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.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
May 31,2020

Mangaluru, May 31: The bus services by private operators in Dakshina Kannada and Udupi Districts will begin from tomorrow (June 1) with 15 per cent hike in the fares, Canara Bus Owners Association president Rajavarma Ballal said on Sunday.

In a statement issued here, he said that the members of the Association have appealed for a 3-month tax break. ''We have received tax breaks for 2 months and have demanded for an additional month again,'' he added.

He said that the government has agreed to a 15 per cent hike in bus fares. All the passes issued already will be converted into cash cards and no discounts will be available till the end of the COVID-19 crisis.

An added attraction in private buses will be the option of paying travel fares through smart cards.

According to Dakshina Kannada Bus Operators Association president Dilraj Alva, 50 per cent of 325 private city buses will resume their services on Monday. It also meant that 50 per cent of buses will operate on the allotted routes.

The smart cards (or travel cards called Chalo Card) will not be introduced on all routes at a time. They will be introduced in a phased manner covering all routes from Monday.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 8,2020

Bengaluru, Mar 8: The Indian Council of Medical Research (ICMR) has identified three more locations to open Viral Research Diagnostic Laboratories (VRDL) including in Mysuru, Hassan, and Shivamogga in Karnataka.

According to a statement issued here on Sunday, these laboratories will start functioning shortly in Mysuru Medical College and Research Institute, Hassan Institute of Medical Sciences, and Shivamogga Institute of Medical Sciences. Besides, the ICMR has also identified sample collection centres in Vijayanagar Institute of Medical Science in Ballari and Kalaburgi Institute of Medical Sciences.

B G Prakash, State Joint Director (Communicable Diseases), said that the new Laboratories will help to ease the load on the two designated laboratories in Bengaluru. Currently, the virology laboratory in Bangalore Medical College and Research Institute and the NIV branch in Rajiv Gandhi Institute of Chest Diseases are doing COVID-19 tests in Karnataka.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 3,2020

Karwar, Jun 3: The India Meteorological Department (IMD) has issued an alert, predicting thundershowers and heavy rainfall over north interior Karnataka, coastal Dakshina Kannada and Udupi over the next three days.

With Cyclone Nisarga hitting the Uttara Kannada coast on Tuesday,  parts of coastal Karnataka received heavy rainfall. Gusty winds tore through the coastal towns, as the sea too turned violent with rough waves smashing the shore.

The alert was issued with the advancement of Nisarga from east-central Arabian Sea to north Maharashtra, and adjoining south Gujarat coast. “Though it does not cover Karnataka, the range of cyclonic winds is very big and reaches north interior Karnataka also.

So an alert has been called out,” CS Patil, director in-charge, IMD, Bengaluru, said. The weather department has forecast a severe cyclonic storm and then a depression. Patil said formation of systems is a common factor before the onset of the monsoon and they help in its advancement.

“Cyclone Nisarga is helping in the quick advancement of the southwest monsoon to Karnataka, and the monsoon is likely to arrive before the scheduled date as conditions are favourable,” he added.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.