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
June 29,2020

Mangaluru, June 29: As many as 32 fresh covid positive cases were reported in Dakshina Kannada today. In Udupi 18 new positive cases were reported. 

In Dakshina Kannada out of the 32 positive cases, one had returned from another state. Ten persons had contracted the disease from patient number 9590, 10274, 10275, 9739, 9589, 12384 and 10582.

Nine persons are suffering from influenza-like illness (ILI), and Six others are suffering from Severe Acute Respiratory Infection. The health officials are tracing the contacts of five others.

In Udupi, out of 18 positive cases, 5 had travelled from Maharashtra, four had travelled from Bangaluru and nine others had contracted the virus from the COVID Positive patients.

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coastaldigest.com news network
May 22,2020

It has been 33 years since the night of 22 May, 1987 when nearly 50 Muslim men from Hashimpura, a settlement in Meerut were rounded up and packed into the rear of a truck of the Provincial Armed Constabulary (PAC), an armed police of Uttar Pradesh. It was the blessed month of Ramadan and all the Muslims were fasting.

That night 42 of those on board the truck were killed in two massacres in neighbouring Ghaziabad district. One along the Upper Ganga canal near Muradnagar, the other along the Hindon canal in Makanpur, on the border with Delhi.

The cops had returned home after dumping the dead bodies into the canal. A few days later, the dead bodies were found floating in the canal and a case of murder was registered. 

Vir Bahadur Singh was the chief minister of Uttar Pradesh and Rajiv Gandhi was the prime minister of India when this incident took place. 

Not much has changed for the survivors and the relatives of the victims even today. The wounds are still fresh. Hashimpura remains devoid of basic municipal amenities, the erring silence on the narrow lanes of the locality amid the activities of a daily life speaks of the horror of the fateful day in 1987.

The massacre was the result of one among the many outcomes of the decision taken by the Rajiv Gandhi government to open the locks of Babri Masjid. After a month of rioting, the situation was tense in various parts of Meerut, and a lot spilled over in the nearby areas.

Timeline

May 22, 1987

Nearly 50 Muslims picked up by the PAC personnel from Hashimpura village in Meerut, Uttar Pradesh.
Victims later shot and bodies thrown into a canal. 42 persons declared dead.

1988

UP government orders CB-CID probe in the case.

February 1994

CB-CID submits inquiry report indicting over 60 PAC and police personnel of all ranks.

May 20, 1996

Charge sheet filed against 19 accused before Chief Judicial Magistrate, Ghaziabad by CB-CID of Uttar Pradesh police. 161 people listed as witnesses.

September 2002

Case transferred to Delhi by the Supreme Court on a petition by the families of victims and survivors.

July 2006

Delhi court frames charges of murder, attempt to murder, tampering with evidence and conspiracy under the IPC against 17 accused.

March 8, 2013

Trial court dismisses Subramanian Swamy's plea seeking probe into the alleged role of P Chidambaram, then Minister of State for Home, in the matter.

January 22, 2015

Trial court reserves judgement.

March 21, 2015

Court acquits 16 surviving accused giving them benefit of doubt regarding their identity.

May 18, 2015

Trial court decision challenged in the Delhi HC by the victims' families and eyewitnesses who survived the incident.

May 29, 2015

HC issues notice to the 16 PAC personnel on Uttar Pradesh government's appeal against the trial court verdict.

December 2015

National Human Rights Commission is impleaded in the matter. NHRC also seeks further probe into the massacre.

February 17, 2016

HC tags Swamy's appeal with the other petitions in the matter.

September 6, 2018

Delhi HC reserves verdict in the case.

October 31, 2018

Delhi HC convicts 16 former PAC personnel for life after finding them guilty of the murder of 42 people.

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coastaldigest.com news network
July 23,2020

Mangaluru, Jul 23: A nurse who was serving as a frontline COVID warrior at the Wenlock Hospital in Mangaluru and has recently tested positive along with her 7-year-old son has complained to the Deputy Commissioner against the harassment meted out by some miscreants who have been spreading false rumours against her.

Health official said that some people in her area have given false complaints against her to government officials thus inflicting mental torture on her and her family.

In her letter, the nurse has stated that the attitude of the people forcing her to consider quitting the job. "I have served the people by treating my work as worship. Anti-social elements have been torturing me now. I am very much hurt," the she said. 

The nurse’s house at Moodbidri has been sealed after she was tested positive. However, her husband and younger child were tested negative.

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