The Central Wakf Council, headed by Minority Affairs Minister K Rahman Khan, today met here to discuss the process of setting up a Rs 500 crore corporation to ensure proper commercial utilisation of Wakf properties.
"The modalities of the National Wakf Development Corporation were discussed in today's meeting.
"It was decided that the corporation will begin with an estimated sum of Rs 100 crore which will be further increased to Rs 500 crore," a member of the council said.
The meeting lasted more than two hours and every aspect of the proposed corporation was discussed, he said.
"Most of the council members and officials from the Minority Affairs Ministry attended the meeting which was presided by Khan," a senior official of the council said.
The Centre has fast-tracked process to set-up the corporation to develop Wakf properties and use the increased income from it for the benefit of the Muslim community.
The corporation aims at exploiting commercial value of Wakf properties by setting up markets, shopping complexes and other business establishment on these lands.
The proposed corporation will be under the council with the government having a share of 51 per cent.
The Wakf boards and private partners will own 49 per cent share.
According to sources, the UPA government is pushing the proposal and wants to set up the corporation during its tenure.
The Minority Affairs Minister had told Parliament last month that a corporation would be set up with a corpus of Rs 500 crore for development of the Wakf properties.
He had said the proper commercial utilisation of Wakf properties could generate revenue to the tune of Rs one lakh crore annually, sufficient for socio-economic development of the entire Muslim community.
