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.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
May 29,2020

Mangaluru, May 29: Several non-resident Kannadigas from various Gulf countries including Kingdom of Saudi Arabia on Thursday, May 28, interacted with Dakshina Kannada MP Nalin Kumar Kateel through a video conference and urged him to allow the Kannadigas stranded in the Middle East to return by facilitating the operation of repatriation flights.

The development comes amidst reports that lack of preparedness on parts of the local authorities in Karnataka compelling the Centre to delay the operation of flights from Middle East to Mangaluru and Bengaluru airports.

“We have never forgotten you. We will take necessary steps for your safe return to the homeland as soon as possible,” assured Mr Kateel after paying heed to the complaints of non-resident Kannadigas.

The video conference was organised by Ravi Shetty, ex president of Kannada Sangha Qatar.

Praveen Kumar Shetty, president, Karnataka NRI Forum of UAE, Sarvottam Shetty of UAE Karnataka Sangha, Avikshit Rai, Ravi Shetty, former president of Qatar Kannada Sangha, Santosh Shetty of Riyadh Karnataka NRI Forum, Zakariya Jokatte, president of Dammam Karnataka NRI Forum, Mohammad Mansoor, president of Bahrain Indian Overseas Congress, NS Shetty Kuwait, Pradeep Shetty of Kannada Sangha Bahrain, Karunakar Rao, Shashidhar Shetty Oman, Rajesh of Kuwait Kannada Sangha, Ramesh Bhandari, M E Muloor and Sunil Kulkarni among others participated in the video conference.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 6,2020

Bengaluru, May 6: The second day of liquor sales in Karnataka on Tuesday after easing of lockdown curbs saw a nearly five-fold jump in earnings, with Rs 197 crore worth spirits being sold.

According to top Excise Department officials, 4.21 lakh cases of Indian-made liquor, comprising 36.37 lakh litres, worth Rs 182 crore and 7.02 lakh litres of beer in 0.90 lakh cases worth Rs 15 crore was sold on Tuesday.

On Monday, when sales resumed in the state, Rs 45 crore worth liquor was sold.

"We had never expected such a record sale. It's unprecedented," an Excise official who did not wish to be named said.

Liquor sales had resumed in Karnataka on Monday after a 41 day gap following the lockdown due to the COVID-19 pandemic.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 14,2020

Bengaluru, Jun 14: Karnataka's Health Department has shut down four city clinics for not reporting Influenza Like Illness (ILI) and Severe Acute Respiratory Infection (SARI) cases, which are COVID symptoms, an official said on Sunday.

"We have shut four Bengaluru clinics for not reporting ILI and SARI cases," a health official told IANS.

The clinics are Namma Clinic at Sahakaranagar, Panchamukhi Specialty Clinic at Peenya 2nd Stage, Mathru Chaya Clinic at Sudhama Nagar in Bommanahalli and Nayak Hospital in Gayathri Nagar.

"We gave notice to 17 clinics for not reporting ILI and SARI medical conditions in patients. Out of the 17, 13 reverted that they did not do and will start reporting," said the official.

However, the four named clinics did not revert leading to their shutdown.

According to the official, the clinics failed to adhere to the Epidemic Diseases Act, 1987, Disaster Management Act, 2005 and others.

All medical facilities and hospitals should report all patients with ILI and SARI symptoms as many COVID positive cases have them as underlying conditions.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.