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
May 16,2020

Kalaburagi, May 16: Former Karnataka Minister Dr Sharanprakash Patil, who was booked for violating COVID-19 imposed lockdown guidelines said on Friday that it was "politically motivated".

"It's politically motivated, the officer who filed the case was forced by MLA or some other people. As elected representatives, we're going in the constituencies, listening to people as they're apprehensive about the return of migrants. We had not conducted any meeting. Wherever we have gone we have followed social distancing," Patil said.

Patil said, "When I had gone there people came to discuss about a local problem and I was talking to an official concerned. In the meantime, some officer gave a complaint that we have violated the lockdown or something."

"They are trying to curb the voice of opposition because there are a lot of lacunae. We hear complaints about quarantine centres that there is no proper facility for food, or stay, or bathrooms," the Congress leader said.

The FIR was registered on Thursday against 23 persons, including the former MLA and 21 local Congress leaders, under Section 188 (disobedience to order duly promulgated by a public servant) of the Indian Penal Code (IPC).

Congress leader Patil and his followers had conducted a meeting at a convention hall in Sulpeth town on May 13, following which sectoral magistrate Muneer Ahmed lodged a complaint.

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News Network
April 6,2020

Mangaluru, Apr 6: City Police Commissioner Dr P S Harsha has directed coastal security personnel to block the boat service near Talapady after reports of Kasarogod people using boats to cross over to Dakshina Kannada via Talapady river emerged, Dakshina Kannada District in-charge Minister Kota Srinivas Poojary said here on Monday.

Following the rise in Coronavirus cases in the neighbouring Kasargod district, District Commissioner Sindhu Roopesh ordered closure of borders with Kerala and totally suspended vehicular movement, including for medical emergencies.

However, now the people living in Talapady and surrounding areas allege that the government has failed to monitor people using boats to cross over to Dakshina Kannada via Talapady river.

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Agencies
January 9,2020

New Delhi, Jan 9: Crime in India has increased by 1.3 per cent in 2018 compared to 2017 with the registration of over 50 lakh cognisable crimes, reveals 2018 edition of 'Crime in India' statistics released this week by the National Crime Records Bureau (NCRB).

As per the NCRB, which works under the Ministry of Home Affairs, a total of 50.74 lakh crimes, including 31.32 lakh under the Indian Penal Code (IPC) and 19.41 under the Special Local Laws (SLL) was registered in 2018.

The report says that there was an overall rise of 1.3 per cent in the registration of cases in 2017, but crime rate per lakh population was down to 383.5 in 2018 from 388.6 in 2017.

A total of 1.05 lakh cases of kidnapping and abduction across the country was registered in 2018, showing an increase of 10.3 per cent over 95,893 such cases in 2017, the latest NCRB report said.

A total of 29,017 murders were reported in 2018, up by 1.3 per cent over 2017. Of which, disputes were reported as the motive of the highest number of murder cases (9,623) followed by personal vendetta and enmity (3,875) and gain (2,995).

Accidental deaths have also seen a rise to 4,11,824 in 2018 from 3,96,584 in 2017 -- a rise to 31.1 per cent from 30.3 per cent in 2017.

The NCRB report 'Crime in India-2018' said in its disclaimer section that clarifications on data were pending from West Bengal, Arunachal, Meghalaya, Sikkim and Kolkata. Hence, the data from these states and city may be treated as provisional.

No let up in road accident deaths in 2018: NCRB

There were 1,35,051 incidences of deaths due to negligence relating to road accidents in 2018, according to the latest NCRB report on "Crime in India -2018".

When compared to the previous two years, the statistics show that there has been no significant change in the overall situation.

In 2017 there were 1,34,803 incidences reported from across the country, while in 2016 it was 1,35,656.

Incidents of 'Hit and run' accident cases have climbed up marginally over the last year, if the latest figures are any indication. In 2018, the 'hit and run' cases reported were 47,028. In 2017, the cases registered under this category were 43,727.

The data collection process for NCRB report on "Crime in India - 2018" including clarifications from the states/UTs/central agencies started in July, 2019 and continued till December, 2019.

People involved in farming sector, including 5,763 farmers or cultivators, committed suicide during 2018, the report reveals.

The annual data was released around three months after the government released the National Crime Records Bureau (NCRB) report on "Crime in India 2017".

As per the latest data, of the 10,349 persons who committed suicide in 2018, 4,586 were agricultural labourers.

The number of suicides in farming sector in 2018 accounts for 7.7 per cent of the total suicide victims (1,34,516) in the country, the NCRB data said.

Suicides in India in 2018 rose to 1,34,516 from 1,29,887 in 2017. Rate of suicides is also up from 9.9 in 2017 to 10.2 in 2018.

In 2017, a total of 10,655 farmer suicides were reported.

West Bengal, Bihar, Odisha, Uttarakhand, Meghalaya, Goa, Chandigarh, Daman and Diu, Delhi, Lakshadweep and Puducherry reported zero suicides of farmers or cultivators and agricultural labourers during 2018, said the report.

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