Receives go-ahead from the Reserve Bank of India.
The state of Kerala on India’s southwestern coast will launch Cheraman Financial Services Ltd, a financial institution following the principles of Islamic finance. CFSL will be floated by Kerala State Industrial Development Corporation to function as a non-banking finance company (NBFC).
CFSL will have a paid-up capital of about US$16 million but intends to raise about US$39.9 million as an alternative investment fund.
The Shariah-compliant institution will target sectors like infrastructure, services and manufacturing sectors and not lend to taboo areas including liquor, tobacco and gambling or speculation.
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