India Collaborates with the WIEF Foundation to Develop WAQF Properties and Improve Muslim’s Welfare

India’s Minority Affairs Minister, Dr. K. Rahman Khan, and his delegation of 5 met with the Hon. Tun Musa Hitam, the WIEF Foundation Chairman, to initiate talks on organising a Roundtable in Delhi. The Roundtable is aimed to support India’s vision to develop its Waqf properties and use the revenue generated to facilitate the social-economic development of the Muslim Community.

India has the largest number of Waqf properties in the world with more than 490,000 registered. The current annual income from the assets, according to the Ministry of Minority Affairs, is close to Rs.1.63 billion. Hence, the Indian Government hopes to develop Waqf properties to its full potential so that resources can be mobilised to build schools, colleges and hospitals for its Muslim population, which is the second largest in the world.

Supporting India’s commitment to promote and protect the interest of its Muslim minorities, the WIEF Foundation plans to assemble a robust team of experts from Islamic Banks and Institutions such as Islamic Development Bank (IDB), Hajj Pilgrim Fund Board (Lembaga Tabung Haji), and Permodalan Nasional Berhad (PNB) to participate in the Roundtable, allowing knowledge exchange and comparative discussion on harnessing Waqf properties and developing a Shariah-compliant finance mechanism for India.

The WIEF Roundtable in India is targeted to take place in 2014.