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
January 28,2020

Chikkamagaluru, Jan 28: Karnataka Deputy Chief Minister and Minister for Public Works Govind Karjol on Tuesday said that he is ready to quit if the post asks him to do so to pave way for smooth expansion of the Cabinet.

Responding to a question from media persons on the issue here, he said he was ready to quit his post any time.

“If the party asks me to resign now, I will send back my official car and return by bus”, he added.

Further, he opined that there should not be efforts to seek a berth in the Cabinet based on caste.

“Putting pressure on the party based on caste is not right. The party will consider those who worked for the party and also take district-wise representation into account while filling up the vacancies”, he added.

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coastaldigest.com news network
June 21,2020

Mangaluru, June 21: The first ever repatriation flight from Saudi Arabia’s Dammam Karnataka’s Mangaluru under Vande Bharat Mission (VBM) today brought home around 165 stranded passengers. 

The IndiGo flight took off from Dammam International Airport at 11 a.m. (Saudi time) and landed at Mangaluru International Airport at 6:30 p.m.

The stranded passengers included pregnant women, senior citizens and those who are in need of emergency medical treatment are on board.

The passengers were screened at the Airport before being despatched for institutional quarantine in special buses. 

Even though a few charter flights arranged by a couple of NRI entrepreneurs have already repatriated hundreds of stranded people from Dammam to Mangaluru, the government of India had not operated any repatriation flight under VBM on this sector so far. 

Saudi Kannadigas Humanity Forum (SKHF), an NGO which came into existence to help the stranded Kannadigas in Saudi Arabia during covid-19 lockdown had been successful in persuading the government of India operate a flight on Dammam-Mangaluru sector under VBM. 

SKHF has also set up an online portal for those who were in need of emergency repatriation. In today’s flight around 100 passengers have obtained seats through SKHF.

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Comments

Mohd Nadeem
 - 
Tuesday, 23 Jun 2020

Sir i also want to travel india lucknow from saudi arabia dammam and i already issued exit visa by my company but my company tell me you buy tickets and go after that i ask to someone travel agents for booking but they says currently not open booking after that i told my company's about that all situations but they didn't take any action so please sir give me authentic information how to book a flight ticket thank you. 

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News Network
February 12,2020

Social media giant Twitter briefly blocked the Karnataka BJP's account after it posted several provocative tweets and taunted Muslim women.

Ironically, the BJP called its unhygienic tweets as "liberal views". "It is unfortunate that our handle was locked out by Twitter for speaking the truth about liberals," it said.

"A big thanks for your support and encouragement. Satymeva Jayate. Jai Hind," the political party said to its supporters.

However, it did not specify for how long Twitter blocked its account but tweeted again on Wednesday after Monday.

Last week Karnataka BJP drew flak on Twitter for taking a swipe at Muslim women who appear to be standing in a line to vote in Delhi's assembly polls. ""Kaagaz Nahi Dikayenge Hum" ! ! ! Keep the documents safe, you will need to show them again during NPR exercise (sic)," the party's Karnataka Twitter handle posted using the hashtag #DelhiPolls2020.

It tweeted on Monday, accusing Congress leaders Sonia Gandhi, Manmohan Singh, Sushil Kumar Shinde and Vijay Bahuguna for "cheating" Dalits.

Karnataka BJP spokesperson G. Madhusudhan said that he had no idea about the account being blocked and then unblocked by Twitter.

"What has happened? I don't know," said Madhusudhana.

Reacting to the drubbing BJP suffered in the Delhi Assembly polls, the party tweeted that there is no need to lose heart.

"Now is the time to go back to voters to win their hearts and minds. Let us plan for 2025 from today. We are with you," tweeted Karnataka BJP on Wednesday.

Though BJP congratulated Arvind Kejriwal-led Aam Aadmi Party (AAP) for winning the Delhi polls, the party highlighted that it managed to increase it vote share by six per cent compared to 2015.

Also Read: Karnataka BJP taunts Muslim women, asks them to keep document safe for NPR

Comments

Well Wisher
 - 
Wednesday, 12 Feb 2020

No need to block them. What else can we expect from a bunch of idiots? Especially from "bada goatala kiya saar"

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