To develop Wakf properties in the country, the Union government is to form a corporation with a corpus fund of Rs 500 crore. The government's objective is to use the increased income from such properties for the benefit of the Muslim community.    Wakf is a permanent dedication of movable or immovable properties by philanthropists for religious, pious or charitable purposes as recognised by Muslim Law. The grant is known as mushrut-ul-khidmat, while a person making such dedication is called a Wakif. Central Wakf Council is an Indian statutory body established in 1964.    

The Union Minority Affairs Minister K Rahman Khan is to discuss about the proposed corporation with the officials concerned soon, say reports. Khan said the proper commercial utilisation of Waqf properties could generate revenue to the tune of Rs one lakh crore annually, sufficient for socio-economic development of the entire Muslim community.