India’s first Islamic bank coming up in Kochi
State government -aided Islamic bank coming up in Kochi soon! A meeting will be held on September 12 at Kozhikode to discuss the steps to be taken to set up the first Islamic bank in India. The Kerala State Industrial Development Corporation (KSIDC) would have 11 percent stake in the proposed banking firm. It will be registered as a Non-Banking Finance Company (NBFC) in the beginning and later on will be transformed into 100% Shariah-compliant bank.
An initial capital of Rs 500 crore (Rs 5 billion) will be mobilized from leading non-resident Indians (NRIs) and Indian business houses. The bank will invest all its funds in wealth generating investment avenues and will distribute profit to its shareholders. Also the bank will set apart a social fund to provide interest-free loans to Gulf returnees to set up small-scale ventures. As of now, registration formalities will be completed by the end of this year. This will be the first Islamic Bank in India which is set to be operational by mid 2010.
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Hey Jisha – It is ’100% Shariah-compliant bank’, not ’100% Shariah-complaint bank’.
on September 7th, 2009LOL….interesting spelling mistake!
on September 7th, 2009@saif…thanz…fr a sec i ddnt undrstnd wt u meant…
on September 7th, 2009What is Islamic Banking?
Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the payment of fees for the renting of money (Riba, usury) for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles (Haraam, forbidden).
For more info http://www.islamic-banking.com/what_is_ibanking.aspx
on September 7th, 2009Islamic banking will be sucessful in india,i am working the same sector in uae since 20 years
on September 22nd, 2009There are two major differences between Islamic Banking and Conventional Banking:
1. Conventional banking practices are concerned with “elimination of
risk” where as Islamic banks “bear the risk” when involve in any
transaction.
2. When Conventional banks involve in transaction with consumer they
do not take the liability only get the benefit from consumer in form of
interest whereas Islamic banks bear all the liability when involve in
transaction with consumer. Getting out any benefit without bearing its
liability is declared prohibited (Haram) in Islam.
Mohammad Badar Hassan.
Qatar Islamic Bank.
Doha – Qatar
on October 27th, 2009Jisha is it 100% sharia compliant bank?
on November 9th, 2009when it will start? I completed my B.com and now persuing MBA. I am very interested to work in islamic bank for that they are providing any course?
let’s know abt ur job vacancies….in islamic banking
on December 14th, 2009Salam…….
i am looking for a home loan in india which is purely islamic…
on August 17th, 2010can any body help me if this facility is available for me…..
my contact no…9891596912
At last state bank of india realised that islamic banking is the need of the day… it will help indian economy to grow faster..
on August 26th, 2010I need a home loan in india which is purely islamic.Becaz i am not ready to pay any money to pay bank in the name of interest.
on November 3rd, 2010Can any body help me if this facility is available for me…..
my contact no…9721297194
i am looking for a home loan in india (chennai) which is purely islamic…can any body help me if this facility is available for me…..
on May 2nd, 2011my contact no…9443691136
I wish to join Islamic bank as a career.. please help me in this regard.
on March 25th, 2012