Union Minister for Minority Affairs K. Rahman Khan today said that the Centre has decided to establish a Waqf Development Corporation soon to take care of the Waqf lands spread across the country.

Speaking to reporters after an interactive session with members of the Institute of Chartered Accountants of India, Khan said that the Waqf properties were huge, but lagged in development.

“A Ministry survey revealed that due to non-development and large-scale encroachment of Waqf properties, there was a substantial loss in income, which could otherwise have been used for the welfare schemes of the community.’’

The revised Waqf Bill is ready and would be introduced in the coming session of Parliament, he added.

Islamic banking

Responding to a query on Islamic banking, he said that it was not a new concept. “But what is being demanded is an alternative financial institution. There are international standards set on this. The religious connotation need not be given,’’ he added.

To yet another question on whether there was any move to divest the power of the Comptroller and Auditor General (CAG), he said ‘no’, but went on to add that the CAG report was not a finding but an observation.

“It is not a final report. It is for the general body to accept or reject the finding. The words ‘in our opinion’ in the report speaks for itself,’’ he said.

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