Islamic Development Bank
From Islamic Finance WIKI
Islamic Development Bank (IDB) is the multinational development bank of the Muslim countries, based in Jeddah, Saudi-Arabia with field representatives in Afghanistan, Azerbaijan, Bangladesh, Guinea Conakry, Indonesia, Iran, Nigeria, Pakistan, Sierra Leone, Sudan, Uzbekistan and Yemen. IDB was established in December 1973 in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries. The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities in accordance with the principles of Shari'ah.
- Participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development.
- Establish and operate special funds for specific purposes including a fund for assistance to Muslim communities in non-member countries, in addition to setting up trust funds.
- Accept deposits and to mobilize financial resources through Shari'ah compatible modes.
- Assist in the promotion of foreign trade especially in capital goods, among member countries.
- Provide technical assistance to member countries.
- Extending training facilities for personnel engaged in development activities in Muslim countries to conform to the Shari'ah.
The present membership consists of 56 countries: Jordan, Gambia, Indonesia, Gabon, Afghanistan, Uzbekistan, Tunisia, Djibouti, Tajikistan, Yemen, Uganda, Turkey, Comoros, Syria, Albania, Bangladesh, Somalia, Burkina Faso, Chad, Cameroon, Kazakhstan, Egypt, Togo, Niger, Mozambique, Pakistan, Morocco, Mauritania, Mali, Maldives, Lebanon, Kyrgyz, Iraq, Iran, Guinea, Oman, Nigeria, Malaysia, Libya, Guinea Bissau, Brunei, Cote dIvoire, Sierra Leone, Kuwait, Qatar, Palestine, Bahrain, Algeria, Azerbaijan, Benin, Turkmenistan, United Arab Emirates, Saudi Arabia, Sudan, Suriname, and Senegal.
In order to be considered for membership, the prospective member country must:
- Be a member of the Organization of the Islamic Conference.
- Pay its contribution to the capital of the Bank.
- Be willing to accept such terms and conditions as may be decided upon by the IDB Board of Governors.