Kerala government gets Reserve Bank of India nod for Islamic banking : Economic Times

T Ramavarman source : economictimes.indiatimes.com

imagesKOCHI: 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.

Please read more at :

http://economictimes.indiatimes.com/news/economy/finance/kerala-government-gets-reserve-bank-of-india-nod-for-islamic-banking/articleshow/21890211.cms

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