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
July 12,2020

Thiruvananthapuram, Jul 12: At least 66 children have ended their lives in Kerala since the Covid-19 lockdown began on March 25 with youngsters facing stress unable to bear the unprecedented situation where schools are shut and friends are out of reach to share their woes.

According to Chief Minister Pinarayi Vijayan, there has been an increasing instance of suicidal tendencies among children in the state due to various reasons, including parents scolding them over mobile phone use and failure to attend online classes.

This has prompted the government to launch a teleconsultation facility for children facing stress and also cautioning parents against hurting their sentiments while being concerned about welfare of their wards. It has also ordered a study into the issue. "Among the children an increasing instance of suicidal tendency is being witnessed which will become an extremely serious social issue.

Since March 25, when the national lockdown was imposed, 66 children, below 18 years of age, have ended their lives due to various reasons", Vijayan said. A mother scolding her child for not attending the ongoing online classes, or a parent questioning a child for downloading a sleazy video on the smartphone or the constant rift between the parents were among the reasons which triggered the suicidal tendency, he said on Saturday.

As the schools have not yet re-opened due to the lockdown, the children are unable to meet their friends and share their problems. Vijayan said though the parents were intervening keeping in mind their child's welfare, it was essential to ensure that the young minds were not hurt in the process. To helpthe children facing issues relating to mental pressures, 'Chiri'atele-counselling initiative has been started by the government under its Our Responsibility to Children Programme (ORC), a planned community intervention that connects with people between the age of 12-18 years. The state health department has also launched "Ottakalla Oppamundu" (You are not alone,we are with you) programmeto help children facing any kind of mental distress and to prevent the suicidal tendencies among them.

Health Minister K K Shailaja said under the psychosocial support assistance, her department has so far reached out to 68,814 children and 10,890 children have been given counselling. The changes in the behaviour of their children should be noted by the family members and if they find something amiss, the district psychosocial help desk should be informed, she said. A 15-member team of Students Police Cadets will be constituted in each of the 14 districts to help the children needing any assistance,police sources said. Education should not be a competition, but a means to gain knowledge, Vijayan said.

A society's future lies with the children and it is the duty of the society and the government to ensure their physical and mental well being. Taking a serious view of the situation, the state government has constituteda committee headed byFire and Rescue Services DGP R Sreelekha to conduct a study on child suicides in the state. The aim of the ORC was also to create a multi collaborative platform for government and professional agencies, parents and teachers to equip youth with appropriate know-how to face challenges, officials said. 

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News Network
May 30,2020

Bengaluru, May 30: A city corporator in Bengaluru was sent into quarantine on Saturday after he tested positive for the coronavirus infection, officials said.

"Yes, I have tested positive," Padarayanapura municipal ward corporator Imran Pasha told some news channels.

The JDS corporator said he would quarantine himself as per the regulations.

The entire area where Pasha lives was cordoned off.

Health workers reached there in an ambulance and gave him a personal protection gear to wear and he was taken to a designated hospital.

Reacting to the development, Karnataka Revenue Minister R Ashoka claimed Pasha hardly paid heed to the COVID-19 regulations.

"He rushes to all those places wherever there are positive cases...," Ashoka told reporters.

Padarayanapura was declared as a containment zone earlier with a few cases coming to the fore.

It was in this area where some policemen and health workers were attacked when they went to quarantine a few primary and secondary contacts of a COVID-19 patient about a month ago.

Following the incident, about 125 people were arrested, and later quarantined after a few of them tested positive.

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News Network
May 17,2020

Bengaluru, May 17: A group of 86 college students, who went to Malaysia for internship and have been stranded due to lockdown, have appealed to Karnataka Chief Minister B S Yediyurappa to help them return to Karnataka.

The students in the video have also mentioned Union Minister D V Sadananda Gowda and Kolar MP S Muniswamy and stated that States such as Kerala and Tamil Nadu have made arrangements to bring back their natives from South East Asia.

The students added that they are in the Selangor State of Malaysia. They had arrived there on March 13 for a three-month-long internship as part of their college studies. They are living in apartments arranged by their college and money with them is almost spent, their college is extending them support in this regard. They are not in a position to complete the remaining two months of internship due to lock-down in Malaysia.

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