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
March 29,2020

Kannur, Mar 29: A non-resident Keralite (NRK)

under home quarantine here since he returned from Sharjah recently died on Sunday, officials said.

According to health authorities, Abdul Khader (65), a resident of Kannariparamba, was kept under home quarantine after he returned from abroad on March 21.

Police said the man had no symptoms of coronavirus but was under isolation as per Covid-19 protocol for persons returning from abroad and other states.

"The relatives of the deceased took him to hospital after seeing him unconscious in his room. However he died before reaching the hospital," police said.

Quoting medical college authorities, the Mayyil police said he died of cardiac arrest.

However, the health officials said they will test his blood sample to ascertain whether he was affected with novel coronavirus.

The body has been kept at the Kannur medical college and will be handed over to his kin only if the result of his blood test is negative, sources said.

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News Network
April 2,2020

Bidar, Apr 2: Karnataka Health Minister B Sriramulu on Thursday confirmed that 11 people out of 27 in Bidar, who had participated in Tablighi Jamaat at Delhi's Nizamuddin Markat have been tested positive for COVID-19.

Speaking to news agency, Karnataka Health Minister said, "We are monitoring 362 people who had attended Nizamuddin Markaz in Delhi. Out of 27 people from Bidar who had attended, 11 have tested positive for COVID-19, while results of 16 others are awaited. Total positive cases in the state are 121."
Meanwhile, Tablighi Jamaat's Maulana Saad has stated that he will fully support the government in its fight against the coronavirus.

This comes soon after an FIR was registered against him in connection with the religious gathering organised in Markaz Nizamuddin area of the national capital.

A huge religious gathering was held at the Markaz building in Nizamuddin between March 13-15, the event came into the spotlight after multiple coronavirus cases were confirmed amongst those who attended the event held in mid-March.

An FIR has been registered against Tablighi Jamaat head Maulana Saad and others under the Epidemic Disease Act 1897 in Delhi.
A total of 2,361 people were brought out from the Markaz in a joint operation by authorities which lasted for over 36 hours, following which the South Delhi Municipal Corporation had carried out a sanitisation of the premises and nearby area.

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News Network
April 24,2020

Kasaragod, Apr 24:  Stricter measures have been enforced in more places in this district, as part of intensifying efforts aimed at containing the spread of Covid19.

According to District Collector Dr Sajith Babu, the new norms of intensified lockdown would be enforced in Kumbala, Mogral-Puthur, Chemmanad, Madhur, Muliyar and Kumbala grama panchayats, being identified as new hotspots in the district.

Earlier, door-to-door police patrolling at regular intervals have been implemented in Thalankeri, Choori, Kalanad and Nellikkunnu, where more positive cases of Covid-19 has been reported.

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