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.
Ram Puniyani
March 14,2020

In the wake of Citizenship Amendment Act (CAA) UN High Commissioner, Michele Bachelet, has filed an intervention in the Supreme Court petition challenging the constitutionality of the Citizenship Amendment Act, as she is critical of CAA. Responding to her, India’s Foreign Minister S. Jai Shanker strongly rebutted her criticism, saying that the body (UNHCR) has been wrong and is blind to the problem of cross border terrorism. The issue on hand is the possibility of scores of people, mainly Muslims, being declared as stateless. The problem at hand is the massive exercise of going through the responses/documents from over 120 crore of Indian population and screening documents, which as seen in Assam, yield result which are far from truthful or necessary.

The issue of CAA has been extensively debated and despite heavy critique of the same by large number of groups and despite the biggest mass opposition ever to any move in Independent India, the Government is determined on going ahead with an exercise which is reminiscent of the dreaded regimes which are sectarian and heartless to its citizens, which have indulged in extinction of large mass of people on grounds of citizenship, race etc. The Foreign minister’s assertion is that it is a matter internal to India, where India’s sovereignty is all that matters! As far as sovereignty is concerned we should be clear that in current times any sovereign power has to consider the need to uphold the citizenship as per the principle of non-discrimination which is stipulated in Art.26 of the International Covenant on Civil and Political (ICCPR) rights.

Can such policies, which affect large number of people and are likely to affect their citizenship be purely regarded as ‘internal’? With the World turning into a global village, some global norms have been formulated during last few decades. The norms relate to Human rights and migrations have been codified. India is also signatory to many such covenants in including ICCPR, which deals with the norms for dealing with refugees from other countries. One is not talking of Chicago speech of Swami Vivekanand, which said that India’s greatness has been in giving shelter to people from different parts of the World; one is also not talking of the Tattariaya Upanishad’s ‘Atithi Devovhav’ or ‘Vasudhaiva Kutumbkam’ from Mahaupanishad today.

What are being talked about are the values and opinions of organizations which want to ensure to preserve of Human rights of all people Worldwide. In this matter India is calling United Nations body as ‘foreign party’; having no locus standi in the case as it pertains to India’s sovereignty. The truth is that since various countries are signatories to UN covenants, UN bodies have been monitoring the moves of different states and intervening at legal level as Amicus (Friend of the Court) to the courts in different countries and different global bodies. Just to mention some of these, UN and High Commissioner for Human Rights has often submitted amicus briefs in different judicial platforms. Some examples are their intervention in US Supreme Court, European Court of Human Rights, International Criminal Court, and the Inter-American Court of Human Rights. These are meant to help the Courts in areas where UN bodies have expertise.

 Expertise on this has been jointly formulated by various nations. These interventions also remind the nations as to what global norms have been evolved and what are the obligations of individual states to the values which have evolved over a period of time. Arvind Narrain draws our attention to the fact that, “commission has intervened in the European Court of Human Rights in cases involving Spain and Italy to underscore the principle of non-refoulement, which bars compulsory expulsion of illegal migrants… Similarly, the UN has intervened in the International Criminal Court in a case against the Central African Republic to explicate on the international jurisprudence on rape as a war crime.”

From time to time organizations like Amnesty International and Human Rights Watch have been monitoring the status of Human rights of different countries. This puts those countries in uncomfortable situation and is not welcome by those establishments. How should this contradiction between ‘internal matter’, ‘sovereignty’ and the norms for Human rights be resolved? This is a tough question at the time when the freedom indices and democratic ethos are sliding downwards all over the world. In India too has slid down on the scale of these norms.

In India we can look at the intervention of UN body from the angle of equality and non discrimination. Democratic spirit should encourage us to have a rethink on the matters which have been decided by the state. In the face of the greatest mass movement of Shaheen bagh, the state does need to look inwards and give a thought to international morality, the spirit of global family to state the least.

The popular perception is that when Christians were being persecuted in Kandhmal the global Christian community’s voice was not strong enough. Currently in the face of Delhi carnage many a Muslim majority countries have spoken. While Mr. Modi claims that his good relations with Muslim countries are a matter of heartburn to the parties like Congress, he needs to relook at his self gloating. Currently Iran, Malaysia, Indonesia and many Muslim majority countries have spoken against what Modi regime is unleashing in India. Bangladesh, our neighbor, has also seen various protests against the plight of Muslims in India. More than the ‘internal matter’ etc. what needs to be thought out is the moral aspect of the whole issue. We pride ourselves in treading the path of morality. What does that say in present context when while large section of local media is servile to the state, section of global media has strongly brought forward what is happening to minorities in India.   

The hope is that Indian Government wakes up to its International obligations, to the worsening of India’s image in the World due to CAA and the horrific violence witnessed in Delhi.

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
April 19,2020

Mangaluru, Apr 19: In order to boost the Coast Guard's (CG) surveillance and reconnaissance capabilities on the country's west coast in Karnataka, CG OPV Varaha and CG Dornier 785 ex Kochi were pressed to service to undertake extensive surveillance.

"Both seawards and aerial surveillance of Karnataka coast line will be undertaken from Sunday," said S Babu Venkatesh, Commander, Coast Guard, Karnataka. The surveillance will be an air-sea coordinated operation.

The Coast Guard ships and aircraft maintained extensive search in the area for intercepting any suspect vessel. Indian Coast Guard ships classified various contacts in the area and kept them under constant surveillance.

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
August 2,2020

Chitradurga,  Aug 2: Said to be 110-years-old, a grand old woman Siddamma was discharged on Saturday from a COVID Hospital in Chitradurga after recovering from the novel coronavirus.

According to Dr Basavaraj, District Surgeon, Chitradurga, the woman had tested positive for the disease on July 27.

After her recovery, the frail woman dressed in a sari was seen being wheeled out from the hospital.

As many as 5,172 new COVID-19 cases and 98 deaths were reported in Karnataka on Saturday, taking the state's count of coronavirus cases to 1,29,287.

The active cases in the state now stand at 73,219 while 53,648 people have been discharged.

"5,172 new COVID-19 cases and 98 deaths reported in Karnataka in the last 24 hours, taking total cases to 1,29,287 including 53,648 discharges and 2,412 deaths. 

The number of active cases stands at 73,219," said State Health Department.

So far, a total of 2,412 people have succumbed to the virus in the State.

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.