Islamic Development Bank
The Islamic Development Bank is an international Islamic financial institution, established in Jeddah, Saudi Arabia, formally opened on 15 Shawwal 1395H (20 October 1975).
The Bank’s present membership consists of 57 countries. The basic condition for membership is to be a member country of the Organisation of Islamic Cooperation (OIC).
The objective of the IDB is to foster economic development and social progress of its member countries and Muslim communities in non-member countries individually and collectively in accordance with the principles of Shariah. To fulfill this objective, it provides different modes of financing for development activities in these communities. It also provides technical assistance for capacity building and scholarships for human capital development. It manages special funds and mobilizes resources through Shari’ah-compatible instruments.
Mission of IDB
The mission of the IDB is to promote comprehensive human development, with a focus on the priority areas of alleviating poverty, improving health, promoting education, improving governance and prospering the people.
What we do
The functions of the Bank are
- to participate in equity capital and grant loans for productive projects & enterprises
- providing financial assistance to member countries for economic and social development
- to establish and operate special funds for specific purposes
- funds for assistance to Muslim communities in non-member countries
- trust funds
- to accept deposits and to provide financial resources through Shari’ah compatible modes
- responsibility of assisting in the promotion of foreign trade, especially in capital goods among member countries
- providing technical assistance to member countries
- extending training facilities for personnel engaged in development activities in Muslim countries to conform to the Shari’ah.
IDB Group is engaged in a wide range of specialized and integrated activities such as:
- Project financing in the public and private sectors;
- Development assistance for poverty alleviation;
- Technical assistance for capacity-building;
- Economic and trade cooperation among member countries;
- Trade financing;
- SME financing;
- Resource mobilization;
- Direct equity investment in Islamic financial institutions;
- Insurance and reinsurance coverage for investment and export credit;
- Research and training programs in Islamic economics and banking;
- Awqaf investment and financing;
- Special assistance and scholarships for member countries and Muslim
- communities in non-member countries;
- Emergency relief;
- Advisory services for public and private entities in member countries.
Participate in the important work and large-scale impact of the IDB-ISFD by spreading the word and donating directly to our crowdfunding campaigns.