New Delhi: Parliament Thursday approved the Waqf Amendment Bill that aims to make properties under the Waqf Board more commercially viable.
The bill, passed by the Rajya Sabha Aug 20, was passed by the Lok Sabha Thursday.
According to the bill, the government will maintain the record of Waqf properties and extend their lease period to a maximum of 30 years.
As per data, there are around four lakh registered Waqf properties across the country. If these are developed, more income can be generated, the government said.
Minority Affairs Minister K. Rahman Khan said the Waqf Amendment Bill, 2010, will ensure proper commercial utilisation of Waqf property and generate revenue for socio-economic development of the entire Muslim community.
The bill also aims to strengthen Waqf institutions and streamline their functioning.
The bill was referred to a select committee of Rajya Sabha on Aug 27, 2010.