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
January 13,2020

Bengaluru, Jan 13: Though he submitted his resignation as leader of the opposition over a month ago, former chief minister Siddaramaiah continues as the face of the Congress in Karnataka.

However, this may change as All India Congress Committee (AICC) interim president Sonia Gandhi has summoned Siddaramaiah to Delhi for a final consultation over change of guard. Over the past month, there has been speculation over the possibility of Congress persisting with Siddaramaiah as opposition leader and either party troubleshooter DK Shivakumar or former ministers MB Patil, HK Patil or Eshwar Khandre replacing incumbent president Dinesh Gundu Rao. Both tendered resignations owing moral responsibility for the party's dismal performance in the 15 bypolls held last month.

In the past 24 hours, there has been talk of Siddaramaiah being asked to be the state unit president and vacating the other post for a young turk or experience legislator including the likes of Shivakumar who could be the face of KPCC by 2023 if he gets a clean chit from the ED in cases of money-laundering, etc. Seniors, including former KPCC president and DyCM G Parameswara and former minister HK Patil, are strong contenders to be leader of the opposition if Siddaramaiah is asked to vacate the post.

However, sources in the Siddaramaiah camp dismissed the possibility of him becoming KPCC president. "He has never aspired for the post and the high command is not inclined to do it," said a member in his camp.

Siddaramaiah may meet Sonia on Tuesday morning. It's still unclear if any other KPCC functionaries have been summoned. Sources said Sonia is scheduled to leave India for medical treatment on January 15 and wanted to complete the consultations about Karnataka. The high command has reportedly gone through reports submitted by party observers Madhusudan Mistry and Parameswara.

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News Network
July 29,2020

Bengaluru, Jul 29: Karnataka Congress President DK Shivakumar on Tuesday criticised BJP-led Karnataka government for limiting or omitting various topics including chapters on 18th century Mysore ruler Tipu Sultan and his father Hyder Ali.

Speaking to media here at Karnataka Pradesh Congress Committee (KPCC) office, Shivakumar said Congress will not allow BJP government in Karnataka to "divert history".

"Tipu Sultan does not belong to one caste or a class. He is part of the history of this country. BJP government has removed chapters related to him for its political advantage. It is their decision whether they celebrate Tipu Sultan Jayanti or not, but he is part of our history. 

The President of this country Ramnath Kovind came to the Vidhan Sabha and praised Tipu's patriotism during a joint session," Shivakumar said.

"The BJP government has come to power today. Our history should not change. We will not let these people to covert or dilute history. This is the stand of the Congress party. Our experts will study the pros and cons of this decision," he added.

Shivakumar further said many countries around the world have praised the Constitution, Indian history and expressed their willingness to "adapt it".

"But the BJP is trying to curtail this. We need to educate our children. Our team will also study this and we will not let this happen," he said.
The Karnataka government, in a bid to reduce the syllabus for state board schools by 30 per cent, has limited or omitted various topics including chapters on Mysuru rulers Hyder Ali and Tipu Sultan from the class 7 social science textbook.

The reduction in syllabus comes as schools are closed to prevent the spread of coronavirus in the state, and classes have been moved online.
The Department of Public Instruction of the Karnataka government also limited or removed various other topics from the syllabus of class 6 to 10 as they were repeated or can be alternatively taught.

Earlier, the Central Board of Secondary Education (CBSE) had revised the syllabus for the classes IX to XII for the academic session 2020-21 in a "one-time measure" owing to the COVID-19 pandemic.

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News Network
February 17,2020

Varanasi, Feb 17: For the first time, the Indian Railways has reserved a seat for a deity on a train. The national transporter, which launched its third IRCTC operated train named Kashi Mahakal Express from Varanasi to Indore, has reserved a seat for Lord Mahakal (Lord Shiva) on board.

Speaking to media, Northern Railway spokesperson Deepak Kumar said: "It is for the first time that a seat has been left reserved for a deity."

"One seat in Kashi Mahakal Express (seat number 64 in B5 coach) has been left reserved for Lord Shiva," he said.

"Even a temple has been drawn on the seat to make people aware that the seat is reserved for Lord Mahakal," he said.

IRCTC's Director, Tourism, Rajni Hasija said that the practice would continue beyond the inaugural run.

Prime Minister Narendra Modi flagged off the Kashi Mahakal Express via video conferencing from Varanasi, where he is all launched several projects worth Rs 1,250 crore during the day's visit to his parliamentary constituency.

The third IRCTC train, after the two Tejas Express trains on New Delhi-Lucknow and Mumbai-Ahmedabad routes, the Kashi Mahakal Express will connect three places -- Jyotirlinga-Omkareshwar (near Indore), Mahakaleshwar (Ujjain) and Kashi Vishwanath (at Varanasi).

Also connecting the industrial and educational hub of Indore, with Bhopal, the train will begin its commercial run from February 20.

"The Kashi Mahakal Express will operate three days in a week and it will be a bi-weekly service through the Sultanpur-Lucknow route and a weekly service via the Prayagraj route," Kumar said.

Elaborating on the two routes from which the train will pass every week, Hasija said: "Once the new train starts its regular run from this week, it will depart from Varanasi at 2.45 p.m. every Tuesday and Thursday to reach Indore at 9.40 a.m. on Wednesday and Friday.

Similarly, the train will start from Indore at 10.55 a.m. every Wednesday and Friday and will reach Varanasi at 6.00 a.m. the next day. This train will have stoppages at Ujjain, Sant Hirdaram Nagar, Bina, Jhansi, Kanpur and Sultanpur stations in both directions.

Meanwhile, in the weekly service via Prayagraj route, the Kashi Mahakal Express will depart from Varanasi at 3.15 p.m. every Sunday to reach Indore at 9.40 a.m. the next day. On the other way, it will depart from Indore at 10.55 a.m. every Monday and reach Varanasi at 5 a.m. the next day.

"This train will halt at Ujjain, Sant Hirdaram Nagar, Bina, Jhansi, Kanpur and Allahabad stations in both directions," Kumar said.

Explaining the fares of the Kashi Mahakal Express, Hasija said, "Kashi Mahakal Express will follow a dynamic fare structure like the other two Tejas Express trains."

One-way journey from Varnasi to Indore will cost Rs 1,951, inclusive of four meals.

According to the IRCTC officials, the Indore-Varanasi Kashi Mahakal Express will be the first private train that will run overnight and for a comfortable long distance journey, will feature a host of facilities. The IRCTC will serve vegetarian food, and provide housekeeping services, on-board security services and bedrolls.

The IRCTC officials said that passengers will also get complementary insurance of Rs 10 lakh.

The train will have an advance reservation period of 120 days and will only have the general and foreign tourist quotas. The current booking will be available to the passengers on the platform itself after preparation of first chart, four hours to five minutes before the scheduled departure of the train.

To facilitate travel for pilgrims, the IRCTC is also introducing special tour packages for passengers who want to see the pilgrim centres enroute. The tour options are; Mahakal Darshan (Ujjain - Omkareshwar), Bhopal-Sanchi-Bhimbetka, Malwa Jyotrilinga Darshan (Ujjain-Omkareshwar- Maheshwar- Indore) and Bhopal-Sanchi-Bhimbetka-Ujjain. Other tour options include Kashi, Ayodhya and Prayag; Kashi Darshan; Kashi, Prayag, Ayodhya; Kashi and Prayag and only Kashi.

The train has silent features like CCTV cameras, which will be monitored online around the clock from the IRCTC centres, whereas for the first time the IRCTC has brought the marshals in the train for passengers safety and also to make people aware to not smoke inside the train as it has smoke and heat sensors installed in the coaches as well as in the bathroom. For the blind passengers, the train coaches have the seat numbers written in Braille, and the catering staff will be dressed in yellow kurta-pyjamas with a rudraksh malas on their necks to promote the train's theme.

Comments

ASIF
 - 
Tuesday, 18 Feb 2020

waw.. good header with superb news..

good going !!

Althaf
 - 
Tuesday, 18 Feb 2020

If you are truthful then go to china and stay with patients of carona virus. The carona virus should not affect you as you are a vegeterian. Prove this first. 

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