A degree of success

Innumerable changes have been witnessed in the Indian banking sector since last six decades. Various generations of financial sector reforms has changed the face and complexion of the Indian Banking Sector which is adopting various innovative practices with the focus on inclusive growth. Islamic banking is one such practice which is being considered in full fledged manner which otherwise has been practiced in an informal way. Islamic banking has set its foot on the path of rapid growth throughout the globe and India could not be isolated from it, looking at immense potential. The 1st Ernst & Young World Islamic Banking Competitiveness Report 2011 presented at the 18th Annual World Islamic Banking Conference stated that Islamic banking assets with commercial banks globally will reach US$1.1 trillion in 2012, a significant jump of 33% from their 2010 level of US$826 billion. The conventional banking as practiced by the Indian banking sector in its present form does stand in the way of the principles of Islamic banking which prohibits transaction on the basis of interest and operate on profit and loss based on Islamic principles. Introduction of interest free banking will require a lot of changes in the Banking Regulation Act. Innumerable changes have been witnessed in the Indian banking sector since last six decades. From nationalisation in the 60's to liberalisation in the 90's this sector has been forging ahead as a significant element of the Indian Financial System. A well developed banking system is a pre-requisite for smooth and effective functioning of any economy. The basic function of the banking sector has been mobilising savings from the surplus entities and channelising them to deficit entities for productive purposes. These functions are based on the premise of interest rates, interest being given to depositor and interest being charged by the bank for lending. An alternate to this conventional banking system is Islamic banking which prohibits transaction on the basis of interest and operate on profit and loss based on Islamic principles. Islamic banking has set its foot on the path of rapid growth throughout the globe and India could not be isolated from it, looking at immense potential. The 1st Ernst & Young World Islamic Banking Competitiveness Report 2011 presented at the 18th Annual World Islamic Banking Conference stated that Islamic banking assets with commercial banks globally will reach US$1.1 trillion in 2012, a significant jump of 33% from their 2010 level of US$826 billion. Looking at the global recognition of Islamic Banking the RBI also weighed the option of introducing Islamic banking in the main stream of the Indian banking sector and constituted a committee in 2007 to examine the issues relating to Islamic banking. This can be the appropriate time for introduction of Islamic banking in India, when world is gripped under the impact of the subprime crisis, fallout of conventional banking based on interest and interest trap. Before discussing the convergence of Islamic banking into the mainstream banking sector it would be appropriate to highlight the concept of Islamic banking. In the following discussion Islamic banking and interest free banking are used interchangeably. CONCEPT OF ISLAMIC BANKING Islamic banking is a banking practice as per the Islamic principles, prescribed in the ‗Shariah' known as ‗Fiqh al-Muamalat' (Islamic rules on transaction). The Islamic law prohibits ‗riba' which means interest in Islamic discourse. It operates on the principle of sharing both profits and risks by the borrower as well as lender. The depositor, who unlike in the conventional banking system is risk-averse, is a provider of capital and equally shares the risks with the bank who lends his funds. . The basic principle of Islamic banking is the prohibition of Riba- (Usury - or interest)

The 6th Annual World Food Technology and Innovation Forum, Dublin, Burlington Hotel on 20th-21st November 2007

Carole Brookins is an international consultant known for her work as a policy and trade strategist on issues concerning the global political economy and its effect on the food and agriculture sector. She currently serves on the board of several corporate and non- profit organizations concerned with global food system issues and is currently helping to develop solutions which can offset the effects of global climate change through the reduction and management of carbon emissions—an issue of increasing importance in future food marketing and world trade. This interview was conducted by Doug Jose is a Professor and Extension Farm Management Specialist in the Department of Agricultural Economics at the University of Nebraska- Lincoln and host of the Market Journal, a weekly televised program on agriculture. This interview occurred during the 18th Annual World Forum and Symposium in Monterey, California, in June, 2008.

An inspirational event, the annual World Halal Summit held on 1-2 April, 2015, helped cement Malaysia’s reputation as a leading referral centre on Halal knowledge and technology. It comprised the International Halal Showcase exhibition, 8th World Halal Conference (WHC), and five concurrent conferences – The 6th JAKIM Halal Certification Bodies Convention, Certifiers Forum, Scholars Forum, Academics Forum and the Business Forum. WHS 2015 was a platform to provide opportunities for industry stakeholders to collaborate, network, discuss and propose viable ideas for expansion, and to overcome challenges. The halal ecosystem involves capital investment, manufacturing, distribution, training, and supervision.

This year we are supporting and participating in activities in celebration of the 20th World Breastfeeding Week. This annual event is celebrated during the first week in August to commemorate the signing of the Innocenti Declaration, adopted at the World Health Organization/UNICEF Policymakers’ Meeting, ‘‘Breastfeeding in the 1990s: A Global Initiative,’’ held at the Spedale degli Innocenti, Florence, Italy, July 30–August 1, 1990. Thirty countries signed on, with the goal of reaching four operational targets by 1995: (1) appoint a national breastfeeding coordinator of appropriate authority and establish a multisectoral national breastfeeding committee composed of representatives from relevant government departments, nongovernmental organizations (NGOs), and health professional associations; (2) ensure that every facility providing maternity services fully practices all 10 of the Ten Steps to Successful Breastfeeding set out in the joint WHO/UNICEF statement ‘‘Protecting, Promoting and Supporting Breastfeeding: The Special Role of Maternity Services’’; (3) take action to give effect to the principles and aim of all Articles of the International Code of Marketing of Breastmilk Substitutes and subsequent relevant World Health Assembly resolutions in their entirety; and (4) enact imaginative legislation protecting the breastfeeding rights of working women and established means for its enforcement. The Innocenti Declaration also called upon international NGOs to draw up action strategies for protecting, promoting, and supporting breastfeeding, support national situation analyses and development of goals, and en courage and support national authorities in planning, implementing, monitoring, and evaluating their breastfeeding policies. Mr. James Grant, then Director of UNICEF, called upon the NGO community to organize in this regard, and the World Alliance for Breastfeeding Action (WABA) was born. One of WABA’s first ground-breaking acts was to establish an annual World Breastfeeding Week: a time for action, a time for advocacy, a time for advancing support for breastfeeding. Each year, a different theme is chosen. This ongoing support, the increasing implementation of all four operational targets, the steady flow of evidence showing the vital importance of breastfeeding, and the fact that breastfeeding rates were shown to be responsive to programs of action, all contributed to a call for The Global Strategy for Infant and Young Child Feeding, which was endorsed by WBW 2012 image courtesy of WABA