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
March 20,2020

Bengaluru, Mar 20: Two COVID-19 positive patients in Karnataka have fully recovered and will be discharged today.

Karnataka Medical Education Minister Dr K Sudhakar said: "Two COVID-19 positive patients have completely recovered and will be discharged tomorrow. They will be kept under home quarantine for 14 days as a precautionary measure."

The number of COVID-19 positive patients in Karnataka stands at 14 as of today.

"The total number of positive cases of COVID19 in India stands at 173, including 25 foreigners. Four deaths (1 each) have occurred in Delhi, Karnataka, Punjab and Maharashtra," said the Ministry of Health and Family Welfare in a statement.

According to official data provided by the Ministry of Health, as many as 15 people infected with the virus have been discharged after receiving treatment.

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News Network
January 29,2020

Bengaluru, Jan 29: Ramesh Jarkiholi on Tuesday demanded that he and all the newly elected MLAs, who won the bypolls after defecting from the Congress and JD(S), be inducted into the cabinet — likely on January 31 — as promised by chief minister BS Yediyurappa.

"We are hoping all 11 MLAs will be made ministers," Jarkiholi said. "That is what the BJP and the CM promised us and we hope they will keep their promise." This is the first time Jarkiholi has spoken in public on cabinet berths, ever since reports surfaced of the party high command not being in favour of inducting all the turncoats into the council of ministers.

Jarkiholi also said fellow rebel AH Vishwanath should be given a ministerial berth.

Vishwanath, formerly of the JD(S), had lost the bypolls. Jarkiholi said the rebellion would not have succeeded had it not been for Vishwanath.

"Those of us who rebelled against the JD(S)-Congress coalition government got a shot in the arm when Vishwanath supported us," Jarkiholi said. "It is imperative that we support him," he said, even as he sought to distance himself from comments made by newly-elected MLAs ST Somashekar and D Sudhakar, who said Vishwanath cannot demand a ministerial post.

Meanwhile, the BJP issued another deadline — January 31 — to expand the cabinet. "In all likelihood, cabinet expansion will take place on Friday," said an aspirant for a berth. But several BJP functionaries are skeptical of meeting the new deadline.

"Till now, the CM has not been given the green signal by the high command. This is all I can say," said a senior minister in Yediyurappa’s cabinet, while insisting he wouldn’t be surprised if the exercise was postponed till the Delhi elections are over.

Former minister and independent R Shankar, who along with Mahesh Kumatalli and Shrimant Patil accompanied Jarkiholi to a trip to Nanjangud, Mysuru district, has upped the pressure on Yediyurappa to field him in the bypoll to the lone vacant council seat. "I am confident the CM and the BJP will honour promises made to me," Shankar said.

The former minister had joined the BJP during the rebellion, but was not given a ticket to contest the bypolls.

In Chikkamagaluru, deputy chief minister Govind M Karjol insisted he is prepared to step down if needed to enable new entrants into the cabinet. "I’m a disciplined solider of the party. If the BJP directs me to submit my resignation, I will do so and return my official car and take a bus to Bengaluru," Karjol said. He said anyone who doesn’t respect the party line will not grow. "It is imperative to toe the party line," he said.

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News Network
August 9,2020

Bengaluru, Aug 9: Karnataka Chief Minister BS Yediyurappa has expressed condolences over the death of nodal officer who died while being on COVID-19 duty and announced an ex-gratia of Rs 25 lakhs to the family of the deceased.

The deceased has been identified as H Gangadharaiah. As per reports, he died due to a heart attack while on COVID-19 duty.

A government job and Rs 25 lakhs will be provided to the officer's family, according to Karnataka Chief Minister's Office (CMO).

"Chief Minister BS Yediyurappa expressed his heartfelt condolences over the death of H Gangadharaiah, KAS, who was on COVID-19 duty as nodal officer at the Bangalore International Exhibition Centre (BIEC)," Karnataka CMO tweeted.

"CM announced Rs 25 lakhs ex-gratia from Chief Minister's Relief Fund, a government job for a family member and instructed the last rites of Gangadharaiah to be performed with full state honours," the CMO added.

In the last 24 hours, 7,178 new COVID-19 cases (including 2665 in Bengaluru Urban), 93 deaths and 5,006 discharged cases were reported in Karnataka.

The total number of cases rises to 1,72,102 in the state, including 79,765 active cases, 89,238 discharges and 3,091 deaths, as per the State's Health Department.

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