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
July 31,2020

Mangaluru, Jul 31: Muslims across coastal districts of Dakshina Kannada, Udupi and Uttara Kannada today observed Eid al Adha following the safety guidelines issued by the government amidst covid-19 pandemic. 

While coastal Karnataka is celebrating the festival of sacrifice today, it will be observed in other parts of Karnataka and country tomorrow. 

Congregational Eid prayers were held in many mosques while ensuring physical distancing norms. Only 50 devotees were allowed in mosques. Children below 10 years of age and elders above 60 years of age weren’t allowed. 

Eidgahs in the region wore a deserted look as the government has temporarily prohibited prayers in the open grounds. The Eidgah at Lighthouse Hill in Mangaluru, which usually witnessed huge crowd during Eid celebrations, was also closed this time. 

As expected, the celebration this time was a low key thanks to the restrictions placed in tune with the threat of coronavirus infection.

Prayers were held in Kudroli’s Nadupalli and Bundar’s Zeenat Bakhsh Central mosque. All those who entered mosque were wearing masks. 

In Udupi city, Eid prayers were held at Jamia Masjid and other mosques with limited number of devotees. In Bhatkal took some of the mosques hosted Eid prayers with all precautionary measures.

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coastaldigest.com news network
May 13,2020

Mangaluru, May 13: Kannadigas in the United Arab Emirates (UAE) have sought additional flights to return to Karnataka during a video conference with Chief Minister B S Yediyurappa here on Tuesday.

Noting that most of the ex-pats in UAE were from the coastal region, they urged the state government to ensure that most of these flights land in the Mangalore International Airport.

Many Kannadigas in the UAE were left unemployed due to the lockdown. “Many of them do not have the means to return to Karnataka and the state government should aid them,” representatives of various Kannadiga ex-pat groups urged the CM.

Yediyurappa said that the government has made all arrangements to bring back the ex-pats, and assured to fulfil all their demands.

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News Network
July 27,2020

Bengaluru, Jul 27: The Karnataka government on Sunday directed the Director General of Police Praveen Sood to submit a detailed report on the internal security following the United Nations' observation that international terror outfit IS was active in the state.

The UN report stated that Al-Qaeda in the Indian subcontinent, which reportedly has between 150 and 200 members from India, Pakistan, Bangladesh and Myanmar, was reportedly planning attacks in the region.

It also warned that there were 'significant numbers' of ISIS operatives in Karnataka and Kerala. Reacting to the UN report, Home Minister Basavaraj Bommai said the state government has taken a serious note of the report on the activities of IS in the state.

The state government is in touch with the Centre and the neighbouring states to keep a close watch on the activities of suspicious people and their supporters.

"In this context, it has been decided to strengthen the internal security of the state. The Director General of Police has been asked to submit a detailed report," Bommai said in a release.

The state is also keeping a strict vigil on all those entering Bengaluru from other states, the Minister said. He recalled that the state police had arrested several members of Al-Hind organisation in January last and Jamaat- ul-Mujahideen from Bangladesh in 2018 and 2019. He added that the National Investigation Agency is investigating the case of JMB.

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