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
March 31,2020

Patna, Mar 31: In arguably the first of its kind incident in the country, a young man in Bihar was beaten to death precisely because he had informed the district control room about two corona suspects who had arrived here in the State from Mumbai.

The incident took place in Sitamarhi in North Bihar where a 20-year-old youth Bablu Kumar was allegedly killed by Sudhir Mahto and Munna Mahto.

The two Mahtos had arrived from Mumbai to Sitamarhi around ten days back. Bablu, in the meantime, informed the district control room about the arrival of two persons from a State where a large number of people were afflicted with coronavirus.

A team of doctors on March 24 reached Runnisaidpur in Sitamarhi to examine the two suspects. Three days later, these two persons from Maharashtra tested negative.

But the incident (of informing control room and subsequent medial test) created such enmity between the family of Mahtos and Babloo that on Sunday when they found the 20-year-old young man sitting alone, they thrashed him so mercilessly that he died on the spot.

Shocked and grief-struck, Babloo’s father Vinod Singh eventually lodged an FIR with the police and named Sudhir Mahto, Munna Mahto, and their family members as accused in the killing of his son.

The police on Monday raided the place and arrested the Mahtos.

But then, this is not an isolated case of violence. In another incident that took place in Bihar’s Jehanabad district, a BDO Ajay Kumar and a police officer Chandrashekhar Kumar were attacked by fellow villagers when the officials reached there to quarantine those migrants who had reached there from Delhi. So angry were the villagers with the officials’ move to isolate the migrants that they smashed the window-panes of the government vehicles and attacked the officials.

The officials had to beat a hasty retreat. But they soon returned with additional police team which used brutal force and took local leaders into custody before restoring normalcy in the area.

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coastaldigest.com web desk
June 14,2020

Benglauru, June 14: Even as schools are divided over providing online education, the state Higher Education Department is stressing on continuing online education.

Deputy Chief Minister and Higher Education Minister Dr C N Ashwath Narayan has stressed the need for digital learning to eliminate educational inequalities.

Taking part in a Webinar on ‘Digitising Higher Education - Challenges and Opportunities,’ organised by the Padmashree Institute of Management, he asked educational institutions to give emphasis to digital learning.

“Digital learning is a means to ensure quality education to all sections of the society without discrimination on the basis of caste, region and religion. This is a solution to eliminate discrimination. Through digital learning, a student in a remote village will also get an opportunity to learn from an experienced and highly qualified teacher.”

In addition to this, students are getting study material in digital form. Keeping these important aspects in mind, all educational institutions should give stress to digital learning without wasting any time,’’ he said.

He, however, admitted that digital learning has its own challenges like - quality internet connectivity, laptops and mobile gadgets.

“We are trying to find a solution to it by raising funds through Corporate Social Responsibility or through government funds,” he said. “We are making efforts to provide 4G network across the State,” he said.

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News Network
June 5,2020

Udupi, Jun 5: Senior BJP leader and Lok Sabha member Shobha Karandlje accused members of Tablighi Jamaat of spreading Coronavirus, particularly in slums, in Bengaluru.

Speaking to newsmen here Friday night, she said that the members had intentionally spread the virus in Siddique Layout and Padarayanapura. Members had hatched a conspiracy to destroy the country. She would raise the issue with the central government.

She said that New Delhi and Maharashtra were responsible for rising Covid-19 cases in the country. Highlighting the programmes, introduced by Modi-led NDA government for the past six years, she blamed Covid-19 for the collapse of the economy. But for Covid-19 Modi government at the Centre would have been a leader in the world,” she added.

She said 13,541 people, stranded in other States and foreign countries, had returned to Udupi. “We have sufficient beds in the district to tackle the situation. But if more people decide to travel to Udupi, arranging quarantine facilities would be a huge challenge,” she added.

Comments

samy
 - 
Saturday, 6 Jun 2020

Man politics is like a car, in which being stephine has more perks..

Abdullah
 - 
Saturday, 6 Jun 2020

See her how she looks like !

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