Prime Minister Manmohan Singh on Wednesday said that the possible returns from Waqf assets that are spread across India could be used for the socio-economic benefit of the community.
Launching the National Waqf Development Corporation Limited (NAWADCO) in New Delhi, the prime minister said that the corporation will "facilitate and mobilize financial resources for starting schools, colleges, hospitals on Waqf properties in a transparent manner".
"Waqf assets have the potential of generating considerable returns which could be used for the socio-economic development of the community," he said.
NAWADCO is a new Central Public Sector Enterprise under Ministry of Minority Affairs and will work towards the development of the 4.9 lakh Waqf properties in India, the largest in the world.
"Today we take another step forward in our efforts to promote the interests of minorities in our country," said Singh.
It is only befitting that today also happens to be the 8th anniversary of the establishment of the separate Ministry of Minority Affairs., Dr Singh said and added we had taken this important step within 2 years of the 1st UPA Government, signaling early on that we were determined to do everything possible to look after the special need of minorities for the development.
“The National Waqf Development Corporation also exemplifies this commitment of our Government,” the Prime Minister said
This Corporation has been established with an authorized share capital of Rs.500 Crore. It will facilitate and mobilize financial resources for setting up of facilities like schools, colleges, hospitals on waqf properties for community purposes in a transparent manner.
“I have been told that there are more than 4.9 lakh registered waqf properties in India today which fetch an annual income of about Rs.163 crore. Many of these properties have the potential of generating considerable returns, which in turn could be used for the socio-economic development of the Muslim community”, the Prime Minister pointed out