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.

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PM Modi vows to strengthen India-Maldives ties, inks currency swap deal with President Muizzu

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October 7,2024

New Delhi: Seeking to strengthen bilateral ties, India and the Maldives on Monday inked a currency swap agreement to the tune of $400 million, a move that would help the archipelago nation overcome foreign exchange reserve issues.

Prime Minister Narendra Modi and visiting Maldivian President Mohamed Muizzu also launched Rupay card in the Maldives, inaugurated the new runway at the Hanimadhoo International airport and agreed to further strengthen bilateral relations that had hit a rocky patch last year.

Muizzu, who is on a four-day state visit, held talks with Prime Minister Modi at the Hyderabad House here.

After the talks, India also handed over 700 social housing units to the Maldives built under the EXIM Bank’s buyer’s credit facilities.

"Today, we have inaugurated the redeveloped Hanimaadhoo Airport. Now, the Greater Male Connectivity Project will also be expedited. We will also support the development of a new commercial port in Thilafushi," Modi told reporters here with Muizzu by his side.

Modi said India and Maldives have decided to initiate discussion on the Free Trade Agreement to further strengthen economic ties.

The prime minister described Maldives as a "close friend" which had an important position in India's neighbourhood policy and SAGAR vision.

"India has always fulfilled the responsibilities of a neighbour. Today, we have taken up the vision of a comprehensive economic and maritime security partnership to give our mutual cooperation a strategic direction," Modi said.

Earlier, Muizzu was accorded a ceremonial welcome at the Rashtrapati Bhawan by President Droupadi Murmu. Prime Minister Modi was also present on the occasion.

Muizzu was given a tri-services guard of honour before he drove down the Rajghat to offer his respects at the memorial to Mahatma Gandhi.

The ties between India and the Maldives came under severe strain since Muizzu, known for his pro-China leanings, took charge of the top office in November.

Muizzu won the presidential election last year on the 'India out' campaign and asked New Delhi to withdraw its military personnel posted in the archipelago nation by May this year.

The bilateral ties also hit a rocky patch when Maldivian ministers were critical of Modi. However, Muizzu has since toned down his anti-India stance and even sacked ministers who were critical of the Indian prime minister.

As the Maldives was grappling with a serious economic downturn, India has decided to extend vital budgetary support to the Maldives government with the rollover of a $50 million Treasury Bill for another year.

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JD(S) leader G T Devegowda backs CM Siddaramaiah in MUDA row, taunts HDK

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October 4,2024

Mysuru: Chairman of JD(S) core committee and Chamundeshwari constituency MLA G T Devegowda on Thursday expressed his solidarity with Chief Minister Siddaramaiah saying the latter need not resign, while lambasting leaders of his own party and alliance partner BJP, including Union Minister H D Kumaraswamy.

In his speech during Mysuru Dasara inauguration he said that if persons against whom FIR is registered have to resign, many leaders from all the three parties, including Opposition Leader R Ashoka, will have to resign.

“All are sitting in glass houses... Since I know Siddaramaiah well, I am talking about him. At a time when mines and real estate are ruling politics, Siddaramaiah has survived in politics. He has never done any favour,” Devegowda said.

He added, “Allegations against Siddaramaiah are unexpected and accidental. If the Governor and Chief Justice order an investigation, it does not mean that he should resign."

He continued, asking, "Have they told Siddaramaiah to resign or have they asked to imprison him? When a person becomes a Central minister, he or she should realise their dignity and responsibility. Instead of recognising the good work done by Siddaramaiah, they ask him to resign. Will Kumarswamy (facing an FIR) resign? Should Siddaramaiah, who has become CM with a support of 135 MLAs, resign?"

"Opposition leaders are not remembering the good work of earlier CMs Kengal Hanumanthaiah, Veerendra Patil, Ramakrishna Hegde, H D Deve Gowda or S M Krishna. Karnataka is a model state. It is a bad trend to topple an elected government which is doing good work,” he further said.

Devegowda added, “Siddaramaiah is Goddess Chamundeshwari’s ‘Varaputra’ and hence has her blessings during tough times. He won the election in Chamundeshwari Assembly constituency, when the BJP-JD(S) government was in power in 2006. With the blessings of the Goddess, he has held varied positions right from becoming an MLA for the first time in 1983. He presented 15 budgets and has become CM for a second time. He took H C Mahadevappa, a Dalit leader to the state level. Siddaramaiah has the support of Deputy CM D K Shivakumar as ‘Jodeththu’. Blessings of the beneficiaries of guarantee schemes are with him (Siddaramaiah).”

Siddaramaiah said, “Devegowda was a MUDA member. He knows the truth. Hence, he is saying this. His words have filled strength in me. ‘Satyameva Jayate’, Truth will always triumph.”

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Philanthropist, Visionary Entrepreneur, A K Group Founder M Ahmed passes away

coastaldigest.com news network

October 8,2024

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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