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Islamic Banking: Kerala Govt Welcomes HC Order

The Kerala government today welcomed the High Court's verdict allowing
the setting up of an Islamic Financial Institution (IFI) in the state
with the support of Kerala State Industrial Development Corporation
(KSIDC) and said the institutions would start soon.

The Al Barakah Financial Services Ltd will have an authorised share
capital of Rs 1000 crores including 11 per cent Equity contribution
from KSIDC.

The 12 member-director board of the company will have 10 private
investors and 2 nominees from KSIDS as directors.

"Gulf-based NRI businessman P Mohammed Ali will be the chairman of the
company. Various Kerala-based entrepreneurs like P N C Menon, E M
Najeeb, M A Yusaff Ali, Siddique Ahmmed and P A Ibrahim Haji will be
some other members of the board," he said.

From: http://news.outlookindia.com/items.aspx?artid=710881

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