ISLAMIC DEVELOPMENT BANK

Principal shareholders of the IDB shown in
green.

'Islamic Development Bank' (also known as 'IDB'), is a multilateral development financing institution. located in Jeddah, Saudi Arabia. It was founded by the first conference of Finance Ministers of the Organization of the Islamic Conference (OIC), convened 18 December 1973.
The bank officially began its activities on 15 Shawwal 1395H (20 October 1975). On the basis of paid-up capital, the main shareholders of the Bank are from these countries:

★ Saudi Arabia

★ Kuwait

★ Libya

★ Turkey

★ UAE

★ Iran

★ Egypt

Contents
Purpose
See also
External links

Purpose


The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities in non-member countries individually as well as jointly in accordance with the principles of ''shari'ah''.
The unit of account of the bank is the Islamic Dinar.
It follows the principles of shari'ah, or Islamic jurisprudence. Shari'ah compatible practices include:

★ Loan

★ Leasing

★ Installment Sale

★ Istisna'a

★ Equity Participation

★ Lines of Financing

See also



★ Islamic banking

★ Economy of the OIC

External links



★ Official website

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