For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

RBI allows Islamic banking in Kerala: Media Report

By Religare
|
RBI allows Islamic banking in Kerala: Media Report
The Reserve Bank of India (RBI) has allowed Kerala government to launch a non-banking finance company (NBFC) based on the principles of Islamic banking, according to a media report.
 

The report said that Kerala State Industrial Development Corporation will float this NBFC called Cheraman Financial Services Limited (CFSL) with an authorised capital of Rs 1,000 crore.

In line with the principles of Sharia, this NBFC will abstain from fixed or floating payment or acceptance of specific interest or fees (known as riba, or usury) for loans of money. The entity will target sectors like infrastructure, services and manufacturing sectors while resisting investing in businesses that provide goods or services considered contrary to Islamic principles.

Dion Global Solutions Ltd.

Read more about: rbi islamic banking kerala
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC

We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more