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
August 6,2020

Bengaluru, Aug 5: Touted as a first of its kind in the nation, a mobile Covid-19 lab was inaugurated on Wednesday by the Karnataka Medical Education Minister Dr K Sudhakar.

The lab, approved by the Indian Council of Medical Research (ICMR) can do 9,000 RT-PCR (reverse transcription-polymerase chain reaction) tests per month, an official press release said here. "This is a unique lab having all safety features and capable of producing 100% accurate results within four hours," Dr Sudhakar was quoted as saying in the press release.

The Indian Institute of Science (IISC) had developed the lab and handed it over to the Rajiv Gandhi University of Health Sciences (RGUHS).

The mobile lab can also be used for molecular diagnostic-testing and can be deployed in coronavirus hot spots quickly, the release said adding, apart from Covid-19, the lab can be utilised for testing H1N1, HCV, TB, HPV and HIV among others.

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Agencies
July 5,2020

Dubai, Jul 5: Three Indians, who were repatriated on a chartered flight from the UAE on Friday, have been held in the state of Rajasthan after officials seized gold worth Dh2.2million from them, the government announced on Saturday.

They are likely to be placed under arrest along with 11 others, who were repatriated from Saudi Arabia, from whom gold worth Dh5.5million was seized, a statement from the government tweeted by Press Information Bureau in Rajasthan said.

The gold bars were hidden in emergency lamps, photos attached to the tweets showed.

The 14 passengers had arrived at the Jaipur International Airport by two chartered flights.

They were intercepted by the Customs team at the airport and 31.9kg of gold valued at Rs156,759,820 (Dh7.7million) concealed in the baggage was recovered from these passengers.

Three passengers arrived from Ras Al Khaimah by Spice Jet Flight SG9055 and 12 gold bars/bricks weighing 9.3kg valued at Rs.45,761,100 (Dh2.2million) were recovered from them, the statement said.

The Indian Consulate in Dubai confirmed to Gulf News that the flight was chartered by a private company for repatriating its employees.

It is suspected that the passengers were used as carriers to smuggle gold.

The other 11 accused had arrived from Riyadh and 22.65kg of gold bars, predominantly with Suisse markings, valued at Rs110,998,720 (Dh5.5million) were recovered from them.

“The said recovered gold bars have been seized under Section 110 of the Customs Act, 1962. The said passengers are being interrogated and are likely to be placed under arrest in terms of section 104 of the Customs Act, 1962,” the statement added.

Indian media had earlier reported similar cases in which stranded Indians were apparently lured to be carriers for smuggling gold on repatriation flights from various countries.

A spike in gold smuggling attempts using Indians getting repatriated after losing jobs was also reported from the Indian state of Kerala.

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Agencies
January 26,2020

Thiruvananthapuram, Jan 26: Sister Lucy Kalappura, one of the nuns who protested against rape accused Bishop Franco Mulakkal, on Saturday claimed that she is being targeted at the convent and not being provided food.

Sister Lucy was dismissed from Franciscan Clarist congregation for supporting sisters protesting against the Bishop.

"I am being targeted at the convent and not being provided food. When I asked the reason, I was told I have been dismissed from the convent and they are not responsible for feeding me," said Sister Lucy while speaking to the reporters.

She has alleged that all this began after the release of her autobiography "Karthavinte Namathil" which means 'In the name of God'. In her book she had alleged sexual misconduct among priests and nuns.

"They prepare food and after having it they lock it in the cupboard. When I asked the reason behind this, they told me that I have been dismissed," said Sister Lucy.

"Now I am managing it all by myself with egg and tapioca that grows in the convent compound. Earlier they used to keep the leftover lunch and I used to adjust with that, but after my book was released, they started to lock the food in the cupboard," she added.

Sister Lucy also claimed that she had filed three complaints with the police on August 19, August 20 and on December 13. They had taken her statement but no action was taken.

"If the police would have taken some action against the convent authorities, they would not have behaved this way. An FIR was registered based on the three complaints but no action was taken. This gives them more power to act against me. I have drafted a letter to the Chief Minister to raise my complaint," said Sister Lucy.

Bishop Mulakkal, a senior member of the Roman Catholic clergy in India, was arrested in 2018 following allegations by a nun that he repeatedly raped and sexually assaulted her at Kuravilangad convent between 2014 and 2016, a charge that he denies.

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