"The loan amount disbursed as credit by National Minorities Development and Finance Corporation over the years has increased but not to the extent projected or expected...However, given the expanse and depth of deprivation among minorities, especially among the Muslims, and size of their population, there is an urgent need to increase the credit amount and number of beneficiaries," the committee has opined in its report.
Discussing maintenance and management of Waqf properties, the report suggests the creation of an organisation on the lines of Tabung Haji in Malaysia and by making it "Shariah compliant".
"The corporation can be given a boost by making its functioning Shariah compliant as a section of Muslims stay away from interest-based projects and usurious transactions. The corporation could work towards creating a level playing field with other Muslim welfare/affairs organsiations such as Tabung Haji of Malaysia. This would also attract investments from Muslims in large numbers strengthening the Corporation and extending larger welfare to greater number of people," it says.
Tabung Haji funds the haj pilgrims of Malaysia by investing in Shariah-complaint ventures.
