Ummid Assistant

Jamia Millia launches courses on China, Afghanistan

IGNOU launches value education programme for teachers

Welcome Guest! You are here: Home » Business & Finance

Kerala to push Islamic banking, low-cost airline: Oomen Chandy

Tuesday November 22, 2011 11:52:13 AM, IANS


New Delhi: During a free-wheeling interaction with IANS journalists, Kerala Chief Minister Ooman Chandy said his government will soon apply its mind on the issue of promoting the concept of Islamic banking in the state, which believes in sharing profits and bans levy of interest, to fund infrastructure.

In February this year, the Kerala High Court had given a green signal to Al Baraka, a company registered under the tenets of Sharia with investment from a state-run firm, to operate a financial institution based on the principles of Islamic banking.

The state hoped to rope in funds from institutions that follow the Sharia law.

"That proposal was there during the previous government. We have not decided on further things. But we have also not given up. Within this short period of our regime, we had not applied our minds. But we will pursue it," Chandy said to IANS journalists during a visit to the agency's head office here Monday evening.

Muslims constitute 24-25 percent of Kerala's 32 million population.


Chief Minister Ooman Chandy also said Kerala has not given up on a proposal to start an airline of its own, particularly to provide low-cost options to its vast diaspora in the Gulf, and will soon pursue this with the central government.

"We are at the moment concentrating on our fourth international airport at Kannur. Once that is done, we will pursue the airline option. We have not given up on the idea of a low-cost carrier," Chandy said.

"We have also brought down the minimum level of investment in the Kannur airport project to Rs.50,000 from Rs.200,100 for individual investors," Chandy, who assumed office for the second time on May 18 said, adding this was a major request among many investors.

The project, under public-private partnership, is being set up by a consortium in which 26 percent of the equity is with the government, 23 percent with public sector units, two percent with other institutions and the remaining 49 percent with private players.

The airport is expected to cater to an annual traffic of more than one million international passengers and 300,000 domestic passengers as per 2009-2010 estimates and will also serve as an air cargo hub for perishables like flowers, vegetables, fruit and seafood.

Home to idyllic beaches, Kannur in the northern part of Kerala is among 10 best cities in India to live in, as per research firm Indicus Analytics, and 13 percent of its population is employed overseas. The project is coming up on a 2,000-acre area and expected to start operations in 2013.
Kerala currently has international airports at Thiruvananthapuram, Kochi and Kozhikode. Kerala has around four million of its diaspora living outside and the bulk of them reside in the Gulf countries.

Speaking about the airline project, Chandy said the previous United Progressive Alliance (UPA) government had posed three conditions for overseas operations -- a fleet of five planes, five years of domestic operations and no operations to the Gulf.

"We said Air India Express with just two planes was allowed. Within three months, it got permission to fly to the Gulf. They said it is an Air India subsidiary. We said, okay we accept, but you also have to accept this -- this is a state government airline," Chandy said.





  Bookmark and Share

Home | Top of the Page



Note: By posting your comments here you agree to the terms and conditions of

Comments powered by DISQUS

More on Islamic Finance

Islamic banks may double assets in next five years

Rampant misconceptions about Islamic banking stop its growth

Shariah Portfolio Management Services (PMS) launched in Mumbai

UAE's Noor Islamic Bank posts $23 mn profit

Islamic Finance : Separating myth from reality

Malaysia to start cross-border clearance platform for Shariah-compliant bonds

'Islamic Banking can facilitate green financing'

Equity Market: An investment option the Islamic way

'Misunderstanding that Islamic banking is only for Muslims should be changed'

'When London, Singapore and Tokyo can have Islamic banks, why not India?'

'Decision to form Islamic Banking dangerous for India'

Islamic Banking more than Muslims beneficial for India: British Advisor

India will look at Islamic banking practices: PM

Islamic finance gives universities a bonus

Islamic Foundation UK bags IDB Prize in Islamic Economics for 201





In Depth

Islamic finance gives universities a bonus

With global finance on its knees, this summer's business graduates face an even trickier jobs market than most. But there is one area of banking still experiencing boom time – Islamic finance – and universities have been quick to grasp its possibilities.   »

Lack of experts, no regulatory authority hinder growth of Islamic Finance

Global Islamic finance industry worth over $1tr in asset terms

‘Don’t let the name scare you. Islamic banking is beneficial for all'

Encouraged by the results, other international banks like HSBC and Barclay have also introduced special windows. These windows have facilities for the people interested in dealing on the principles of Islamic Shariah. Likewise is the Islamic Bank of Britain. The very concept of these banks is that they are following the Islamic principles,  »

Learn from Islamic banking success stories: Rahman Khan

IDB, Insaniah varsity launch master's degree program in Islamic finance


  Related Articles

People from other religions too opting for halaal foods

Health concerns see members of other religious groups seeking advice on suitable foods. Non-Muslims are becoming part of the estimated 635-billion worldwide halaal (permissible) market, South African National Halaal Authority (Sanha)  »

Iran announces new Islamic internet

Iran has announced it would launch an Islamic internet to counter the influence of the US-dominated world wide web. "Iran will soon create an internet that conforms to Islamic principles, to improve its communication and trade links with the world," Ali Aqamohammadi, head of  »

Iran to launch national internet in August



Shariah Index launched, BSE hopeful of quick returns

The Bombay Stock Exchange, Asia’s oldest trading floor, along with the Mumbai-based Taqwaa Advisory and Shariah Investment Solutions on Monday launched an index comprising shares, of   »

Indian Muslim traders welcome sharia-compliant share index

Nigeria issues license to first Islamic Bank

The Central Bank of Nigeria (CBN) June 21 has issued provisional license to Jaiz International Bank to launch Nigeria's first Islamic bank, a media report said. The CBN has given the license to Jaiz International Bank subject to fulfilling the bank authorization  »

Islamic banking thrives in financial crisis

Islamic banking has emerged as one of the most rapidly expanding sectors of the global financial industry, with expectations that it will play a growing role in the years to come.Banks and financial institutions that comply with Islamic law (sharia) showed impressive resilience   »

Equity Market: An investment option the Islamic way

In order to remain in the main stream of the economy and have equitable investment opportunity, equity stock market (The Islamic way) provides the most cost effective investment solution for the Muslims. Hence they should take advantage of the boom in the equity market of the country so that they are not left behind in the economic growth that is being witnessed  »


Picture of the Day

ABANA Annual Conference titled Islamic Finance: Players, Products & Innovations" was held April 19th 2005 at the University Club in New York City.



RSS  |  Contact us


| Quick links



Subscribe to

Ummid Assistant






About us




Government Schemes










Contact us





    Disclaimer | Terms of Use | Advertise with us | Link Exchange is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.

© 2010 Awaz Multimedia & Publications. All rights reserved.