Islamic Development Bank
Overview
 
The Islamic Development Bank (IsDB) is a multilateral development financing institution located in Jeddah
Jeddah
Jeddah, Jiddah, Jidda, or Jedda is a city located on the coast of the Red Sea and is the major urban center of western Saudi Arabia. It is the largest city in Makkah Province, the largest sea port on the Red Sea, and the second largest city in Saudi Arabia after the capital city, Riyadh. The...

, Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...

. It was founded by the first conference of Finance Ministers of the Organisation of the Islamic Conference (OIC, now the Organisation of Islamic Cooperation), convened 23 Dhu'l Qa'dah 1393 AH
(18 December 1973).
The bank officially began its activities on 15 Shawwal
Shawwal
Shawwāl is the tenth month of the lunar Islamic calendar. Shawwāl means to ‘lift or carry’; so named because she-camels normally would be carrying a fetus at this time of year.-Fasting during Shawwāl:...

 1395 AH (20 October 1975).
Encyclopedia
The Islamic Development Bank (IsDB) is a multilateral development financing institution located in Jeddah
Jeddah
Jeddah, Jiddah, Jidda, or Jedda is a city located on the coast of the Red Sea and is the major urban center of western Saudi Arabia. It is the largest city in Makkah Province, the largest sea port on the Red Sea, and the second largest city in Saudi Arabia after the capital city, Riyadh. The...

, Saudi Arabia
Saudi Arabia
The Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...

. It was founded by the first conference of Finance Ministers of the Organisation of the Islamic Conference (OIC, now the Organisation of Islamic Cooperation), convened 23 Dhu'l Qa'dah 1393 AH
(18 December 1973).
The bank officially began its activities on 15 Shawwal
Shawwal
Shawwāl is the tenth month of the lunar Islamic calendar. Shawwāl means to ‘lift or carry’; so named because she-camels normally would be carrying a fetus at this time of year.-Fasting during Shawwāl:...

 1395 AH (20 October 1975). There are 56 shareholding member states. On the basis of paid-up capital, the main shareholders of the Bank are from these countries:

The IsDB is also a United Nations General Assembly observer
United Nations General Assembly observers
In addition to the current 193 member states, the United Nations welcomes many international organizations, entities, and non-member states as observers. Observer status is granted by a United Nations General Assembly resolution...

.

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 IsDB Board of Governors.

See also

  • Islamic banking
    Islamic banking
    Islamic banking is banking or banking activity that is consistent with the principles of Islamic law and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money...

  • Economy of the Organisation of Islamic Cooperation

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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