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 1,2024

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The BJP has selected Kishore Kumar Puttur as its candidate for the bypoll to Karnataka Legislative Council from Dakshina Kannada and Udupi Local Authorities’ Constituency. The by-election will be held on October 21.

Kishore Kumar is presently serving as the General Secretary of Dakshina Kannada BJP unit. He had served as vice president of State BJP Yuva Morcha from 2014 to 2016.

The by-election will be held to the seat vacated by Kota Srinivas Poojary of the BJP who has been elected as the Lok Sabha member from Udupi-Chikmagaluru Lok Sabha constituency. The vacancy was created on June 15, 2024 following Poojary’s resignation to the Council. His term in the council was till January, 2028.

In the last Council election held for the dual member constituency in December 2021, Poojary had secured 3,672 votes while the Congress candidate Manjunath Bhandary had secured 2079 votes. Poojary and Bhandary had secured required votes from the first preferential votes and had won the election.

There were several aspirants for the BJP ticket including former MP Nalin Kumar Kateel, DK BJP president Satish Kumpala, Mangaluru divisional in-charge Uday Kumar Shetty, former minister Pramod Madhwaraj and former Udupi district BJP president Kuilady Suresh Nayak.

The Congress is yet to announce its candidate for the election. KPCC working president Manjunath Bhandary in a recent press meet in Mangaluru had said that an opportunity will be given to congress leaders from Udupi district to contest by-election.

The Dakshina Kannada and Udupi Local Authorities’ Constituency has 6037 voters including 3551 from Dakshina Kannada comprising eight MLAs, one MP. The last date for filing nomination is October 3 and the last date for withdrawal of nomination is October 7. The counting will be held on October 24.

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News Network
September 28,2024

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Bengaluru, Sep 28: The Special Investigation Team (SIT) probing charges against arrested Karnataka BJP MLA N. Munirathna Naidu, including allegations of rape, honey-trapping, and other offences, on Saturday conducted raids at his residence and 15 other locations across the city.

Sources confirmed that the raids were taking place at his Vyalikaval residence and other properties owned by the BJP MLA. The operation is being conducted by the SIT under the Criminal Investigation Department (CID) led by ACP Kavitha.

The team is examining documents, electronic devices, and other materials related to the rape and honey-trapping case. The SIT is being supported by experts from the Forensic Science Laboratory (FSL), with Superintendent of Police (SP) Sowmya Latha also participating in the search and inspection at Munirathna’s Vyalikaval residence.

According to sources, the raids were triggered by information provided by the victim, who alleged that Munirathna recorded footage of sexual assaults and used it to blackmail politicians and public servants, including IAS and IPS officers.

The victim reportedly revealed that she was used to entrap the woman who had lodged a rape case against a senior IFS officer. She was allegedly instructed to frame the rape victim in a drug peddling case.

The complainant told police that she was tasked with capturing compromising videos of the rape victim who had filed the case against the IFS officer. She claimed that, after several failed attempts to obtain the videos, the victim was drugged with sleeping pills, and obscene footage was recorded without her consent. Later, the IFS officer was bailed out from the charges.

Furthermore, the complainant has accused MLA Munirathna of raping her at his office within the state legislature, in his official vehicle, and at his godown. She has alleged that he recorded videos of these assaults.

Police sources also revealed that the victim in the MLA's case provided details of a plot involving sending HIV-infected women to Munirathna's targets in an attempt to ruin them politically and personally. She also disclosed the names of several politicians whom she had entrapped through honey-trapping.

The woman further claimed that Munirathna had threatened to have her son kidnapped and killed if she refused to comply with his demands. According to her, the MLA had a well-organised team dedicated to carrying out these honey-trapping operations, and she provided details about his close associates and relatives involved in the scheme.

Munirathna, who was in judicial custody following his arrest in the rape and honey-trap case, has now been taken into the custody of the SIT.

The MLA was transferred from Bengaluru Central Jail to the CID office on the night of September 24. The BJP legislator, however, has denied all the allegations, claiming they are false.

Karnataka Congress leader D.K. Suresh had alleged that Munirathna was trying to infect his adversaries with HIV and that the government should investigate the matter.

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News Network
October 1,2024

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Mysuru, Oct 1: The Karnataka Lokayukta team on Tuesday arrived at the disputed plot in Mysuru and began investigation into the MUDA case against CM Siddaramaiah and his wife, news agency ANI reported. Snehamayi Krishna, the complainant in the case was also present with the team.

Sources stated that ED sleuths might issue a notice to CM Siddaramaiah at any time and issue summons to him for questioning. The sleuths are also keenly watching the movements of CM Siddaramaiah’s close associates and relatives, including a cabinet minister in connection with the MUDA scam.

Sources further said that there is a possibility of the ED conducting raids across the state on offices and residences of close associates of CM Siddaramaiah. The ED has also gathered information on bank accounts and financial transactions of CM Siddaramaiah and his associates.

The Directorate of Enforcement (ED) on Monday registered an Enforcement Case Information Report (ECIR), equivalent to an FIR by the police, against CM Siddaramaiah over the alleged irregularities in the allotment of 14 sites to his wife Parvathi B.M. by the Mysore Urban Development Authority. The ED registered the case taking cognisance of the FIR registered against the Chief Minister by the Lokayukta police on September 27.

Meanwhile, the Karnataka Lokayukta probing the MUDA case has also expedited the probe. The sleuths led by Mysuru Lokayukta SP T.J. Udesh have visited the controversial land on the outskirts of Mysuru city. The petitioner, Snehamayi Krishna, also accompanied the team.

The move of Chief Minister Siddaramaiah’s wife to return 14 sites allotted by the MUDA to her has triggered a debate. BJP MLA from Mysuru T.S. Srivatsa stated on Tuesday that the move of CM’s wife is not acceptable. "The two commissioners who colluded in the MUDA scam are roaming freely even today," he said.

"CM Siddaramaiah first claimed that there was no scam at all. Later, he formed a commission and now there is an FIR against him. After committing the mistake, you offer to return the sale deed. The time is up. He will have to tender his resignation and I am sure he won’t be in the position until Dasara festivities," MLA T.S. Srivatsa stated.

T.J. Abraham, one of the petitioners in the MUDA case said, “I had demanded the MUDA commissioner to take back the allotted sites. He had written back saying the process would be initiated. They were waiting for the investigation report."

"CM Siddaramaiah has not approached the division bench or the Supreme Court to challenge the order against him because there is nothing to be challenged. Returning sites is not a big sacrifice. The Chief Minister has lost it," Abraham stated. 
 

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