The Islamic Development Bank (IDB) (Arabic: ????? ???????? ??????? ) is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation) with the support of the king of Saudi Arabia at the time (Faisal), and began its activities on 20 October 1975. There are 56 shareholding member states. Mohammed bin Faisal is the former president of the IsDB.
On the 22 May 2013, IDB tripled its authorized capital to $150 billion to better serve Muslims in member and non-member countries. The Bank continues to receive the highest credit ratings of AAA by major rating agencies. Saudi Arabia holds about one quarter of the bank's paid up capital The IsDB is an observer at the United Nations General Assembly.
Membership
The present membership of the Bank consists of 56 countries. The basic condition for membership is that the prospective member country should be a member of the Organisation of Islamic Cooperation (OIC), pay its contribution to the capital of the Bank and be willing to accept such terms and conditions as may be decided upon by the IsDB Board of Governors.
Ranked on the basis of paid-up capital (as of August 2012), major shareholders include:
- Saudi Arabia (26.5%)
- Libya (10.7%)
- Iran (9.32%)
- Egypt (9.22%)
- Turkey (8.41%)
- United Arab Emirates (7.54%)
- Kuwait (7.11%)
- Pakistan (3.31%)
- Algeria (3.31%)
- Indonesia (2.93%)
IDB Group
IDB has evolved into a group of five Entities, consisting of Islamic Development Bank (IDB), Islamic Research & Training Institute (IRTI), Islamic Corporation for Development of the Private Sector (ICD), Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) and International Islamic Trade Finance Corporation (ITFC).
Projects and programs
Completed
- The Gao Bridge in Mali: Until a few years ago, crossing the Niger River at Gao was done by a ferry that might or might not be operating. This hindered progress and discouraged trade. The Gao Bridge financed by the IsDB connected the once isolated Gao Region in eastern Mali to the heartland.
- Khanarc Canal in northeast Azerbaijan: Built around 70 years ago, the Samur-Absheron Canal carries water from the Samur River to irrigate farms in northeastern Azerbaijan and supply the national capital, Baku, with drinking water. Years of neglect meant that the canal was inefficient - it lost much of the water it carried - and did not have the capacity to meet existing demand for irrigation or, still less, to allow for expansion. A loan from the IsDB helped the Government of the Republic of Azerbaijan rebuild the canal.
Ongoing
- Modernising road planning and designing in Yemen: The deserts and mountains of Yemen make building and maintaining roads a challenge. The network of paved roads is limited and many remote communities are still isolated. A good road network is essential to bring rural areas into the mainstream and to boost development.
- Scholarship Programs: The Bank's fund and implement its scholarship programmes as part of its overall effort in the development of human resources of its member countries and those of the Muslim communities in non-member countries. There are three scholarship programmes offered by IDB:
- Scholarship Programme for Muslim Communities in Non-Member Countries
- M.Sc Scholarship Programme in Science and Technology for IDB Least Developed Member Countries
- Merit Scholarship Programme for High Technology
See also
- Economy of the Organisation of Islamic Cooperation
- Islamic banking
References
- Taylor & Francis Group; Dean, Lucy (2003), The Middle East and North Africa 2004: 2004 (Illustrated ed.), Routledge, ISBN 1-85743-184-7
External links
- Official website
- IDB Review by DinarStandard
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