Prime Minister Dr. Manmohan Singh inaugurated National Waqf Development Corporation Limited (NAWADCO), a new Central Public Sector Enterprise under the Ministry of Minority Affairs.
The NAWADCO is termed as an important institution for the development of Waqf properties and for the community welfare, particularly of Muslims in India. The establishment of NAWADCO is a follow up of ‘Sachar Committee’ recommendations.
National Waqf Development Corporation Limited (NAWADCO):
- Established with Authorized Share Capital of Rs.500 Crore with a paid up capital of Rs.100 crore.
- National Minority Development and Finance Corporation (NMDFC) have 49% shares in NAWADCO.
- Objective: To facilitate and mobilize financial resources for the development of Waqf properties for community development purposes in a joint venture with the State/ Union Territory Waqf Boards and the Mutawallis.
Till yet, the Waqf Boards and the Muthawallis were not having the financial resources to develop the properties leading to encroachments. The Sachar Committee has estimated that such properties, if properly developed, with a minimum return of 10%, would be capable of generating an income of Rs 12,000 crore per annum.
Recently, the Indian Government enacted the Waqf (Amendment) Act, 2013 and made administration of Waqf properties transparent. The Act will also provide an enabling environment for development and utilization of Waqf lands for welfare of minorities.
What is “Waqf” ?
A waqf/ wakf, is basically donating (a building/ plot of land/ cash) for Muslim religious/ charitable purposes.These donated assets / grants ( known as “Mushrut-ul-Khidmat”) are held by a charitable trust. The person who makes the grant/ Mushrut-ul-Khidmat is known as “Waqif/ Wakif”.
#Note: India has the largest number of Waqf properties in the world. There are more than 4.9 lakh registered Auqaf (Waqf properties) and the current annual income from these properties is about Rs.163 crores.
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