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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coastaldigest.com news network
May 9,2020

Dubai, May 9: The wholehearted and collective effort of Karnataka NRI Forum, UAE and its president Mr. Praveen Shetty made it possible to have the first repatriation flight to Mangaluru – Karnataka from UAE. The Union Minister of India Mr. Sadananda Gowda tweeted on May 8th that the evacuation flight will fly from Dubai on May 12th with stranded citizen of India in UAE.

The whole world is under the impact of pandemic Covid 19. Government of India has announced the flights to repatriate its stranded citizens from all over the world. Sadly, the first batch of the announced flights had no mention of any flights from Gulf countries to Karnataka.

In Gulf countries, especially in UAE, thousands of Kannadigas are working for their livelihood. In this population major part is shared by coastal Karnataka people who belong to Mangalore, Udupi and other nearby districts. This lack of consideration of Mangaloreans for repatriation was made whole Kannadiga’s in deep sadness, where as many Kannadiga’s were waiting for flights to obtain urgent medical assistance and other medical support back in their home country.

Once after obtaining the news of not having flights to Karnataka from UAE, Mr. Praveen Shetty immediately actioned and wrote letter to concerned departments and ministers under the banner of KNRI. Mr. Praveen Shetty was in continuous follow up with Deputy Chief Minister of Karnataka Dr. Ashwath Narayan, Mr C.T. Ravi Minister for Tourism of Karnataka, Union Minister of India Mr. Sadananda Gowda, Minister of Parliamentary Affairs (India) Mr. Pralhad Joshi, Minister of Railways of India (Minister of State) Mr. Suresh Angadi and officials of Aviation ministry along with other concerned departments.

The efforts have now given the result and finally the confirmation has been obtained from Mr. Sadananda Gowda about consideration of repatriation flights to Mangalore from Dubai on May 14th. It is expected that Aviation ministry will officially announce the flight arrangement and other operational information shortly.

Speaking to media, Mr. Praveen Shetty said, Karnataka NRI Forum is always committed to serve  Kannadigas and the collective effort of core committee members, ministers of Karnataka & Govt of India including the Aviation & other concerned ministries made possible the most important and much awaited flight to Mangalore from UAE to repatriate expats who are in need. I thank each and everyone who joined their hands to make this possible.

Mr. Praveen Shetty is a well-known businessman in UAE who manages Fortune Group of Hotels in UAE & Georgia. He selflessly given his 3-star hotel to UAE ministry to operate as Quarantine facility to people who are under observation with Covid 19. Also, he joined his hands with organizations in UAE who are extending their helping hand to needy people in UAE.

With the help of likeminded businessmen and professionals, the KNRI forum under the leadership of Mr. Praveen Shetty along with ‘Dubai Anivasi Kannadigaru’ started a helpline called “Kannadigas Helpline” through which they received around 3000 requests for food, medical, legal and other assistance. They aided many Covid infected people with quarantine and isolation by the help of Dubai Health Authority, Ministry of Health, Dubai Police and Consulate General of India under the guidelines of Dubai Govt.

Mr. Praveen Shetty expressed his gratitude to Dubai Health Authority, Ministry of Health, Dubai Police and Consulate General of India for their professional guidance and help to Kannadigas during the pandemic Covid 19 situation.

Comments

Ganapati
 - 
Wednesday, 13 May 2020

Sir pls helf madi nange ಎದೆ ನೋವು barta iratte uralli medicen madidde swalpa kadime agittu adre ivaga dubai ge bandu 6tingalu aytu iga puna start agide next flight alli nanagu ondu site sigo hage  madi sir plz idu nanna mobile numbar 0544826324

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Business Desk
June 2,2020

The covid-19 lockdown has thrown wedding plans in disarray in coastal Karnataka like all other activities involving a crowd of people. While many people chose to postpone the scheduled and about to be scheduled weddings, some are going ahead with scheduled plans and holding weddings with no more than 50 guests as per the guidelines issued by the government of Karnataka. 

The government may relax the norms and allow participation of more guests in the future. However, holding wedding ceremonies will be a new challenge when people are returning to a ‘new normalcy.’ Compared to the traditional wedding ceremonies of the region, marriages in the time of Covid-19 are expected to be smaller as the organizers have to adhere to the safety protocol and safe distancing norms. Given this situation, to limit risks and ensure safety, families now will have to consider wedding planners to help them celebrate their weddings.

“The postponed weddings will take place in the coming days as the lockdown is being relaxed in a phased manner. However, it won’t be like our traditional weddings. There won’t be 3000 guests.  Government directives will be have followed. We expect change in trend from big fat weddings to a small, close family, picture perfect weddings,” says Sartaj Beary, Managing Partner, Zawaj Weddings and Events.

“Our curetted packages will take care of wedding invitations, outdoor venue, premium catering, bridal make up, mehendi function, photography, videography, décor, thermal scanning systems, hand sanitizers and N 95 masks etc. We hope with our experiences we can offer stress free celebration to the families while we plan everything from scratch as per client requirement,” he assures.

“Ultimately, our society has to adopt an innovative way of marriage. At this point, we can say that any wedding in 2020 will look different as the novel coronavirus has disrupted the weddings everywhere. We know it is a big milestone for families and we at Zawaj are here to assure families that we can help a stress free wedding,” he adds.

New Normal Era Weddings

In the ‘new normal era’, weddings across the world will be totally different from what we used to see before the pandemic. People need to be cautious while attending mass gathering and it is important. Gone are the days of closed AC venues. Outdoor weddings will be the future, where seating are spread out and space between tables, stage, food counters will be maximum as per  safe distancing protocols. 

Wedding planners and caterers will have to ensure systematic safety protocol, safe and responsible operations, preparation of the food, event crew and vendors safe zone, sanitized kitchen, transportations. Even buffet settings will change to include smaller but multiple cuisines, self serving stations, markings on line to maintaining safe distance at the food counters.

More importantly, venue has to be prepared as per the government instructions. Things like disinfection and sanitization, hygiene, ample toilet facilities, hand wash, thermometer scans, masks, sanitizing stations should be taken care of. People from all walks of life will embrace this form of marriage. The services of wedding planners will be most opted in future.

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News Network
March 11,2020

New Delhi, Mar 11: In the wake of the ongoing political crisis in Madhya Pradesh, Puducherry Chief Minister V Narayanasamy on Wednesday said that Bharatiya Janata Party is using Jyotiraditya Scindia to usurp power in the state and that the former Congress leader has "fallen into the trap."

"#BJP is enacting the strategy the way they did in #Karnataka. It is murder of democracy #JyotiradityaScindia has fallen into the trap. He will realise the himalayan blunder very shortly. BJP after using #Scindia will through (throw) him out. I am confident Shri Kamalnath prove majority," he tweeted.

The Chief Minister's comments came at a time of political turmoil in Madhya Pradesh after Scindia and 22 MLAs resigned from the party on Tuesday.

Scindia is likely to join the BJP today.

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