Cheraman kicks off first infrastructure project
TIMES NEWS NETWORK
Kannur: Industries minister P K Kunhalikutty said here on Saturday that Islamic banking has the potential to attract large-scale investment in infrastructure development in the country.He was laying the foundation stone for the first infrastructure project of Cheraman Infrastructure Ltd,a subsidiary of non-banking financial services company Cheraman Financial Services.
He said the project was an example of how unutilised Wakf properties could be utilised for the benefit of the country.In other states,there are many instances of Wakf properties getting alienated,and such initiatives can be helpful in efforts to get them back, he said,adding that the project launched with the cooperation of the State Wakf Board is the first attempt in the country to make use of the unutilised wakf property for the development of the country.
Islamic banking is not just confined to the Islamic countries.It is very much popular in European countries too,and it can attract huge investment in any field that is not against the principles of Islamic faith, he said.
The first project in Kannur envisages building a commercial complex in the land provided by Kannur Muslim Jama-ath at South Bazaar.Being built on build-operate and transfer (BOT) mode,the commercial complex will be handed over to the Muslim Jamaath after 18 years.
Over 6 lakh acres of Wakf land worth Rs 1.2 lakh crore lay unutilised or underutilised in the country,mainly due to lack of resources,according to the director board of the company.Cheraman Financial Services,in which the state industrial development corporation has a stake,got the RBI nod to start nonbanking financial services last month.
Company chairman and Galfar groups managing director P Muhammed Ali presided over the function.