A prominent NRI businessman Adeeb Ahamed, has recently been appointed as the Director Board Member of National Waqf Development Corporation (NAWADCO), a central public sector enterprise under India’s Ministry of Minority Affairs.
Adeed Ahamed, an Indian entrepreneur who is based in the UAE is a versatile professional, philanthropist and Chief Executive Officer (CEO) of the LuLu Financial Group, which manages LuLu International Exchange and Managing Director of Twenty14 Holdings (hospitality) and Managing Director of Tablez Retail Pvt. Ltd.
The NAWADCO is an important institution for the development of Waqf properties and for the community welfare in India, particularly Muslims and plays an important role in providing financial resources for setting up of schools, colleges, hospitals and other institutions of higher education for the poor. The establishment of NAWADCO was a follow up of Sachchar Committee recommendation. Importantly, India has the largest number of Waqf properties in the world which is estimated to be around 500,000 registered Auqaf and the current annual income from these properties is approximately $25 million. According to the Indian government, such properties, if properly developed with a minimum return of 10%, would be capable of generating an income of around $2 billion per annum, which can further be utilized for the community development work and can also contribute to the nations development in general.