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
June 30,2020

Udupi, Jun 30: The novel coronavirus has claimed another life in the coastal district. The throat swabs of a 48-year-old man who breathed his last two days ago tested positive today. 

With this, the covid-19 death toll in the district rose to 3.

The man, who was a native of Kalthodu in Byndoor, had returned from Mumbai on June 2. He breathed his last on June 28 at his residence. 

The deceased’s swabs were collected on the same day. The report came today. He was reportedly suffering from some illnesses.

The funeral of the deceased was held as per protocol. The swab samples of primary contacts of the deceased were also taken.

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News Network
March 9,2020

Mangaluru, Mar 9: Deputy Commissioner Dakshina Kannada, Sindhu B Rupesh on Monday refuted reports that a passenger who arrived in Mangaluru from Dubai showed coronavirus symptoms had skipped a hospital visit.

While replying to reporters on the issue, Rupesh said: "Passenger who arrived from Dubai has not shown any coronavirus related symptoms. He just had a fever. He was shifted to district hospital last night, but he is not cooperating with us. He is not ready to stay in a hospital. We are convincing him".

"Till now, no positive case of coronavirus has been found in Mangaluru", she added.

Earlier, the Centre had suspended visas and e-visas granted on or before March 3 to people travelling from Italy, Iran, South Korea, and Japan, effective immediately, after a surge in cases of COVID-19 in these countries.

The coronavirus has affected 43 people in India so far and caused the deaths of over 3,800 people globally.

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News Network
May 14,2020

Hubballi, May 14: South Western Railway (SWR) has so far ferried about 54,000 passengers, including migrant workers, students and stranded people to 11 states to reach their home towns by Shramik Special trains.

So far 40 Shramik Specials were run one each from Kabakaputtur in Mysuru and Hubballi and remaining 38 from Chikkabanavara/Malur from Bengaluru area. About 54,000 passengers were ferried to different parts of the country. Maximum Shramik Specials trains train services were run to Lucknow (9) and Danapur (7).

Shramik Specials were run to Bihar (Bakora, Danapur, Baruni, Darbhanga), West Bengal (Purila, Bankura, New Jalpaiguri), Jharkhand (Hatia, Barkakana), Rajasthan (Jaipur, Udaipur), Uttar Pradesh (Lucknow, Gorakhpur), Orissa (Bhubaneswar), Madhya Pradesh (Gwalior), Uttarakhand (Haridwar), Himachal Pradesh (Una), Tripura (Agartala) and Jammu and Kashmir (Udhampur).

SWR is transporting passengers to their destination as per the demand of the State Government with proper protocol and the receiving State Government is ready to accept them.

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