Kerala: India's first Islamic bank gets RBI approval

coastaldigest.com 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.

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

rafeek indraje
 - 
Tuesday, 29 Mar 2016

I wishes apporval r b I
secsus opportunity lslamic bank
thanks

AHMAD ZOHEB
 - 
Tuesday, 29 Mar 2016

Dear Sir / Madam,

I am AHMAD ZOHEB and workign as a EXPORT / IMPORT EXECUTIVE in Kanpur.

I wish to purchase a home, but i have no lot of money to purchase the same and also do not want to take the loan on interest due to religious reason, because my religion does not allow to take the loan on interest, so I would request you to kindly advise if this bank can give the home loan upto 10 lacs then i will be able to pay all the loan within 8-10 years.

Thanking you and looking forward to hear from you soon.

With Kindest Regards,
Zoheb

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
October 3,2024

cancer.jpg

Bengaluru: The Karnataka Food Safety and Quality Department has issued an urgent warning following the discovery of potentially cancer-causing chemicals in cakes sold by certain bakeries across the state.

Recent tests conducted by the department revealed that some cake samples, particularly those with vibrant colors, contain harmful synthetic coloring agents such as Allura Red, a substance known to pose health risks. The findings have raised concerns about the use of artificial colors in bakery products, especially given their potential link to cancer and other serious health conditions.

"We routinely test various food products, and this time, our officials noticed unusually dark-colored cakes on the market," said Srinivas K, Commissioner of Food Safety for Karnataka. "Upon testing, we found that a few cakes contained Allura Red, a synthetic dye associated with health risks."

The use of artificial colors, especially in popular cakes like red velvet and pineapple varieties, is widespread as it attracts customers, particularly children. However, many bakers prefer using natural, safer alternatives, while some opt for synthetic dyes to enhance the cake's visual appeal.

"Most bakeries use permissible, natural colors that are safe for consumption. Unfortunately, a few are resorting to synthetic dyes just to make their cakes more attractive," said a bakery owner from Electronic City, speaking anonymously.

Medical experts are warning that consuming synthetic colors can lead to numerous health issues, including asthma and allergic reactions.

"Some of these artificial dyes are carcinogenic, and prolonged exposure could have serious consequences, especially for children and young adults," cautioned Dr. Vandana G, a private medical practitioner.

While the Food Safety and Standards Authority of India (FSSAI) confirms that only a limited number of samples tested positive for harmful colors, legal action is being taken against the violators.

"There is no need for widespread panic or halting production. We are closely monitoring the situation, and only a few bakeries were found to be non-compliant. Rest assured, appropriate legal measures are underway," assured an FSSAI official. 

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News Network
October 8,2024

Mangaluru: The by-election to the legislative council from the Dakshina Kannada and Udupi local authorities' constituency will be a contest among four candidates. An independent candidate, Muhammed Riyaz, has withdrawn his nomination on Monday, the last day for withdrawal.

Deputy commissioner Mullai Muhilan MP stated that candidates Kishore BR (BJP), Raju Poojary (Congress), Anwar Sadat S (SDPI), and Dinakar Ullal (independent) will be in the fray. 

Polling will be held at 392 booths in Dakshina Kannada and Udupi districts between 8am and 4pm on Oct 21.

A total of 6,032 voters from Dakshina Kannada and Udupi are eligible to vote. While there will be 234 polling booths in Dakshina Kannada, Udupi will have 158 stations. Gram panchayat members, corporators of the Mangaluru City Corporation, members of city municipal councils, town municipal councils, town panchayats, MLAs, MLCs, and Lok Sabha members are eligible to vote.

Election observer of the Election Commission of India (ECI), Pankaj Kumar Pandey, reviewed the poll preparations at the deputy commissioner's office on Monday. He issued directions to officials regarding arrangements to be made during the election and counting of votes.

The deputy commissioner stated that out of 6,032 voters, 3,127 are women and 2,905 are men. He said the counting of votes will be held at St Aloysius PU College in the city on Oct 24.

Udupi deputy commissioner Vidya Kumari K, city police commissioner Anupam Agrawal, Dakshina Kannada ZP CEO Anandh K, Dakshina Kannada SP Yathish N, Udupi SP Arun K, and additional deputy commissioners Santhosh Kumar G and Mamatha Devi were present.

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coastaldigest.com news network
October 8,2024

Mahmed.jpg

Mangaluru, Oct 8: The city of Mangaluru mourns the loss of M Ahmed, a pioneering businessman, philanthropist, and the Founder Chairman of the AK Group. He passed away on Tuesday morning at the age of 76, leaving behind a legacy that spans decades of service, innovation, and community building.

M Ahmed, also fondly known as A K Ahmed, was a man of humble beginnings who grew into one of the most respected entrepreneurs in South India. He founded the AK Group in 1984, which has since flourished into a multi-faceted business empire. The company, which began as a small frame manufacturing unit, now encompasses a wide range of industries, including plywood, formaldehyde, particle boards, fire-rated products, and more. AK Group's growth extended beyond India, with manufacturing units established in Myanmar and Vietnam.

What began with 18 employees in 1984 has today expanded to provide employment to approximately 3,000 people in India and 400 abroad. M Ahmed’s dedication and vision were instrumental in transforming the company into a market leader, recognized for its high-quality products and innovation. AK Plywood is now one of India’s top plywood manufacturers, and the largest in South India. The company was Karnataka’s first plywood manufacturer to receive ISO certification and has garnered prestigious awards, including the Rising Stars Power Brands Award in London (2017) and the Best Manufacturer Award from MSME Karnataka (2018).

Ahmed’s business success was deeply rooted in values instilled in him during his early years. He worked alongside his father, the late Abdul Khader Moopa, loading sawn timber, and it was from these humble beginnings that he developed his work ethic, pioneering spirit, and respect for time—values that remained the cornerstone of his remarkable career.

His foresight was evident when he recognized the potential of timber from Perumbavoor, Kerala, for plywood and blockboards at a time when it was merely being used as firewood. This strategic move led to the establishment of one of the first frame manufacturing and peeling units there, and soon after, Ahmed launched his own company in Mangaluru, swiftly earning national and international recognition.

Beyond plywood, the AK Group has diversified into multiple industries, including marine food, pharmaceuticals, construction materials, hypermarkets in India and the UAE, and food industries in Indonesia. Under Ahmed’s leadership, the company’s reach expanded, ensuring its position as a formidable player in various sectors.

Ahmed was not only an extraordinary businessman but also a deeply compassionate individual, dedicated to social and religious causes. He served as the founding president of the managing committee of Ihsan Masjid in Mangaluru and established the Highland Educational and Cultural Centre. His philanthropic efforts were as vast as his business ventures, benefiting countless communities both in India and abroad.

His kindness, simplicity, and punctuality were hallmarks of his character. Those who knew him admired his unyielding commitment to excellence, as well as his warmth and generosity. M Ahmed is survived by his wife, three daughters, and four sons, who continue his legacy of philanthropy and social service.

As news of his passing spread, tributes poured in from all sectors of society. Social, religious, and political leaders in Mangaluru expressed their deep sorrow over the loss of a man who dedicated his life to improving the lives of others.

M Ahmed’s journey from humble beginnings to massive success will continue to inspire generations. His life serves as a testament to the power of vision, perseverance, and, above all, integrity.

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