The Islamic Development Bank (IDB)
- IDB is an international financial institution established in 1973. 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 (Islamic Law). The membership of the Bank consists of 56 countries that are members of the Organisation of Islamic Cooperation (OIC).
- The bank's principal office is in Jeddah (Kingdom of Saudi Arabia), along with four regional offices in Morocco, Malaysia, Kazakhstan and Senegal.
- The UAE became a member of the bank by virtue of Federal Decree No. 91 of 1974.
Main Objectives of the Bank:
- The bank aims to foster economic development, social progress, and combat poverty in member countries and Muslim communities, in accordance with the principles of Shari'ah.
- Providing loans for productive projects in member countries, and providing financial aids to these countries in other forms for the purposes of economic and social development.
- The bank establishes and manages special funds for particular purposes.
- The bank accepts deposits and mobilises resources through the appropriate means.
- The bank provides assistance for the development of member states’ foreign trade and promotes bilateral trade.
- The bank provides technical assistance for member states.
The Islamic Development Bank Group consists of five entities, namely:
- The Islamic Development Bank (IDB).
- Islamic Research and Training Institute (IRTI). IRTI was established in 1981, conducting research and providing training and advisory services, as well as capacity building in the Islamic Economy.
- The Islamic Corporation for the Development of the Private Sector (ICD). ICD was established in 1999, and supports the economic development of its member countries through the provision of funding for private sector projects in accordance with the principles of Shari'ah. The corporation provides advisory services to governments and private organisations to encourage the establishment, expansion and modernisation of the private sector.
- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). ICIEC was established in 1994 and aims to provide exporters, banks, trade financiers and export credit agencies with export credit insurance and re-insurance facilities. ICIEC also supports and encourages investment flows to member countries by providing investors and financiers of investments with Shari'ah-based political risk insurance policies.
- International Islamic Trade Finance Corporation (ITFC). ITFC was established in 2005 and started operations in 2008. The corporation is a specialised institution in trade finance, providing trade finance, promoting the development of markets, and encouraging intra-trade among OIC member countries.
Specialised Funds operated by IDB:
- Unit Investment Fund (UIF)
- Awqaf Property Investment Fund (APIF)
- World Waqf Foundation (WWF)
- Special Assistance Programme
- Scholarship Programme
Other Institutions of The Group:
- The Islamic Solidarity Fund for Development (ISFD)
- The Islamic Development Bank Fund for Infrastructure
- International Centre for Biosaline Agriculture (ICBA)
- The Saudi Project for Utilisation of Hajj Meat
The Islamic Development Bank Group President
- Dr Ahmad Mohamed Ali is the IDB Group President