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
February 2,2020

Newsroom, Feb 2: American business magnate Bill Gates has congratulated her daughter Jennifer Gates after she announced her engagement to her Muslim boyfriend Nayel Nassar.

“I am completely thrilled! Congratulations, @jenniferkgates and @nayelnassar”, commented the Microsoft boss to her daughter’s surprise Instagram story.

The proposal took place on a ski getaway. "Nayel Nassar, you are one of a kind. Absolutely swept me off my feet this past weekend, surprising me in the most meaningful location over one of our many shared passions," she wrote on Instagram. The pair does have one very significant shared passion - horses.

Nassar, 29, is a showjumper. Gates, 23, has famously grown up an equestrian, and has even competed against Steve Jobs' daughter.

In October, Nassar helped Egypt qualify for Tokyo 2020 - Egypt's first Olympic equestrian qualification in 60 years. He has been jumping since he was 10 years old and has the accolades to show for it - he has taken first place in a number of notable competitions, including the Longines FEI Jumping World Cup.

Nassar was born in Chicago to Egyptian parents and spent many of his formative years in Kuwait, where his well-to-do parents run an architecture and design firm, according to People. He is fluent in English, Arabic, and French.

He moved back to the US in 2009 and graduated from Stanford with an economics degree in 2013 - later, he supported Gates at her own Stanford graduation in 2018.

The couple received well wishes from many notable personalities on each of their Instagram posts, including comments from Bill and Melinda Gates, Georgina Bloomberg, and Eve Jobs.

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News Network
January 7,2020

Bengaluru, Jan 7: The Central Crime Branch (CCB) sleuths held an international bookie in connection with the Karnataka Premier League (KPL) betting scam and spot-fixing racket, police said on Tuesday.

The bookie was identified as Jitin Sait (32), a native of Sonipat in Haryana.

'We had obtained and issued a Look Out Circular (LOC) against Sait, and on Sunday, he was caught after he landed at the Kempegowda International Airport from the Netherlands.

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News Network
February 24,2020

New Delhi, Feb 24: The National Investigation Agency (NIA) is conducting raids at more than 20 locations in Karnataka and Tamil Nadu. The latest raids are being carried out in connection with ISIS conspiracy cases.

More details are currently awaited regarding the cases.

Meanwhile, NIA had on February 15 filed a charge sheet against two Lashkar-e-Toiba (LeT) terrorists before the agency special court, Jammu. The two terrorists are identified as Khalil Ahmad Kayani (34) and Mohammad Nazeem (23), both residents of Haveli Farwad Kahuta district in Pakistan occupied Kashmir (PoK).

The case is related to the arrest of the two accused near Nilkanth Nala, approximately 700 metres inside the Indian side of LoC, in Gulmarg Sector of Baramulla district.

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