The Kerala government-promoted Shariah-compliant Al Barakah Financial Services Ltd hopes to start operations from next fiscal, pending RBI licence for non-banking finance company (NBFC). Al Barakah is also trying to get Security Exchange Board of India (SEBI) approval to float
Shariah-compliant private equity and venture capital funds and portfolio management services.
“The RBI has sought a few additional information and we have provided that. With the Kerala high court stay order getting vacated we hope we will soon get approval,” T Balakrishnan, former additional chief secretary of Kerala, who is now a nominee of the state government on the board of Al Barakah told Hindustan Times……………………………………….Fll Article: Source