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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