Abbreviation IDB Type Development bank Membership 57 countries Founded 1975 | Formation 1975 (1975) Number of employees 932 | |
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Key people Ahmad Mohamed Ali Al-Madani, President Motto Together We Build A Better Future Parent organization Islamic Development Bank Group Subsidiaries IDB Trust Services Limited, PT Bank Muamalat Tbk. Profiles | ||
Islamic development bank idb president ahmad mohamed ali al madani on idb s programs and policies
The Islamic Development Bank (IDB) (Arabic: البنك الإسلامي للتنمية ) 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.
Contents
- Islamic development bank idb president ahmad mohamed ali al madani on idb s programs and policies
- Finance minister seeks support from islamic development bank
- Membership
- IDB Group
- Completed
- Ongoing
- References
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 has received credit ratings of AAA from Standard & Poor's, Moody's, and Fitch. Saudi Arabia holds about one quarter of the bank's paid up capital The IDB is an observer at the United Nations General Assembly.
Finance minister seeks support from islamic development bank
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 IDB Board of Governors.
Ranked on the basis of paid-up capital (as of August 2015), major shareholders include:
- Saudi Arabia (26.57%)
- Libya (10.66%)
- 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).
Completed
Ongoing
- 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
Dr Ali had previously declared that IDB was responsible for the smooth functioning of al-Quds Intifada Fund and al-Aqsa Fund, both established during an Arab summit in Cairo in October 2000. According to the final communiqué of the summit, “Al-Quds Intifadah Fund will have a capital of 200 million dollars to be allocated for disbursement to the families of Palestinian martyrs fallen in the Intifadah.”
Beyond the IDB’s ties to the Muslim Brotherhood and Hamas, a 1991 report by the U.S. Library of Congress on Sudan claimed that the IDB contributed to the political and financial transformation of Sudan into a radical Islamic state in 1983. In fact, the Islamic Development Bank had supported the Sudanese Faisal Islamic Bank, which was established in 1977 by Saudi prince Muhammad ibn Faisal Al Saud and managed by the National Islamic Front, an Islamist political organization that included the Sudanese branch of the Muslim Brotherhood. According to that report, the establishment of Faisal Islamic Bank induced other Sudanese political groups to form their own Islamic banks, to the extent that in the early 1980s the Islamic banks in Sudan had acquired 20% of the country’s deposits, thereby providing the financial basis for the country’s Islamization and “promoting the Islamic governmental policies to date.”