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
August 3,2020

Bengaluru, Aug 3: Karnataka Chief Minister BS Yediyurappa and his daughter have been admitted to the Manipal Hospital in Bengaluru for observation after testing positive for COVID-19. The Chief Minister is in clinically stable condition.

"Karnataka Chief Minister has been admitted to the hospital for observation. He is doing well, is clinically stable and will be monitored closely by our team," Manipal Hospital said on Monday.
"His daughter has tested positive for COVID-19. She has been admitted to the hospital," added the hospital in another statement.

Yediyurappa had on Sunday tweeted that he had tested positive for COVID-19. The Chief Minister, 77, said he is fine and is being hospitalised as a precaution on the recommendation of doctors.

"I have tested positive for coronavirus. Whilst I am fine, I am being hospitalised as a precaution on the recommendation of doctors. I request those who have come in contact with me recently to be observant and exercise self-quarantine," Yediyurappa wrote.

Also Read: Karnataka CM BS Yediyurappa tests positive for covid-19, hospitalized

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Agencies
April 15,2020

San Diego, Apr 15: Several people lost their sense of smell or taste weeks ago globally and are still waiting for it to come back and now, researchers have identified an association between sensory loss and novel coronavirus 2019 (COVID-19) infection, indicating that loss of smell and taste may be considered as early symptoms of the deadly disease.

Interestingly, the study also found that persons who reported experiencing a sore throat more often tested negative for COVID-19.

The team from University of California-San Diego found high prevalence and unique presentation of certain sensory impairments in patients positive with COVID-19.

Of those who reported a loss of smell and taste, the loss was typically profound, not mild.

"Based on our study, if you have smell and taste loss, you are more than 10 times more likely to have COVID-19 infection than other causes of infection. The most common first sign of a COVID-19 infection remains fever, but fatigue and loss of smell and taste follow as other very common initial symptoms," explained study researcher Carol Yan from UC San Diego.

"We know COVID-19 is an extremely contagious virus. This study supports the need to be aware of smell and taste loss as early signs of COVID-19," Yan added.

For the findings, published in the journal International Forum of Allergy and Rhinology, the research team surveyed 1,480 patients with flu-like symptoms and concerns regarding potential COVID-19 infection who underwent testing at UC San Diego Health from March 3 through March 29, 2020.

Within that total, 102 patients tested positive for the virus and 1,378 tested negatives. The study included responses from 59 COVID-19-positive patients and 203 COVID-19-negative patients.

Encouragingly, the rate of recovery of smell and taste was high and occurred usually within two to four weeks of infection.

"Our study not only showed that the high incidence of smell and taste is specific to COVID-19 infection but we fortunately also found that for the majority of people sensory recovery was generally rapid," said Yan.

"Among the COVID-19 patients with smell loss, more than 70 per cent had reported improvement of smell at the time of the survey and of those who hadn't reported improvement, many had only been diagnosed recently," she added.

Sensory return typically matched the timing of disease recovery.

In an effort to decrease the risk of virus transmission, UC San Diego Health now includes loss of smell and taste as a screening requirement for visitors and staff, as well as a marker for testing patients who may be positive for the virus.

"It is our hope that with these findings other institutions will follow suit and not only list smell and taste loss as a symptom of COVID-19, but use it as a screening measure for the virus across the world," Yan said.

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coastaldigest.com news network
May 24,2020

Nanded, May 24: In a sensational incident, a Lingayat seer from Karnataka was found murdered in his mutt in the Nanded district of Marathwada region of Maharashtra on Sunday.

The seer, who was strangled to death, has been identified as Shivacharya Nirvanarudra Pashupatinath Maharaj, the founder-spiritual head of Nirvanji Pashupatinath Mutt.

Addressing media persons, Nanded Superintendent of Police Vijaykumar Magar, the prime suspect, Sainath Langote first killed his accomplice Bhagwan Shinde and then went to the ashram late on Saturday.

He entered Shivaharya Maharaj's bedroom where he was resting and threw chilli powder in his eyes, blinding him.

Then he quickly grabbed cash of Rs 69,000, his laptop and other valuables in the bedroom worth approximately Rs.1.50 lakh, besides the seer's car keys.

As Shivacharya Maharaj attempted to grapple with him, Langote pinned him down and strangled him, then dragged his body to the sadhu's car parked outside and dumped it into the boot.

"He started the car and sped off towards the road outside, but the car crashed into the main gate of the ashram creating a noise, alerting the other sevaks sleeping inside the ashram," Magar said.

Around 8-10 other ashram sevaks rushed outside to check the ruckus and when they saw their seer's belongings and his body in the car trunck, they attempted to stop Langote, but he gave them the slip.

A short distance away, Langote managed to steal a motorbike and sped off into the darkness and hours later, the police found the body of his accomplice Shinde from a nearby school premises, Magar said.

In view of the sensitivity of the incident, Magar said around five crack teams were formed which fanned out into the district and managed to catch Langote this afternoon.

"The prima facie motive for the seer's murder was clearly robbery and the second killing could be due to rivalry or some differences among them. The absconder suspect has been caught by a police team. We will interrogate him and get further details of the crime," Magar said.

Nanded Congress strongman and PWD Minister Ashok Chavan appealed that the murder should not be politicized, since the police investigations are underway and the autopsy report is awaited.

He said the deceased sadhu belonged to the Lingayat caste, and both Shinde and Langote who belonged to the same community were his followers.

Shivacharya Maharaj had come to Nanded over a decade ago and set up the ashram which he ran along with a band of followers.

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