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
January 27,2020

Bagalkote, Jan 27: The bank of Krishna River in front of Sangamantha Temple at Koodalasangama in Karnataka today witnessed the launch of women’s indefinite strike demanding liquor ban in the state.

Thousands of women from various parts of Karnataka have taken part in the strike being organised under the banner of 'Karnataka Madya Nisheda Andolana'.

The strike was launched to draw the attention of the state government to press for a complete ban on the sale of liquor across the state.

About 50 various organizations and religious pontiffs have extended their support for the strike. Food is being cooked on the bank of the river for the agitating women.

The women from Chikmagalur, Tumakuru, Raichur and Ballari districts are taking part in it.

Comments

SK
 - 
Tuesday, 28 Jan 2020

Change the Heading........

 

 

The protest is for Liquor ban and not against .......  Please edit the articles before posting

FAIRMAN
 - 
Monday, 27 Jan 2020

Thanks to God,

At least now, people wokeup., which should have been done immediattely after independence or during implementation of constitution.

 

Shame to men who drink more.

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News Network
June 10,2020

Bengaluru, June 10: The Department of Primary and Secondary Education of Government of Karnataka today ordered a ban on online classes for children from KG to class 5.

The decision was taken following a report based on the report submitted by director NIMHANS, recommending online classes only above the age of 6 years and also following the complaints from several parents about online classes conducted by private schools even for kindergarten kids.

Briefing the media soon after the meeting with department officials, S Suresh Kumar, primary and secondary education minister said, "We have taken two major decisions today. The online classes for LKG, UKG and primary classes should be stopped immediately."

Even collecting fees in the name of online classes should be stopped, said the minister. "We have already issued a circular about it insisting that schools not collect fees in the name of online classes and also requesting schools not to increase fees for the 2020-21 academic year considering financial constraints of several people due to the COVID-19 pandemic," said the minister.

The department, however, also discussed how to engage children during this period as there was no clarity over the reopening of schools for the 2020-21 academic year. "We have constituted a committee to prepare guidelines on how to engage students and increase their knowledge. The committee is headed by Prof. MK Sridhar," he said.

Before taking this decision, the department had three rounds of discussions with various experts, including Prof. MK Sridhar, Prof. VP Niranjanaradhya, Dr John Vijay Sagar and other departments, including the home and health departments.

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News Network
May 9,2020

Kota, May 9: Karnataka Yakshagana Academy has come to the rescue of artists in distress due to cancellation of all Yakshagana festivals following coronavirus outbreak and clamping of lock-down.

The academy spends lakh of rupees every year from the money sanctioned to it on training new artists, performances and documentation. However, no such activity was undertaken due to COVID-19. Hence, the academy is discussing to transfer a large amount of money to Yakshagana artists as emergency aid, Academy President Prof M A Hegde said here.

In a statement issued here on Saturday, he said that along with this aid the donations by the public and Yakshagana admirers too could be given to the artists.

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