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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DHNS
January 2,2020

Jan 2: A year after 12,000 acres of forests in Bandipur went up in smoke, the Karnataka Forest Department is gearing up for the summer even as the Forest Survey of India (FSI) has cautioned that 22.78 lakh acres (9,222 sq km) or about 20% of the green cover spread across three districts in the central part of the state is fire-prone.

The FSI studied forest fire incidents across the country between 2004-05 and 2017 before coming up with state-specific inputs.

According to the 13-year observation, Karnataka has 7,352 “fire points” or areas measuring 5 km X 5 km with frequent fire incidents.

Though the number is lower compared to states like Maharashtra, Madhya Pradesh and Odisha with over 20,000 points, the sheer spread of the fire-prone area itself is a challenge for the Karnataka Forest Department.

According to data, about three lakh acres (1,199.9 sq km) of forest area is very highly fire prone with 26 to 52 fire incidents in 13 years. This is followed by 7.6 lakh acres (3,067 sq km) of “highly fire prone” areas with an average of one to two incidents every year.

Almost all of the “red alert” areas are concentrated in Uttara Kannada, Chikkmagaluru, Shivamogga and Chamarajanagar districts. As temperature rises at the end of January, so does the risk of forest fires, requiring officials to be on vigil till the end of summer.

After an investigation into the Bandipur blaze revealed that faulty fire lines and poor supervision were the reason for the spread of the fire, the department has come up with a multi-pronged approach to prevent similar incidents this year.

“After the Bandipur incident, we have created a fire cell and a standard operating procedure (SOP) which everyone has to follow. Firstly, a fire management plan is prepared and approved by a competent authority.

The SOP has well defined firelines which have to be executed by December-end and burning must be completed by January 15,”  Principal Chief Conservator of Forests (Head of Forest Force) Punati Sridhar told DH.

He said that to ensure its strict implementation, GPS readings of firelines are to be submitted for random verification.

“All the required equipment from fire jackets to shoes, gloves, backpack sprayers and tractors mounted with 2,000-5,000 litre tanks with high pressure pumps will be deployed at vantage points,” he said.

In addition, the department’s fire cell works in collaboration with the Karnataka State Remote Sensing Applications Centre (KSRSAC) to give fire alerts within half and hour of an area catching fire and detected by satellites.

“Earlier, the gap used to be four hours by when the fire would have spread beyond control. Now, with reduced time gap, it would be easier to control fire early,” he added.

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News Network
May 6,2020

Mysuru, May 6: A seven-months pregnant woman fled Covid-19 hotspot Mumbai along with her family, and made it to her village 1000 km away in KR Pet taluka in Mandya district of Karnataka, flashing her mother's ID card at each checkpost. After reaching her destination, she got herself tested for Covid-19.

She tested positive for the virus on Monday in Mandya.

The 20-year-old woman (assigned the number P637) had been living with her husband and in-laws at Santa Cruz East, Agripada in Mumbai for the past three years. To get out of the containment zone, they started out from Mumbai at 7.30 pm on April 23 -- she, her husband, brother-in-law, co-sister and their children, and a 19-year-old girl. She made it past checkposts at Belagavi, Hubballi, Davanagere, Kadur, Arasikere, Channarayapatna and Shravanabelagola and reached her village Jaaginakere at 3 pm on April 24.

She stayed at her home in the village from 24 April to April 29. With the Mandya district administration testing people on a campaign mode in the entire district, she and her family got themselves tested on May 1.

Her test returned positive on May 4, according to deputy commissioner M V Venkatesh.

Along with her, the 19-year-old girl (P638) who travelled with the family also tested positive. The girl is in the sixth semester of her BE Electronics course at an engineering college in Mumbai.

This is not the first case of a corona fugitive from Mumbai. Earlier, a 50-year-old man who ran a hotel in Mumbai travelled in a vehicle carrying dates and reached Channarayapatna in Hassan district.

In fact there have been three such incidents, including that of seven people coming to Mandya from Mumbai transporting a dead man's body for cremation in his native village of B Kodagalli in Pandavapura taluk.

Mandya deputy commissioner Dr Venkatesh has appealed to natives of Mandya who are stuck in Mumbai to stay there till the Covid situation comes to control.

So far 28 people in Mandya diatrict have tested positive for Covid 19. Seven people have been discharged. Currently there are 21 active cases being treated at the Mandya Institute of Medical Sciences.

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News Network
January 15,2020

Hubballi, Jan 15: Leaders of the Muslim community, Dalit organisations, Congress Party, and others are staging a hunger strike at Dr B R Ambedkar Circle in Hubballi, opposing the Citizenship Amendment Act (CAA) and National Register of Citizens (NRC).

Raising slogans against Prime Minister Narendra Modi and Union Home Minister Amit Shah, they demanded the withdrawal of the CAA and not to implement NRC.

"India is witnessing such a dictatorship for the first time. The BJP government is trying to divide people into the lines of religion, through CAA and NRC. This move is a threat for peace and harmony in the country," said AICC member Shakir Sanadi, who led the protest.

Sayed Tajuddin Quadri, Moulana Niyaz Alam, Moulana Nayimuddin and others took part in the hunger strike.

Former minister A M Hindasgeri, former MP I G Sanadi, F H Jakkappanavar, Pitambrappa Bilar, and others also extended support to the protest.

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