 | |
 Members of the Islamic Development Bank | |
| Abbreviation | IsDB |
|---|---|
| Formation | 1975 (1975) |
| Type | Development bank |
| Location | |
| Membership | 57 countries |
Key people | Muhammed Al-Jasser, President |
| Employees | 932 |
| Website | www |
TheIslamic Development Bank (Arabic:البنك الإسلامي للتنمية, abbreviated asIsDB) is a multilateraldevelopment finance institution that is focused onIslamic finance for infrastructure development and located inJeddah,Saudi Arabia.[1][2] There are 57shareholding member states with the largest single shareholder being Saudi Arabia.[3]
It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called theOrganisation of Islamic Cooperation) with the support of theKing of Saudi Arabia at the time (Faisal), and began its activities on 3 April 1975.[4]
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 anobserver at theUnited Nations General Assembly.
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 theOrganisation 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 ofpaid-up capital (as of May 2024),[9] major shareholders include:
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 andExport Credit (ICIEC) and International Islamic Trade Finance Corporation (ITFC).
IDB Group is engaged in a wide range of specialized and integrated activities such as:
