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
December 15,2025

Mangaluru, Dec 15: Educational institutions in Mangaluru that rely on the popular Mangala Stadium for their annual sports events are bracing for an inconvenience as the city's key sporting venue is set to close its gates for a significant upgrade. The stadium is expected to be unavailable for approximately two months starting from January 15, 2026.

The closure is necessitated by a proposed overhaul of the stadium's facilities, with a special focus on upgrading the synthetic track. Pradeep Dsouza, Assistant Director of the District of Youth Empowerment and Sports (DYES), Dakshina Kannada, confirmed the development.

"Experts have visited the stadium, conducted a thorough inspection, and have given the go-ahead for a complete makeover," Dsouza stated. "Funds have been allocated for the project, and we are currently awaiting the final green signal from state officials to commence the work. We anticipate that the work will likely begin in the second week of January. Consequently, we have stopped renting out the stadium to colleges and other organizations in preparation for the upgrade."

The timing presents a logistical challenge for colleges, as many schools have already concluded their sports meets.

"Colleges will now be organizing their events and will need to find alternative locations to host their sports meets," Dsouza added. He suggested a few potential venues, including the Dakshina Kannada police ground, University College grounds, Panambur grounds, Swaraj Maidan in Moodbidri, and the Mangalore University sports grounds in Konaje.

However, many institutions note that finding a comparable venue will be difficult. While the DK police ground and University College grounds are closer to the city center, they do not possess the extensive facilities and infrastructure offered by Mangala Stadium.

Dr. P Dayananda Pai - P Satisha Govt First Grade College, Carstreet, is one such institution dependent on the stadium. Principal Jayakar Bhandary expressed hope for a swift completion of the work. "We expect the work to be completed at the earliest. If not, we will be forced to look for other venues to host the sports day for our students," Bhandary said, highlighting the pressing need for the city's main sporting facility.

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News Network
December 15,2025

Udupi, Dec 15: What was meant to be a post-pilgrimage gathering turned tragic in Padukere village of Brahmavar taluk, Udupi district, late Sunday night, when a clash among youths escalated into a fatal assault, leaving one man dead.

The victim has been identified as 30-year-old Santosh Mogaveera, a resident of Padukere.

According to preliminary information, the incident took place during a late-night drinking party involving a group of local youths who had recently returned after completing their pilgrimage to the Sabarimala shrine. An argument reportedly broke out among the group and soon escalated into a violent confrontation.

During the ensuing brawl, Santosh Mogaveera was allegedly assaulted and collapsed at the spot after sustaining serious injuries. He was rushed by local residents to a private hospital in Brahmavar, where doctors declared him dead.

On receiving information, senior police officials, including Brahmavar Circle Inspector Gopikrishna, Kota Police Sub-Inspector Praveen Kumar T, Station ASI Manthesh Jabagoudar, and head constables Pradeep and Ashok, visited the spot and conducted an inspection.

Police have taken four youths into custody in connection with the incident. A case has been registered at the Kota police station, and further investigation is underway to ascertain the exact sequence of events leading to the death.

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News Network
December 16,2025

SMR1.jpg

Melkar (Bantwal): The 9th Annual Day celebration of SMR Public School, titled “EXCELLENTIA”, was held on December 15 with great enthusiasm and dignity, marking a significant milestone in the institution’s journey towards academic excellence and holistic development.

The programme was inaugurated by Dr. U. T. Iftikar Ali. The chief guests were Dr. Akhtar Hussain, Mr. P. Moosabba Beary, Mr. Zakaria Jokattre, and Dr. T. M. Abdul Rahuf—whose inspiring addresses motivated the students and appreciated the school’s contributions to education.

Mr. Abdul Nasir, Mr. Ibrahim Gadiyar, Mr. Razak Golthamajal, Mr. Sali Koya, Mr. Arshad Hussain, Mr. Ismail Balanoor, Mr. Feroz Bawa, Mr. Sahul Hameed, Mr. Abubakkar, Mr. Hameed K. Mani, Mr. Abdul Majeed (Principal, Melkar Women’s College), and Mr. Abdul Lathief (Former Principal, Melkar Women’s College) were the guests of honour.

The Annual Report was presented by the Headmistress, Ms. Fathimathul Zaheera, highlighting the school’s achievements and progress during the academic year. The Presidential Address was delivered by the Chairman of SMR Public School, Dr. Haji S. M. Rasheed, who emphasised the vital role of education in shaping students’ futures and stressed the importance of discipline, dedication, and consistent effort in achieving 100 per cent academic results.

Secretary of SMR Public School, Mr. Rifath Ahmed, and PTA President, Mr. Sandeep Kumar, were also present on the occasion.

The Annual Day celebration showcased the collective efforts of students and teachers and reaffirmed the school’s commitment to quality education and all-round development. The programme concluded with a vote of thanks, expressing gratitude to all dignitaries, parents, and well-wishers for their support. The 9th Annual Day—EXCELLENTIA—was a memorable and successful event, leaving a lasting impression on everyone present. 

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