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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 16,2020

Kalaburagi, Mar 16: A family member of the 76-year-old man from Kalaburgai who died of COVID-19 on March 10 has been tested positive for the virus.

Kalaburagi Deputy Commissioner B Sharat said, "One member of the family of the 76-year-old man from Kalaburgai, who died due to coronavirus has tested positive for the virus."

The disease which originated in China's Wuhan city in December last year has so far spread to more than 100 countries, infecting over 1,30,000 people.

The World Health Organisation (WHO) has declared coronavirus a pandemic.

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News Network
February 6,2020

Mangaluru, Feb 6: Over 1500 students and teachers are expected to take part in a three-day State-level conference of the Akhil Bharatiya Vidyarthi Parishat (ABVP) starting on Friday here.

Reception Committee chairman K.C. Nayak and secretary Shantharama Shetty told reporters here today that Deputy Chief Minister C.N. Ashwath Narayana would inaugurate the conference at the Kudmul Ranga Rao Town Hall.

The former ABVP national president and former Nagaland Governor P.B. Acharya would preside over the programme that would be attended by Mangalore University Vice-Chancellor P.S. Yadapadithaya, ABVP national organising secretary Ashish Chauhan and others.

Comments

Althaf
 - 
Thursday, 6 Feb 2020

In this conference students will be taught about how to attack on universities and how to spread the communal agenda of ABVP. 

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News Network
April 16,2020

Bengaluru, Apr 16: The Karnataka government on Wednesday identified 14 departments as essential and asked all its employees to attend work during the extended period of lockdown to check coronavirus spread in the state.

According to a circular issued by Chief Secretary TM Vijay Bhaskar, all classes of officials/employees in these departments must attend to their work.

The departments are: Health and Family Welfare, Medical Education, Home, Revenue, Rural Development and Panchayat Raj, Urban Development, Food, Civil Supplies and Consumer Affairs, Information and Public Relations, Transport, Energy, Personnel and Administrative Reforms (e-Governance), Finance (including treasuries), Animal Husbandry and Fisheries and Forest, Ecology and Environment.

In all other departments, only Group-A officers have been directed to report for duty.

However, those visually-impaired or physically-

handicapped are exempt from work, the circular said, adding that this norms will be valid till April 19.

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