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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Ram Puniyani
February 13,2020

Forthcoming Census and RSS campaign

Currently massive protests are going on against NPR, NCR and CAA. At the same time we are going to begin the process of decadal census in 2021. Already RSS is active in promoting NPR, NCR and CAA. At the same time RSS wants that Adivasis should register themselves as Hindus rather than ticking the column of ‘Others’. As per their spokesperson in the 2011 census many Adivasis groups ticked that column because of which the population of Hindus came down to by 0.7 percent point to come down to 79.8 %. This has sent signals to this Hindu nationalist organization and is planning to ensures that Adivasis tick the column of Hindus in this census.

As such RSS has a very clever attitude in defining the term Hindu. The first formulation was by Savakakar who said that all those who regard the land east of Indus as their Holy land and Father land are Hindus. This left out Muslims and Christians, and brought all others in the ambit of Hindu fold. From the decade of 1980s due to electoral compulsions they have been trying to articulate that all those who are living in India are Hindus. Murli Manohar Joshi stated that Muslims are Ahmadiya Hindus and Christians are Christi Hindus. Recently there was a controversy when they restated that Sikhs are not a separate religion but are a sect of Hinduism. Many Sikh organizations stood up to say that Sikhism is a religion by itself and recalled the book of Kahan Singh Nabha, “Hum Hindu Nahin”

As far as Adivasis are concerned in contrast to what is being planned by Hindu nationalist RSS, many Adivasis groups have been meeting from last couple of years to demand just the contrary. As per them there should be a column where they can tick their identity of Adivasis.  There are active campaigns among Adivasis groups to uphold their Adivasi identity in Census. As per them in the first census which was conducted in Independent India, the column, Aborigines, was there, which was later removed forcing them to club themselves with other religions.

After 1951 in addition to Hindu, Muslim, Sikh, Christian, Jain and Buddha, the column ‘others’ was also there which was removed in 2011. Even during British period if you look at the censuses of the British era (from 1871 to 1931); there was provision for tribes to choose Aborigine as an option. There are nearly 83 religious practices being followed by Adivasis. Few major of these are Sarna, Gondi, Punem, Adi, and Koya. What they share in common is that they are animists, worship nature and spirit of ancestors; do not have priestly class or Holy Scriptures and Gods and Goddesses characteristic of the broad Hindu pantheon.

RSS as per its political agenda of Hindu Nation regards them as Vanvasi. They pontificate that they have been part of Hindu society who were driven away to forests to escape the forcible conversion being done by the Muslim invaders. This concoction is contrary to the interpretations based on the studies from population genetics. The Hindu nationalist argues that Aryans have been the original inhabitants of the country from where they spread to other parts of the World. The book by Tony Joseph, ‘Early Indians’ tells us that away from the race theory, we are all mixed up. The first inhabitants in our land were the ones who emigrated from South Asia over Sixty thousand years ago.

The Indo-Aryans came here nearly three thousand years ago and they pushed the aborigines to the forests and hills and that’s what constitutes the Adivasi community of India.

Hindu Nationalists like all the nationalists who construct their nationalism around their religion claim to be the most original inhabitants of the land, and their interpretations of past are molded according to that. RSS right from beginning has not been using the word Adivasi, it calls them Vanvasi. As per its agenda it wants them to be part of Hindu fold, despite Adivasis themselves saying that they are not Hindus, they have beliefs and practices which are far away from Hinduism in whatever form.

To enhance its political reach from the decades of 1980s in particular its work in Adivasis areas has been intensified. While ‘Vanvasis Kalyan Ashram’, part of RSS Combine which was formed much earlier, it was in the decades of 1980s that their work was jacked up by sending more Pracharaks in Adivasi areas. We see that in Gujarat, Dangs and nearby area, Swami Aseemanand, in MP, centered around Jhabua-the followers of Asaram Bapu and in Orissa Swami Laxmananad stationed them. They saw Christian missionaries working in the field of education and health as an obstacle to Hinduization of Adivasis. Their propaganda against Christian missionaries led to the ghastly murder of Pastor Graham Stains. It was this propaganda which led to anti Christian violence in various forms, the most horrific being the Kandhamal violence of 2008.

In order to culturally co-opt them into the fold of Hinduism they began series of religious congregations, Kumbhs. Shabri Kumbh in Dangs and many other Adivasis predominant areas created an atmosphere of fear, Adivasis were asked to be part of it, saffron flags were distributed and they were made to put it in their houses. Two religious icons were popularized in these areas, one was Shabri and other was Hanuman. To cap it all, Ekal Vidyalayas, started spreading RSS’s interpretation of history in these areas. The other angle of the whole thing is that Adivasis are living in the areas rich in minerals, which the BJP supporter Corporate World wants to take over.

World over aborigines have similar pattern. They are animists and what they practice is a culture as such. Many have converted to other religions out of their choice for sure, but finally in these matters what is important is the self perception. Hemant Soren the Chief Minister of Jharkhand pointed out that “Adivasis are not Hindus. ”Keeping that in mind; the column of Aborigines needs to find its place in our census forms.

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coastaldigest.com news network
April 30,2020

Newsroom, Apr 30: Beleaguered billionaire B R Shetty, who went into hiding after after a multi-billion fraud at UAE-based NMC Health came to light, has now put the blame on his companies employees.

The former chairman of the Abu Dhabi headquartered hospital operator said, investigations he commissioned found following things:

1. The fraudulent creation and operating of bank accounts in my name including many fraudulent transfers that I neither authorised, consented to, or had any knowledge of.

2. The fraudulent creation of loans, personal guarantees, cheques and bank transfers in my name, and using my forged signature, that I neither authorised, consented to, or had any knowledge of.

3. The creation and set-up of companies in my name that I neither authorised, consented to, or had any knowledge of, and that were seemingly created with the express intention to commit or conceal fraud.

4. The fraudulent creation of powers of attorney, and the misuse of existing powers of attorney, again in my name, that I that I neither authorised, consented to, or had any knowledge of.

5. The creation and provision to me of false and misleading financial statements and information regarding the performance of some of my private companies and investments by members of my own management team.

6. The payments of expenses using my private companies and personal bank accounts, I believe to hide the true financials of the public companies."

This is the first time Dr. Shetty, who is reportedly hiding in India for the last couple of months, issued a statement based on investigations he commissioned privately. He had brought in a consultancy to conduct it after initial revelations came to light that NMC Health had not been fully transparent with its finances.

Dr. Shetty had stepped down as executive chairman after the then Board of Directors barred him from attending any meetings. “I intend to work tirelessly to clear my name and assist any authorities in getting to the truth and help them ensure that misappropriated or missing funds are returned by the perpetrators to their rightful owners,” said Dr. Shetty.

This month, ADCB, which has the highest exposure among UAE banks to NMC Health, brought charges against five former officials, including ex-board of directors, with Abu Dhabi prosecution. The former CEOs of NMC Health and Finablr are also currently not in the UAE.

Comments

Kannadiga
 - 
Thursday, 30 Apr 2020

Can he explain give few wordd about Daniel Varghese  the founder of UAE exchange.

Who is the person shattered his fate .

 

 

 

 

 

 

 

 

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News Network
April 16,2020

New Delhi, Apr 16: Minority Affairs Minister Mukhtar Abbas Naqvi on Thursday directed state waqf boards to ensure strict implementation of lockdown and social distancing guidelines during the holy month of Ramzan starting next week amid the coronavirus pandemic.

At a meeting via video conferencing, Naqvi asked the state waqf boards' officials to create awareness among people to offer prayers and perform other religious rituals like "iftar (breaking of fast)" during Ramzan, which begins on April 24 or 25, staying inside their homes.

More than seven lakh registered mosques, eidgahs, imambadas, dargahs and other religious and social institutions come under state waqf boards across the country. The Central Waqf Council is the regulatory body of state waqf boards in India.

"We should cooperate with health workers, security forces, administrative officers, sanitation workers. They are working for our safety and well-being even putting their own lives at risk in this coronavirus pandemic," Naqvi said.

"We should also demolish rumours and misinformation being spread about quarantine and isolation centres by creating awareness among people that such centres are only meant to protect people, their families and the society from the pandemic," the minister said.

Naqvi told all the state waqf boards and religious and social organisations that everyone should remain cautious of any type of fake news and conspiracies aimed at creating misinformation. 

"Authorities have been working for safety and well-being of all citizens of the country without any discrimination. Such type of rumours and conspiracies are a nefarious design to weaken the fight against coronavirus," he said.

"We should work united to win this fight against corona by defeating any type of rumour, misinformation and conspiracy," the minister said.

Naqvi asked officials of all the state waqf boards to play an active and effective role in ensuring that people follow the guidelines of the Union Home Ministry, state governments and the Central Waqf Council while fulfilling religious responsibilities during Ramzan.

In view of the challenges of the COVID-19 pandemic, all religious and social activities and mass gatherings in all the temples, gurdwaras, churches and other religious and social places of the country have been stopped, he said. 

Similarly, any mass gatherings in mosques and other Muslim religious places of the country has also been stopped, Naqvi said.

He said that due to the COVID-19 threat, religious leaders as well as religious and social organisations from all regions of the country, have appealed to people to offer prayers and perform all other religious rituals staying inside their homes during Ramzan. 

Most of the Muslim nations of the world have also banned mass gatherings at mosques and other religious places during the holy month, he pointed out.

Prime Minister Narendra Modi, in cooperation with all the state governments, has been working effectively for the safety and well-being of the people, he said.

The cooperation of the people has brought great relief to India in the war against COVID-19 Naqvi said, adding that several challenges are still there before the country. 

"We can defeat these challenges of the coronavirus pandemic by following all the guidelines of the central and state governments strictly," he asserted.

Chairman and senior officials from state waqf boards such as Uttar Pradesh (Shia & Sunni), Andhra Pradesh, Bihar (Shia & Sunni), Dadra & Nagar Haveli, Haryana, Karnataka, Kerala, Madhya Pradesh, Punjab, West Bengal, Andaman & Nicobar, Assam, Manipur, among others participated in the meeting.

State waqf boards from Rajasthan, Telangana, Delhi, Chhattisgarh, Gujarat, Himachal Pradesh, Jammu and Kashmir, Jharkhand, Maharashtra, Odisha, Puducherry, Tamil Nadu, Tripura and Uttarakhand also participated.

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