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.
News Network
February 19,2020

Chikkamagaluru, Feb 19: A 31-year-old homemaker was murdered and valuables, including 100gm of gold and 2kg of silver, were reported missing from her house in Kadur town of Chikkamagaluru district late Monday evening. Her 11-month-old son, who was with her at the time of the attack, had a miraculous escape.

Police said Kavita's husband Dr Revath was away in his clinic in the town's Kadur-Birur road along with their first son, 5. Kavita, who has done MA and from Udupi, and the dentist married seven years ago.

District superintendent of police Harish Pandey has formed a special team to probe the incident that took place in Lakshmish Nagar in the town.

According to police, Kavita spoke to her husband around 6.45pm on Monday and didn't answer his subsequent calls, triggering a strong suspicion in him that something was amiss. He called his relatives living nearby to check on his wife. The relatives rushed to the house only to find the main door locked.

Since Kavita didn't answer the doorbell, they force-entered the house from the rear door and found her in a pool of blood. She was taken to a private clinic where doctors declared her brought dead.

Police said the woman was killed by a sharp weapon by slitting her throat between 6.45pm and 8.15pm. The rooms and almirahs had been found ransacked. At least 100gm gold ornaments, 2kg of silver and cash were missing from the house.

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
February 17,2020

Bengaluru, Feb 17: A combative ruling BJP is bracing to face the onslaught of the opposition Congress and the Janata Dal-Secular (JD-S) in the year's first legislature session beginning on Monday.

"We are ready to counter the opposition parties on any issue they want to raise or discuss, keeping in view the spirit of fairness in a democratic set-up, as we have the numbers to provide a stable government," party's state unit spokesman G. Madhusudhana told news agency here.

Ahead of the 3-day session, the BJP's legislature party met here under the leadership of Chief Minister B.S. Yediyurappa to chalk out its strategy to address issues, move bills and present the state budget for fiscal 2020-21.

"We hope the Congress and JD-S members will allow Governor Vajubhai Vala to address the joint session of the legislature on Monday and not disrupt his speech or walkout of the House before he concludes to maintain the dignity of his office," Madhusudhana said after the BJP meeting at a private hotel over dinner.

The legislature will resume the month-long budget session on March 2 with a special discussion for two days on the Constitution, markings the 70th year of its adoption and enforcement.

About 100 legislators, including the three Deputy Chief Ministers, the newly sworn-in cabinet ministers, council members and party's state unit members participated in the 2-hour long meeting.

"Yediyurappa, who also holds the Finance portfolio, will present the state budget for fiscal 2020-21 on March 5, which will be the fifth time as the fourth Chief Minister in over a decade," the official said.

Both the Houses will deliberate on the budget proposals and pass it by March 31.

In the 225-member Assembly, including one nominated, the ruling BJP has 117, opposition Congress 68, Janata Dal-Secular (JD-S) 34, Bahujan Samaj Party (BSP) one, Independents 2 and vacant 2.

Buoyed up by winning 12 of the 15 seats in the December 5 assembly by-elections, the party is confident of passing the finance and other bills, as it has the support of 119 members, including 2 Independents in the lower House.

"There is no threat to our government, which will complete the remaining 3-year term of the Assembly till May 2023. Yediyurappa has already won the majority test on July 29, 2019, three days after he took office for the fourth time," Madhusudhana said.

The Congress, however, asserted that it would raise the alleged misuse of police against the opposition members, anti-CAA protestors and minorities.

"We will question the morality of the government in making a tainted legislator like Anand Singh a forest minister when a dozen illegal mining cases are pending in the courts," a Congress official told news agency.

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 6,2020

Bengaluru, Mar 6: PVR Cinemas on Friday launched its five-screen multiplex in here, augmenting its presence in Karnataka across 15 properties to 103 screens and to 46 properties and 286 screens in southern India.

With this opening, PVR consolidates its growth momentum in the current financial year 2019-20, so far opening 83 screens in the year and bringing its portfolio to 841 screens at 176 properties in 71 cities.

"We feel proud to cross the 100 screens milestone in the state of Karnataka at the very beginning of the year," said Joint Managing Director Sanjeev Kumar Bijli.

"Southern India has a strong market with significant growth potential. In Bengaluru, we have introduced some of our best formats and offerings owing to the nature of preferences by our customers," he said in a statement.

Pramod Arora, Chief Growth and Strategy Officer at PVR Ltd, said the company will continue to enhance the consumer experience through innovation and set new benchmarks in the Indian multiplex industry.

PVR is the largest and the most premium film exhibition company in India, serving over 100 million patrons annually. 

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.