Mr. A.N.Nataraj Gowda in charge of KPCC IT Cell for helping facilitatethe online meeting.

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News Network
January 14,2020

Bengaluru, Jan 14: A woman has sustained burns on the left hand and the left chest in a vicious acid attack that occurred as she walked home in Mallappa Layout, Seegehalli, near KR Puram in Bengaluru.

Prabhavathi, the victim, and her husband, Radhakrishna Reddy, own an acre and six guntas of land in Seegehalli. They had constructed 20 houses on the parcel and rented them while keeping the rest of the land empty and building a boundary wall around it, according to a senior police officer. 

Four men named Ravi, Kumar, Ashirvadam and Shekar laid claim to the land and demolished the boundary wall two years ago. When the couple approached the cops, Manjunath, a sub-inspector from KR Puram police station, visited the spot along with other officers and allegedly abused Reddy and his family. 

Reddy then approached a senior police officer who suggested that he file a complaint against the sub-inspector as well as his rivals for threatening the family. The case is pending in a case. 

On January 7, Ravi, along with four others — Raghu, Kabalan, Ashrivadam and Munireddy — mocked Prabhavathi as she walked home. They asked her to withdraw the complaint. When she ignored them, one of the men motioned to another person. In a flash, a man in the group threw acid on Prabhavathi. The liquid fell on her left hand and left chest, gashing them. Her screams drew her family who rushed her to a hospital. 

Reddy said the suspects had been intimidating them to sell the remaining land. He accused the KR Puram sub-inspector of “threatening” the family.

According to Reddy, following their complaint, a departmental enquiry was launched against the sub-inspector and his promotion was stalled. He suggested that the suspects had used the acid attack as a weapon to “silence” and force them into withdrawing the complaints. 

Following the acid attack, KR Puram police booked eight people — Ravi, Raghu, Kabalan, Ashirvadam, Munireddy, Sachin, Rahul, and Kumareshan — under IPC sections 326 (a) (acid attack) and 506 (criminal intimidation). Efforts are on to track them down. 

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coastaldigest.com news network
June 23,2020

Mangaluru, Jun 23: A charter flight carrying as many as 166 people including a child stranded in United Arab Emirates today reached Mangaluru. 

The flight was chartered by M Friends Charitable Trust, Mangaluru and My Community Foundation with the sole intention of helping the repatriation of stranded passengers such as pregnant women, elderly people and those who are in need of emergency medical care. 

The flydubia flight FZ4617 took off from Dubai at 2 p.m. and landed at Mangaluru International Airport at 7:22 p.m.

The passengers who arrived from UAE hail from different parts of coastal Karnataka and passengers themselves had borne the ticket fare for their travel.

M Friends president Haneef Haji Goltamajalu has thanked representatives of My Community Foundation and M Friends Trusty Ashraf Abbas Kunjattur, M Friends NRI leader Haneef Puttur, general secretary Rasheed Vittla for their efforts in chartering the flight.

In the last three weeks, 13 special flights with around 2150 passengers from various Gulf countries had landed at Mangaluru airport. 

Already, throat swab samples of 1814 passengers, who had arrived in Mangaluru, have been tested and 239 people with international travel history have tested positive and the samples of 1,575 passengers have tested negative so far.

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