Today, Cheraman Financial Services (CFSL) announced a fund proposal for different infrastructure projects in Kerala. The financial institution also said to support start up entrepreneurs. CFSL was set up by some private NRI investors from the Gulf and the Kerala government.
The company was registered with the Royal Bank of India as a non-deposit, non-banking financial company (NBFC). The Kerala State Industrial Development Corporation holds a stake of 11% in the company. In line with Islamic banking, CFSL seeks to promote interest free financing model in India. The NBFC company has an authorized capital of RD1000 million capital.
CFSL was formerly known as Al Barakah Financial Services. The company intends to add equity finance and leasing to its offered products. CFSL said that the planned production additions were based on Shariah economic principles and are also in compliance with the regulatory requirements of India.
Aside from CFSL, Cheraman Fund, Alternative Investment Fund, Cheraman Infrastructure Ltd and Cheraman Funds Management Ltd were also included among the group's other entities.
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