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 30,2020

Mangaluru, Mar 30: In continuing cases of tipplers in the southern states ending their lives due to non-availability of liquor during the lockdown, two men committed suicide in Karnataka's Dakshina Kannada district.

The two suicides were reported in Kadaba taluk on Saturday, police said.

Tomy Thomas (50), a rubber tapping labourer in an estate at Kutrupadi village of the taluk, was found hanging at his rented house on Saturday. Thomas, a native of Kottayam in Kerala, had joined at the estate here a month ago.

Local people said he was desperately moving around in the last few days asking about places where he can get liquor. He had also not reported to work in these days. The body has been kept at the mortuary of a hospital at Deralakatte.

In another incident, a 70-year old man, belonging to Kodimbala village in the taluk, allegedly hanged himself from the branch of a tree near his house at Nakur.

The deceased has been identified as Thomas, who had left his family here 30 years ago and had been working in Kerala. He had returned here only a few years back.

Sources said Thomas, an alcohol addict, was having health problems related to withdrawal. He has been living on pavements at Kadaba without going home.

Kadaba police has registered cases in connection with the two incidents.

Incidents of tipplers committing suicide have been reported in Kerala and Telangana in the past few days. Two men ended their lives in Kerala today while a 50-year old daily wage worker jumped to death from a building in Hyderabad on Friday.

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coastaldigest.com news network
March 19,2020

Mangaluru, Mar 19: The officers of Directorate of Revenue Intelligence, on March 11 intercepted 2 persons - Syed Mohammed and Shri Ashoka K S - Mangalore Central Railway Station and recovered 5.6 Kgs of gold bars in crude form.

The operation was conducted based on specific information about a network of operators who were bringing smuggled gold in the form of crude bars from Calicut to Mangaluru. The gold was then re-melted and cast into 100 gms bars with foreign markings, using foreign marking moulds, and was then getting distributed to various locations in Karnataka.

Further, one Mr. Manjunath Shet alias Rupesh who was supposed to receive the said gold from the passengers was also apprehended at the parking lot of the railway station.

Simultaneous searches were conducted in three different premises in car street Mangaluru, Udupi, and Shivamogga.

Further, the source of the gold was traced to melters/jewellers in Calicut and swift follow up action was conducted leading to seizures of gold and Rs 82 lakh Cash. Two cars of Toyota Etios model belonging to the syndicate having specially designed cavities for concealment which were used for transporting cash and gold between Calicut and Mangaluru were also seized.

Naveen Chandra Kamath of Udupi, who is the master mind involved in the case was also apprehended. Overall 7 persons were arrested during the entire operation. Further investigation is ongoing in the said case to uncover the other persons involved in the racket. The total seizure was 9.3Kgs of gold, valued at approximately 4 crores, 5.2 kgs of silver along with Rs 84 lakh in cash.

The team constituted of 40 officers from Bengaluru, Mangaluru and Shivamogga took part in the co-ordinated effort.

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News Network
April 16,2020

Bengaluru, Apr 16: In view of the raging coronavirus pandemic, no public iftaar or sehri will be organized during Ramazan, the month of fasting for the Muslims, the Karnataka Minority Welfare Department announced here on Thursday.

"No public shall be allowed to perform five-time congregational prayers in mosques, across Karnataka during Ramazan in view of COVID-19 pandemic. No public address system to be used by the staff of mosques for offering namaz,'' the department said.

During the holy month of Ramazan, it is a tradition to organise iftaar feasts for large gatherings by different people, especially by politicians, celebrities and the common wealthy people for their friends and family.

Ramazan is to commence from the 24th or 25th of April this year, depending on the sighting of the moon.

The order stated that Azaan (the call for prayer) shall be given at low decibel and namaaz including Friday namaaz, will be performed by the imams, moazzins and the masjid staff only.
No public should be allowed to offer namaaz in the mosques as per government directions, it said.

The state government also cited an order by the Ministry of Home Affairs dated April 15, which stated that "All religious places/places of worship shall be closed for public. Religious congregations are strictly prohibited due to the outbreak of COVID-19 across the country."
Thirty-four more COVID-19 cases, including 17 cases from Belagavi, have been reported from Karnataka. The total number of coronavirus cases in the state now stands at 313.

The total number of cases in India has now climbed to 12,380. Out of these cases, 1489 have been cured/discharged/migrated while 414 deaths have been reported so far, as per the latest data provided by the Ministry of Health and Family Welfare.

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