Islamic Development Bank
The Islamic Development Bank (IDB) is an international financial institution (IFI) established in 1975 by the Member countries of the Organization of the Islamic Conference (OIC) for the promotion of economic and social development of the countries. The headquarters of the Bank are located in Jeddah, Kingdom of Saudi Arabia .
The mission of the Bank is to foster economic development and social progress of Member countries and Muslim communities individually and collectively in accordance with the principles of Shari’ah(Islamic Law). It provides member countries with financing for projects in a wide range of areas such as agriculture, water, industry, energy and social services, within the framework of its strategy of balanced, medium and long terms investment.
The Bank’s financing is divided into two main categories:
1. Financing by the Bank’s own resources: in this case, the Bank mobilizes resources from its own sources, which are made up of capital at call, own resources and combination of both.
2. Financing through International Islamic Trade Finance Corporation (ITFC): in this case, the Bank coordinates and supports the Islamic Trade Finance Corporation’s operations through its own financial instruments, among others, to provide the necessary financing to eligible member countries.
The IDB’s economic and social development activities are supported by a number of specialized service units and departments, such as:
• Business Development.
• Economic and Social Analysis.
• Economic and Structural Adjustment.
• Investment and Trade Promotion.
• Debt and Investment Portfolio Management.
• Capacity Building and Human Resources Development.
The IDB also fosters movement of financial resources between Member Countries in the form of grants and technical assistance aimed at promoting economic and social progress. The Bank operates through a network of IDB Member countries’ Missions in Rome, Qatar, London, Riyadh and Istanbul in addition to its many field offices located around the world.
The Bank’s commitment to its Member say is comprehensive and comprehensive. It also interacts with many other international institutions including the World Bank and International Monetary Fund in order to ensure efficient and responsible coordination and use of resources in all its development activities.
