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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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coastaldigest.com news network
May 26,2020

Bengaluru, May 26: The Karnataka government has decided cancel summer vacation for undergraduate and post-graduate students and universities during the 2020-21 academic year in the wake of severe academic loss due to COVID-19 lockdown.

Keeping in mind the loss of academic days due to the lockdown to contain the pandemic, the Higher Education Department has decided to go in for ‘Zero Vacation’. 

The state government decided to cancel all holidays particularly the summer holidays after holding a series of meetings with the Vice Chancellors and other academicians from various parts of the state.

The decision was also communicated during the review meeting of the Higher Education Department held by CM Yediyurappa on Tuesday in Bengaluru.

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coastaldigest.com news network
March 29,2020

Mangaluru, Mar 29: Mosques across Karnataka are now turning into centers to create awareness against deadly coronavirus that cause Covid-19. 

The state government's board of auqaf has issued a notification to the administrations of all mosques to use their loud speakers to create awareness against the virus. 

All the mosques in the state have already suspended congregational prayers to prevent the spread of the virus.

As per the decision of the state board of auqaf, now all mosques have to play the audio clips that creates awareness against the virus in three languages. 

The clips will be played at 10 a.m., 4 p.m., 6 p.m. and 8 p.m. everyday.

Comments

Mr Frank
 - 
Monday, 30 Mar 2020

Also need to make call on all prayer places temples and churches to live with humanity without violence. 

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News Network
June 26,2020

Belthangady, Jun 26: Thieves broke into a house at Kalmanja village in Belthangady taluk of Dakshina Kannada during the wee hours on Friday and decamped with cash and valuables worth Rs 13 lakhs after tying the inmates of an areca merchant's house.

Police said the stolen valuables include 40 sovereigns gold, one kg silver and cash of Rs 25,000. The robbery took place in the house of Achyut Bhat who is an areca merchant in Ujire.

The house inmates opened the door after hearing dogs barking. Immediately the criminals, wearing masks, barged into the house and threatening to kill tied them before escaping with the booty.

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