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
May 14,2020

Bengaluru, May 14: Michael Madhu was one of the popular actors in Sandalwood. He was widely known for portraying comedy roles. The news of his demise has come as a shock to all the members in the Kannada film industry and also his fans. Michael Madhu died on May 13 after suffering from a heart attack. As per a report in Zoom, the actor was rushed to the KIMS Hospital in Bengaluru after he suddenly collapsed at his home.

Michael Madhu, in his career spanning of almost two decades, has acted in more than 300 films. Some of his notable works include Bhajarangi, Shhh! and Ashwamedha. Besides being an impeccable actor, especially his perfect comic timings, Michael was also passionate about dancing and was huge fan of Michael Jackson. This was one of the major reasons why he added Michael to his name. He had entered the film industry with an aim to become a popular choreographer, but destiny had something else in store for him. Michael Madhu is survived by his wife and two daughters.

Fans of Michael Madhu have been sharing condolences on social media ever since the news of his death hit the internet. As per a report in media, the actor’s last rites will take place today.

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coastaldigest.com news network
June 5,2020

Bengaluru, Jun 5: Karnataka registered its highest single-day spike of more than 500 new COVID-19 cases, taking the total number of infections in the state to 4,835, the health department said on Friday.

The previous biggest single-day spurt was recorded on June 2 with 388 cases.

Of the 515 fresh cases reported, 482 are returnees from other states, mostly (about 471) from neighboring Maharashtra. Udupi district saw a major spike with over 200 cases today and the total tally of the district breaching seven hundred cases mark, to stand at 768.

As of June 5 evening, cumulatively 4,835 COVID-19 positive cases have been confirmed in the state, which includes 57 deaths and 1,688 discharges, the department said in its bulletin.

It said, out of 3,088 active cases, 3,075 patients are in isolation at designated hospitals and are stable, while 13 are in ICU.

On Friday, 83 patients have been discharged.

According to state COVID-19 war room data, out of the total 4,835 cases, 93 per cent (4,488 cases) are asymptomatic and 7 per cent (347) are symptomatic.

The new cases include 471 from Maharashtra, three from Delhi, two each from Andhra Pradesh, Telangana and Haryana, and one from Tamil Nadu.

While one is with international travel history from Indonesia. Remaining cases include- contacts of patients earlier tested positive, those from containment zones, those who travelled from other districts, and the ones whose contact history is still being traced.

Among the districts where new cases were reported, Udupi accounts for 204 cases, followed by 74 from Yadgir, Vijayapura 53, Kalaburagi 42, Bidar 39, Belagavi 36, Mandya 13, Bengaluru Rural 12, Bengaluru Urban 10, Dakshina Kannada 8, Uttara Kannada 7, three each from Hassan, Dharwad and Chikkaballapura, two each from Ramanagara and Haveri, and one each from Davangere, Bagalkote, Ballari and Kolar.

Udupi district tops the list of positive cases, with a total of 768 infections, followed by Kalaburagi 552 and Bengaluru urban 434.

Among discharges, Bengaluru urban still tops the list with total 271 discharges, followed by Davangere 147 and Mandya 146.

A total of 3,60,720 samples were tested so far, out of which 13,627 were tested on Friday alone.

So far 3,49,951 samples have reported as negative, and out of them 12,797 were reported negative on Friday.

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News Network
April 3,2020

Bengaluru, April 3: One new positive case of COVID-19 was reported in the state on Friday.

The patient is a 75-year-old man from Bagalkot and has been isolated at a designated hospital in Bagalkot, the State government said.

"Till date, 125 COVID-19 cases have been confirmed in the state, this includes three deaths and 11 discharges," it added.

The total number of coronavirus positive cases rose to 2301 in India on Friday, including 156 cured/discharged, 56 deaths and 1 migrated, as per the data provided by the Ministry of Health and Family Welfare.

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