» Scheme for Financial Assistance (Loan) to Waqf Estate for Development of Income Generating Assets

Scheme Type:

Loan to waqf estates for creation of a variety of income generating assets like market complex, shopping center, university center, marriage hall, housing complex etc. The loan is recoverable in maximum 5 years. The developed asset would be the property of the waqf and cannot be alienated.The repaid loan will become part of corpus of fund of Board of Auqaf for development of similar type of properties.

Objective:

To provide assistance to waqf estates for creating income-generating assets which
will help in maintenance of assets as well as for the welfare of Muslims.

Quantum of Assistance:

Interest free loan up to project cost subject to a maximum of Rs. l5 lakhs
is provided to any Wakf Estate. In deserving cases, the maximum limit off l5 lakhs.

Method of Implementation:

Eligibility Criteria:

Wakf Estate should be registered with the Board of Auqaf,West Bengal.
The waqf should have been in existence for at least 3 years
Land and assets proposed for development should be free from any litigation.

When and Where to Apply:

Application must be in a prescribed format along with DPR, Financial Estimate,Sources of own fund, site plan,and project report can be submitted any time during a year.

Nodal Organisation:

About Directorate of Madrasah Education,W.B.