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
July 21,2020

Bengaluru, Jul 21: A man was arrested on Tuesday for riding his high-end bike up to a speed of almost 300 km per hour on a flyover here during ongoing lockdown, police said. After a selfie video of the man's reckless ride went viral on social media, police arrested him for putting his life and that of others at risk and seized his 1000 CC bike.

Identified by police as Muniyappa, he rode his bike on the nearly 10-km long Electronic City flyover, accelerating almost to 300 KMPH as he whizzed past some vehicles, including cars autorickshaws and trucks that were moving in both directions.

"This video made viral by the rider...going at a dangerous speed of almost 300 kmph at Ecity flyover putting his own & others life at risk..CCB traced the rider & seized bike Yamaha 1000 CC.. handed over to traffic (police)," Bengaluru Joint Commissioner of Police Sandeep Patil tweeted, tagging the video.

A case of reckless driving has been registered against him, police said. They said the incident occurred during the week-long lockdown in force in the city and outskirts till Wednesday morning to contain the spread of coronavirus, leaving most roads deserted as people remained indoors. However, it was not known when exactly he undertook the ride. A fortnight ago, three youths who were doing wheelies on the city roads met with a ghastly mishap and lost their lives.

Click here for video

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News Network
March 8,2020

Chikkamagaluru, Mar 8: A 20 member armed gang barged into a farmhouse at Gudde Thota near Jayapura in Koppa taluk and looted valuables and cash worth about Rs 12 lakh after assaulting the inmates, Police said on Sunday.

According to police, the culprits covered their face with masks and after assaulting watchman they broke open the main door and tied up Vijayaraghav and his wife Asha before robbing the valuables.

The culprits took away Rs 2.5 lakh in cash and valuables worth over Rs 10 lakh.

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News Network
March 19,2020

Belagavi, Mar 19: South Western Railway (SWR) on Thursday increased the fares of the platform tickets at Belagavi, Hubballi and Ballari.

The rate of platform tickets has been increased to Rs 50 with effect from Thursday till March 31, in order to control the crowding at platforms in view of the coronavirus outbreak.

Belagavi, Hubballi, and Bellari were all big stations and maximum number of people, including both passengers and those there to see them off come or to receive them at these railway stations, a SWR official sources said.

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