Prime Minister Manmohan Singh on Wednesday launched the National Waqf Development Corporation Limited in New Delhi. He claimed that the properties under the Waqf board can immensely benefit Muslim community if the same is used for their socio-economic development.
“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. As per the estimates of the Sachar Committee, if these properties are properly developed, they could fetch an annual income of about Rs. 12000 crore, assuming an annual return of 10 percent on the value of the property. It is this vast potential that NAWADCO will strive to realize.” These views were expressed by Manmohan Singh while speaking at the inauguration ceremony of NAWADCO here.
National Waqf Development Corporation (NAWADCO) has been established with an authorized share capital of Rs.500 Crore and aims at facilitating and mobilizing financial resources for setting up of facilities like schools, colleges, hospitals on waqf properties for community purposes in a transparent manner.
Delegates from Andhra Pradesh Special Secretary Minority Welfare Syed Omer Jaleel, Commissioner Minority Welfare and Special officer Waqf Board Shaikh Mohammed Iqbal and MD Minority Finance Corporation Prof. S A Shukoor also attended the ceremony.
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