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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
April 9,2020

Bengaluru, Apr 9:  Ministers and members of Legislature in Karnataka will take a 30 per cent cut each in their salaries and allowances to fund the fight against coronavirus in the state, for a year.

An ordinance to reduce the salaries of ministers and legislators by 30 per cent for one year to meet the exigencies arising out of COVID-19 pandemic was approved by the state cabinet headed by chief minister B S Yediyurappa on Thursday.

"... we have cut by 30 per cent salaries and allowances of all ministers, MLAs, MLCs, also speaker, deputy speaker, chief whip every one for one year from April 1, amounting to Rs 15.36 crore," Law and Parliamentary Affairs minister J C Madhuswamy said.

Speaking to reporters after the cabinet meeting, he said, "we have the consent from all the political parties for this, so we have passed the ordinance today."

The Union Cabinet on Monday had approved a 30 per cent cut in salaries of all Members of Parliament and a two-year suspension of the MP Local Area Development (MPLAD) scheme.

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News Network
July 29,2020

Bengaluru Jul 29: There will be a centralised system in place in Karnataka to classify asymptomatic, symptomatic and mild symptomatic persons and recommend treatment based on the severity of the cases, said Medical Education Minister Dr K Sudhakar on Tuesday here.

"Various existing apps related to COVID-19 will be brought under one platform to get real-time information which will assist in strategising allocation of hospitals/beds to the needy. This will probably remove the delay in bed allocation and treatment which is being faced now. The patients will get all information in one phone call," Dr Sudhakar said.

Sudhakar spoke with a team of experts from the government and Infosys.

Referring to a company by name Step 1, which is providing such services in Delhi and Madhya Pradesh, the Minister said that a similar system will be implemented in the state as well.

"This company is having a team of doctors and nurses which is guiding the people whether they need hospital treatment or home isolation after they are tested positive for COVID-19. More than 70 per cent of the positive cases are being asymptomatic or mildly symptomatic and are advised to go for home isolation," the minister said.

"The load on the hospitals is reduced and severe cases can be administered proper treatment. Infosys co-ordinates with the government to provide technical support for this system," Dr Sudhakar added.

Earlier during the day, the minister held a video conference with the heads of private medical colleges to review COVID preparedness.
The government has already passed guidelines to allocate 50 per cent of hospital beds for COVID patients.

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News Network
June 2,2020

Bengaluru, Jun 2: Chief Minister BS Yediyurappa on Tuesday interacted with District Collectors (DCs) and Superintendents of Police (SPs) regarding COVID- 19 situation in the State.

In the meeting held through a video conference, he said that DCs, SPs and the District Panchayat Chief Executive Officer (CEO) be divided into taluks and ordered them to take appropriate measures to control COVID-19.

He was speaking today in a video conversation with District Collector, District Panchayat Chief Executives and Superintendents of Police in Kalaburgi, Vijayapura, Udupi, Yadagiri, Raichuru and Belagavi districts regarding measures to control the spread of COVID-19.

The Chief Minister instructed officials to monitor the investments in taluka centres. He also ordered to create a task force in the village panchayats, who will be monitoring things closely.

The Chief Minister also directed for the creation of ward-level watchdog committee in every village and city and an FIR should be registered in case of a home quarantine violation.

Home Minister Basavaraja Bommai, Revenue Minister R Ashok, Chief Secretary TM Vijayabhaskar, Development Commissioner Vandita Sharma, Police Chief Director Praveen Sood, Health Department general secretary Javed Akhtar and secretary Pankaj Kumar Pandey were also present in the meeting.

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