India to develop Waqf properties for Muslim welfare

The roundatable will facilitate exchange of knowledge and a comparative discussion on harnessing Waqf properties and developing a Shariah-compliant finance mechanism for India.

Last month, Prime Minister Manmohan Singh inaugurated the National Waqf Development Corporation, set up by the minority affairs ministry. The corporation has an authorised share capital of Rs.500 crore.

It will facilitate and mobilise financial resources for setting up of facilities like schools, colleges, hospitals on Waqf properties for community purposes in a transparent manner.

The properties are buildings and land parcels donated by Muslims to help lift fellow Muslims from poverty. Over the years, such properties have been transferred to mosques, madrassas, shrines, graveyards and orphanages both to help those sites support themselves and the needy Muslims.