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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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coastaldigest.com news network
July 28,2020

Mangaluru, July 28: In an unexpected development, the government of Karnataka has transferred Dakshina Kannada Deputy Commissioner Sindhu B Rupesh.

The development comes days after the IAS officer warned of legal action against those attacking cattle traders in the region.

Another IAS officer Dr Rajendra K V who was the CEO of Belagavi Zilla Panchayat, has been transferred and posted as the new Deputy Commissioner of Dakshina Kannada.

Dr Rajendra is a medical doctor graduated from Bapuji Medical College, Davangere. He had secured the 32nd rank in the civil services examination in 2013.

Sindhu B Rupesh had taken over as DK DC in September 2019.  Now, she is posted as the director, electronic delivery citizen services (EDCS), DP & AR (e governance) Bengaluru.

Also Read: Death threat against DK DC Sindhu B Rupesh after she warns against attack on cattle traders

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News Network
February 14,2020

Bengaluru, Feb 14: A 31 -year-old Bhojpuri dancer and another girl were rescued from human traffickers after the former alerted city police on landing at Kempegowda International Airport (KIA) on Tuesday. They were to be received by a woman named Preethi at the airport.

The dancer had been told she was supposed to perform a few stage shows in the city, which has a significant Bhojpuri-speaking population. But when she realised she is likely to be pushed into flesh trade, she raised an alarm.

The woman, Radha (name changed), is a mother of four children and the lone breadwinner of the family. A few months ago, Radha came in contact with a woman named Soniya in New Delhi during a dance performance. Last month, Soniya got in touch with Radha and offered to pay Rs 40,000 per month if she performed in Bengaluru.

Radha agreed and was sent to Bengaluru from Chandigarh along with the other girl. During the journey, she learnt she was supposed to do more than just perform on stage. A shocked Radha informed the Central Industrial Security Force personnel manning KIA that she feared being pushed into prostitution. KIA police were informed and the women were rescued. Preethi was arrested.

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News Network
February 16,2020

Bengaluru, Feb 16: The Central Crime Branch has recovered blank firearms from Saddaguntepalya Police Station limits.

As of now, two persons have been arrested in this regard. They have been identified as Mohd Junaid and Mohd Tabrez. The officials have recovered 28 blank firearms and 76 blank bullets.

"The two accused -- without having any license -- were in possession of these huge number of weapons," Sandeep Patil, Joint CP, Crime, told media.

As per the preliminary investigation, there has been no record of such cases in Bengaluru. "But we are verifying if other states have any (such) case," added the Joint CP

According to investigations, it was noted that the weapons were purchased from Mumbai at an estimated cost of Rs 1 lakh per weapon.

Further investigation is currently underway.

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