Islamic Development Bank

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Islamic Development Bank
AbbreviationIsDB
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TypeDevelopment bank
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Members57 countries
Key people
Muhammed Al-Jasser, President
Employees932
Websitewww.isdb.org

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The Islamic Development Bank (Template:Langx, abbreviated as IsDB) is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and located in Jeddah, Saudi Arabia.[1][2] There are 57 shareholding member states with the largest single shareholder being Saudi Arabia.[3]

History

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 3 April 1975.[4]Ahmed Mohammed Ali Al-Madani was installed as the inaugural president and served until 2015.

On 22 May 2013, IsDB tripled its authorized capital to $150 billion to better serve Muslims in member and non-member countries.[5] The Bank has received credit ratings of AAA from Standard & Poor's,[6] Moody's,[7] and Fitch.[8] Saudi Arabia holds about one quarter of the bank's paid up capital.[9] The IDB is an observer at the United Nations General Assembly.

Membership

The present membership of the Bank consists of 57 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.

File:IDB Major Shareholders.jpg
IDB Major Shareholders as at 30 Dhul Hijjah 1432H (25 November 2011)

Ranked on the basis of paid-up capital (as of May 2024),[9] major shareholders include:

  1. Saudi Arabia (22.5%)
  2. Libya (9.03%)
  3. Indonesia (7.94%)
  4. Iran (7.90%)
  5. Nigeria (7.33%)
  6. Qatar (6.87%)
  7. Egypt (6.77%)
  8. Kuwait (6.62%)
  9. United Arab Emirates (6.48%)
  10. Turkey (6.17%)

Structure

File:IDB Country Membership.jpg
Country Membership in the Entities of IsDB Group [1]

IDB has evolved into a group of five entities, consisting of Islamic Development Bank (IsDB), Islamic Development Bank Institute (IsDBI), 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).

Activities

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; and
  • Advisory services for public and private entities in member countries.

Projects and programs

  • 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 IDB connected the once isolated Gao Region in eastern Mali to the heartland.[10]

See also

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References

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  1. ^ Page Module:Citation/CS1/styles.css has no content.Staff writer (2024). "Islamic Development Bank (IsDB)". UIA Global Civil Society Database. uia.org. Brussels, Belgium: Union of International Associations. Yearbook of International Organizations Online. Retrieved 24 December 2024.
  2. ^ Page Module:Citation/CS1/styles.css has no content.Taylor & Francis Group; Dean, Lucy (2003), The Middle East and North Africa 2004: 2004 (Illustrated ed.), Routledge, ISBN 1-85743-184-7
  3. ^ Page Module:Citation/CS1/styles.css has no content."About IDB". Islamic Development Bank. Archived from the original on 10 February 2018. Retrieved 25 May 2018.
  4. ^ Page Module:Citation/CS1/styles.css has no content.Epstein, Matthew (September 2003). "Saudi Support for Islamic Extremism in the United States" (PDF). Islam Daily. Archived from the original (PDF) on 19 December 2013. Retrieved 22 April 2012.
  5. ^ Islamic Development Bank triples authorised capital| reuters.com|2013/05/22
  6. ^ Page Module:Citation/CS1/styles.css has no content."Capital Markets". ISDB. Archived from the original on 4 March 2016. Retrieved 25 May 2018.
  7. ^ Page Module:Citation/CS1/styles.css has no content."Moody's rating" (PDF). ISDB. Archived from the original (PDF) on 4 March 2016. Retrieved 25 May 2018.
  8. ^ Page Module:Citation/CS1/styles.css has no content."Fitch rating" (PDF). ISDB. Archived from the original (PDF) on 12 July 2017. Retrieved 25 May 2018.
  9. ^ a b Page Module:Citation/CS1/styles.css has no content."IsDB Member Countries".
  10. ^ Page Module:Citation/CS1/styles.css has no content."The Gao Bridge in Mali" (PDF). Archived from the original (PDF) on 20 December 2013. Retrieved 25 May 2018.

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