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Home  »  International Banking Institutions  »  Islamic Development Bank

Islamic Development Bank

 

Islamic Development Bank Logo

The Islamic Development Bank (IsDB) 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). There are 56 shareholding member states. On the basis of paid-up capital, the main shareholders of the Bank are included Saudi Arabia, Libya, Iran, Egypt, Kuwait, Turkey, Qatar and UAE.

 
 

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 Organization of the Islamic Conference (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. The Islamic Development Bank operates according to the Islamic Shari'ah principles.


Shari'ah is the set of rules derived from the Holy Quran, the authentic traditions (Sunnah) of the Prophet (peace be upon him) and the scholarly opinions (Ijtehad) which are based on the Holy Quran and the Sunnah.

The principles of Shariah that govern Islamic banking are the following:-

 
Prohibition of interest (riba) in all financial transactions, such as: riba in debts, riba in sales, including forward currency deals and futures exchanges.

 
Participation in profit and loss sharing, since return is not guaranteed in an Islamic transaction.

In non-member countries the IDB supports Islamic communities by providing scholarships and training facilities. Through the Islamic Research Training Institute (IRTI), the IDB conducts research on Islamic topics having modern day relevance. The IDB also mobilizes technical capabilities within member countries in order to promote exchange of expertise and experience.

Islamic Development Bank HQ Location Map

Islamic Development Bank
HQ Address: P Box 5925
Jeddah
21432 Kingdom of Saudi Arabia
Tel: +9662 636 1400
Fax: +9662 636 6871
Website: www.isdb.org
Email: idbarchives@isdb.org
Banking Hours:
Saturday - Wednesday 7:00am - 4.00pm
 

 

 The Bank's principal office is in Jeddah in the Kingdom of Saudi Arabia. Four regional offices were opened in Rabat, Morocco (1994), Kuala Lumpur, Malaysia (1994). Almaty, Kazakhstan (1997), and Dakar, Senegal (2008). The Bank also has field representatives in twelve member countries. These are: Afghanistan, Azerbaijan, Bangladesh, Guinea Conakry, Indonesia, Iran, Nigeria, Pakistan, Sierra Leone, Sudan, Uzbekistan and Yemen.
 

 

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