By Mumtaz Alam, India Tomorrow
New Delhi, 29 Jan 2014: The National Waqf Development Corporation Ltd. (NAWADCO), a long dream of Minority Affairs Minister K Rahman Khan, was formally inaugurated by Prime Minister Dr Manmohan Singh and Congress president and United Progressive Alliance chairperson Sonia Gandhi on Wednesday here at Vigyan Bhawan.
“I had dreamt for 40 years about an institution which can develop wakf properties to alleviate the educational and economic backwardness of the Muslim community. I am happy my dream has come true today,” said Minority Affairs Minister K Rahman Khan while inaugurating the event and introducing NAWADCO to the audience that included intellectuals, journalists, state wakf boards officials and ministry officials.
This corporation, he said, will develop wakf properties for educational upliftment and economic strength of the Muslim community. The community thinks, he said, that if only wakf properties are managed properly, the Muslim community won’t need any assistance from any other source.
He clarified NAWADCO would be a Shariat-compliant financial institution.
Prime Minister Dr. Manmohan Singh, in his speech, said the UPA Government has established NAWADCO “for the development of waqf properties for the benefit of the Muslim community.”
The inaugural of the wakf corporation coincided with the 8th anniversary of the Ministry of Minority Affairs, the brain behind the initiative.
“It is only befitting that today also happens to be the 8th anniversary of the establishment of the separate Ministry of Minority Affairs. 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,” said the PM in his speech.
The UPA govt was formed in 2004 and the ministry was set up in 2006.
There are more than 4.9 lakh registered waqf properties in India today, the largest in the world and third largest in India after Railways and Army.
The wakf properties fetch an annual income of about Rs.163 crore. Many of these properties have the potential of generating considerable returns if utilized properly. The PM said “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.”
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, said the PM.
Congress president and United Progressive Alliance chairperson Sonia Gandhi termed the wakf development corporation as a milestone for the welfare of the Muslim community in India. She said her government has always been taking special care of the welfare of the Muslim community. She claimed that in last 10 years of her government the spending on the welfare of the Minority community has increased by 10%.
She also reiterated her government’s promise to enact law to combat communal violence. “The cabinet has cleared Communal Violence Bill and it will soon be presented in the Parliament,” she said.
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