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 4,2020

Bengaluru, Aug 4: With preparations underway for conducting exams for the final semester/ year students in the state, Karnataka Deputy Chief Minister Dr CN Ashwathnarayan on Monday directed the respective universities to conduct exams for the backlog papers as well.

"In the wake of COVID-19, it has been decided to hold exams only for the students of final semester/year courses. It has come to our notice that some universities have decided against conducting exams for final year students who have a backlog to clear from previous semesters. This is unpardonable," the Deputy Chief Minister said.

"Our intention is to see that the final year students finish their course. In the present situation, conducting only final semester exams won't help. We have to help the students in clearing their backlogs," added Ashwathnarayan, directing all universities to compulsorily conduct these exams.

Meanwhile, Ashwathnarayan thanked the staff and officials of various government departments who were responsible for successfully conducting the CET exams even amidst the difficult situation in the wake of COVID-19 pandemic.

"In all, 1,94,419 students had registered for the CET exams, of which 1,75,428 wrote the exams. The percentage of students who took up the exams this year was equivalent to that of the previous years, in normal times," the DCM informed.

"After we successfully conducted the exams, Arunachal Pradesh is going to conduct the Public Service Commission exams on the lines of how we successfully conducted the exams. Likewise, even our KPSC has said it will conduct the exams. We must appreciate the good work of the Karnataka Examination Authority (KEA), which has set an example for others," Ashwathnarayan said.

The deputy chief minister said that 33 colleges in various districts across the state faced shortage of land and that it is the responsibility of the District Commissioners (DCs) to get the lands sanctioned for all these colleges.
In Bagalkot district alone land has not been sanctioned for six degree colleges, he said.

Reacting to this, Bagalkot DC Captain Rajendra assured to look into the matter as soon as he receives the proposal from department officials.

"Similarly, there is shortage of land for five Diploma colleges and 28 ITI colleges in different parts of the state. The DCs must immediately pay attention to this. Once they get the land, buildings will come up within no time," the Karnataka deputy chief minister said.

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News Network
May 28,2020

Bengaluru, May 28: In a first of its kind initiative, the Karnataka government will soon launch 'Statewide Health Register', a project to maintain the health database of all its citizens, announced Medical Education Minister Dr K Sudhakar on Wednesday.

The project will kick start from Chikkaballapura and Dakshina Kannada districts.

"With a vision to efficiently deliver quality healthcare to every citizen, Karnataka will soon have a Statewide Health Register. The pilot project will be implemented in Chikkaballapura & Dakshina Kannada dist shortly and completed in 3-4 months. @CMofKarnataka @PMOIndia @JPNadda," tweeted the Minister.

The government plans to get the data collected with the help of a team of Primary Health Centre (PHC) officials, revenue officials, Education Department staff and ASHA (Accredited Social Health Activist) workers.

"They will visit each household and collect health data of all the members of the family. This will not just help the government to provide better health care facilities, but also build an efficient resource allocation, management and better implementation of various citizen-centric schemes in the state," the minister added.

Sudhakar also said that the COVID-19 pandemic has demonstrated the necessity of having a robust, real-time public health system.

"Very few countries in the world have taken such an initiative. It is a futuristic project which will include 50 per cent partnership of private hospitals. It would be a cumbersome process but if we do this and digitise it, the data could be used for multiple purposes. The data would help us prioritise healthcare based on geography, demography, and other targeted measures. It would also help medical professionals and scientists for innumerable studies," he said.

"We have consulted all specialists from 18 different departments, and taken their advice into account," said the minister.

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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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