With a view to uplift the socio-economic condition of the Muslim community, the government of India intends to take steps to develop 490,000 Waqf (Islamic endowment) properties. Revenue generated from these properties, all over the country will be utilised.
The World Islamic Economic Forum Foundation, based in Kuala Lumpur, has agreed to assist the government. A five-member delegation headed by K. Rahman Khan, Minority Affairs Minister, met Mr. Tun Musa Hitam, chairman of the foundation, to hold preliminary discussions regarding organising a roundtable conference in this regard, in Delhi, during 2014.
India has 490,000 registered Waqf properties, considered to be the highest in the world. According to the ministry, the present annual income from these assets is nearly Rs.163 crores.
The government hopes to develop the pool of Waqf properties to its full potential so that resources can be mobilised to build schools, colleges and hospitals for the Muslim population, which is the second largest in the world, after Indonesia.
A strong team of experts from Islamic banks and institutions such as the Islamic Development Bank (IDB), Hajj Pilgrim Fund Board (Lembaga Tabung Haji), and Permodalan National Berhad (PNB) in Malaysia would be brought together, by the foundation, to participate in the roundtable. The foundation has been organising conferences and workshops on Islamic business around the world.
The roundtable would help in exchange of knowledge and comparative discussion on channelizing Waqf properties and develop a Shariah-compliant finance mechanism for India.
The National Waqf Development Corporation set up by the minority affairs ministry was inaugurated by Prime Minister Manmohan Singh, last month. The corporation has an authorised share capital of Rs.500 crore.
This will enable to mobilise financial resources in setting up facilities like schools, colleges, hospitals on Waqf properties for community purposes in a transparent manner.
Buildings and land donated by Muslims to uplift fellow Muslims from poverty, which were hitherto transferred to mosques, madrasas, shrines, graveyards and orphanages, would be utilised to help both those sites, to support themselves as well as the needy Muslims.Courtesy:Karnataka Muslims
http://karnatakamuslims.com/portal/waqf-properties-to-be-developed-for-welfare-of-muslims-says-k-rahman-khan/