Study Material | Test Series
Drishti IAS
call1800-121-6260 / 011-47532596
Drishti The Vision Foundation
(A unit of VDK Eduventures Pvt. Ltd.)
mains Test Series 2018
National Waqf Development Corporation launched
Jan 30, 2014

In sync with the commitment for the protection and promotion of the interests of minorities Prime Minister Dr. Manmohan Singh has inaugurated National Waqf Development Corporation Limited (NAWADCO), a new Central Public Sector Enterprise under Ministry of Minority Affairs. This Corporation has been established with Authorized Share Capital of Rs.500 Crore with a paid up capital of Rs.100 crore.

 As in Islam, giving interest is a sin and a Quranic injunction, Muslims keep themselves away from normal banking channel. They look forward to the Government to facilitate establishment of certain Shariah compliant financial institutions, where the savings of Muslims can be deposited and used for their educational and economic development. The NAWADCO may also be an institution which can facilitate issuing of Shariah–compliant bonds to channelize savings of Muslims for community welfare.

The establishment of NAWADCO is a follow up of Sachchar Committee recommendation. 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. 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.12000 crore per annum.

NAWADCO will 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.








Helpline Number : 87501 87501
To Subscribe Newsletter and Get Updates.

http://www.drishtiias.com/upsc-current-affairs-article-National-Waqf-Development-Corporation-launched