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 16,2025

Mangaluru, Dec 16: The Mangaluru City police have significantly escalated their campaign against drug trafficking, arresting 25 individuals and booking 12 cases under the Narcotic Drugs and Psychotropic Substances (NDPS) Act between November 30 and December 13. The crackdown resulted in the seizure of a substantial quantity of illicit substances, including 685.6 grams of MDMA and 1.5 kg of ganja.

The success of this recent drive has been significantly boosted by the city’s innovative, QR code-based anonymous reporting system.

"The anonymous reporting system has received an encouraging response. Several recent arrests were made based on inputs received through this system, helping police tighten the noose around drug peddlers," said the City Police Commissioner.

The latest arrests contribute to a robust year-to-date record, underscoring the police's relentless commitment to combating the drug menace.

Up to December 14 this year, the police have registered a total of 107 cases of drug peddling, leading to the arrest of 219 peddlers. Furthermore, they have booked 562 cases of drug consumption, resulting in the arrest of 671 individuals.

The scale of the seizure for the year reflects the magnitude of the problem being tackled: police have seized 320.6 kg of ganja worth ₹88.7 lakh and 1.4 kg of MDMA valued at ₹1.2 crore. Other significant seizures include hydro-weed ganja worth ₹94.7 lakh and cocaine worth ₹1.9 lakh, among others.

The Commissioner emphasized a policy of rigorous enforcement: "We ensure that peddlers are caught red-handed so that they cannot later dispute the case or claim innocence."

To counter the rising trend of substance abuse among youth, the Mangaluru City police have rolled out uniform guidelines for random drug testing across educational institutions.

As part of the drive, tests were conducted in approximately 100 institutions, screening an estimated 5,500 to 6,000 students in the first phase. 20 students tested positive for drug consumption during the initial screening.

Students who tested positive have been provided counselling and are scheduled for re-testing in the second quarter. The testing will also be expanded to students not covered in the first phase. In a move to ensure strict implementation, police personnel were deployed in mufti in some institutions. Reiterating a zero-tolerance stance, the Commissioner confirmed that random testing will continue, and colleges have also been instructed to conduct drug tests at the time of admission to deter substance abuse from an early stage.

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News Network
December 7,2025

Mangaluru, Dec 7: A 34-year-old fruit and vegetable trader in Mangaluru has reportedly lost ₹33.1 lakh after falling victim to an online investment scam run through a fake mobile app.

Police said the scam began in September, when the victim received a link on Facebook. Clicking it connected him to a WhatsApp number, where an unidentified person introduced a high-return investment scheme and instructed him to download an app.

To build trust, the fraudster asked him to invest ₹30,000 on September 24. The trader soon received ₹34,000 as “profit,” convincing him the scheme was genuine. Over the next two months, he transferred money in multiple instalments via Google Pay and IMPS to different scanner codes and bank accounts shared by the scammers. Between September 24 and December 3, he ended up sending a total of ₹33.1 lakh.

When he later requested a refund of his investment and promised returns, the scammers demanded additional payments, claiming he needed to pay a “service tax” first. Even after he paid a small amount, no money was returned, and the scammers continued pressuring him for more.

A case has been registered at the CEN Crime Police Station.

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News Network
December 17,2025

melkar1.jpg

Melkar, Dec 17: The 17th Annual Day and Graduation Ceremony of Melkar Women’s PU and Degree College, themed “Fusion-2K25,” was celebrated with dignity and enthusiasm, marking a significant milestone in the institution’s academic journey. The programme reflected the college’s steadfast commitment to academic excellence, character building, and the holistic development of students.

The event was inaugurated by Mr. Asif Mohammed, whose presence greatly enriched the occasion. The celebration was further graced by the chief guests Mr. P. B. Ahmed Mudassir and Mr. Nissar Fakeer Mohammed, along with the distinguished guests of honour Mr. B. A. Nazeer and Mr. Ibrahim Gadiyar. In their inspiring addresses, the guests encouraged the graduating students and appreciated the dedicated efforts of the management, faculty, and students.

The annual report was presented by the Principal, Mr. Abdul Majeed S, highlighting the institution’s academic progress, notable achievements, and extracurricular accomplishments during the academic year.

The presidential address was delivered by the esteemed Chairman of Melkar Women’s PU and Degree College, Dr. Haji S. M. Rasheed, who emphasized the vital role of education in empowering women and shaping responsible citizens. He also stressed the importance of discipline, dedication, and perseverance in achieving success.

Cultural programmes and academic recognitions formed an integral part of the celebration, showcasing the talents and achievements of the students. The graduation ceremony was a proud moment for the outgoing students as they were formally conferred degrees and wished success in their future endeavours.

Ms. Mashmooma Fathima served as the Master of Ceremonies. The welcome address was delivered by Ms. Fathima Nida, and the programme concluded with a vote of thanks proposed by Ms. Ayisha Suhana.

The event successfully achieved its objectives and was highly appreciated by the guests and attendees.

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melkar2.jpg

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