Islamic Development Bank: Difference between revisions

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The bank is an [[United Nations General Assembly observers|observer]] at the [[United Nations General Assembly]].
The bank is an [[United Nations General Assembly observers|observer]] at the [[United Nations General Assembly]].


==Purpose==
==Aim==


The purpose of the bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah i.e., Islamic Law.<ref name="Purpose">[http://www.isdb.org/irj/portal/anonymous?NavigationTarget=navurl://24de0d5f10da906da85e96ac356b7af0 Official Site]</ref>
The aim of the bank is to "foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah i.e., Islamic Law."<ref name="Purpose">[http://www.isdb.org/irj/portal/anonymous?NavigationTarget=navurl://24de0d5f10da906da85e96ac356b7af0 Official Site]</ref>


==Membership==
==Membership==
Line 38: Line 38:


===IRTI===
===IRTI===
IRTI was established in 1401H (1981) as the research and training arm of the IDB. As a member of the IDB Group, IRTI plays a key role in transforming the Group into a world-class knowledge-based organization. It shoulders the responsibility for leading the development and sustenance of a dynamic and comprehensive Islamic Financial Services Industry, which supports socio-economic development in member countries. With this objective, IRTI has been gradually strengthening its core business activities in knowledge services through research, policy dialogue and Shari‘ah advisory services.<ref name="Annual Report">[http://www.isdb.org/irj/go/km/docs/documents/IDBDevelopments/Internet/English/IDB/CM/Publications/Annual_Reports/37th/AnnualReport37.pdf 1432H IDB Annual Report]</ref>
IRTI is responsible for "leading the development and sustenance of a dynamic and comprehensive Islamic Financial Services Industry, which supports socio-economic development in member countries"<ref name="Annual Report">[http://www.isdb.org/irj/go/km/docs/documents/IDBDevelopments/Internet/English/IDB/CM/Publications/Annual_Reports/37th/AnnualReport37.pdf 1432H IDB Annual Report]</ref>


===ICD===
===ICD===
ICD was established in 1420H (1999) as an independent entity within the IDB Group and has been operational since 6 Rabi Thani 1421H (8 July 2000). The mission of ICD is to compliment the role played by IDB through development and promotion of the private sector as a vehicle for economic growth and prosperity in member countries. The main objectives of ICD are: (i) support economic development of its member countries through provision of finance aimed at promoting private sector development in accordance with the principles of Shariah, and (ii) provide advice to governments and private organizations to encourage the establishment, expansion and modernization of private sectors.<ref name="Annual Report" />
The goals of ICD are:"(i) support economic development of its member countries through provision of finance aimed at promoting private sector development in accordance with the principles of Shariah, and (ii) provide advice to governments and private organizations to encourage the establishment, expansion and modernization of private sectors."<ref name="Annual Report" />


===ICIEC===
===ICIEC===
ICIEC was established in 1415H (1994) by the Islamic Development Bank (IDB) and member countries of the Organization of Islamic Cooperation (OIC) as an independent entity within IDB Group. Its mandate is to help increase the scope of trade transactions of member countries, to facilitate the flow of foreign direct investments into member countries, and to provide reinsurance facilities to Export Credit Agencies in member countries. ICIEC fulfils these objectives by providing appropriate Islamic Shariah compatible credit and country risk insurance and reinsurance instruments.<ref name="Annual Report" />
ICIEC's purpose is to "increase the scope of trade transactions of member countries, to facilitate the flow of foreign direct investments into member countries, and to provide reinsurance facilities to Export Credit Agencies in member countries."<ref name="Annual Report" />


===ITFC===
===ITFC===
The ITFC was established in 1426H(2005) and commenced business operations in 1429H (2008) with an Authorized Capital of $3 billion, as an autonomous and dedicated trade finance entity of the Islamic Development Bank (IDB) Group. ITFC supports the development of markets and trading capacities of its member countries of the Organization of the Islamic Cooperation (OIC) in order to promote the IDB Group’s strategic developmental objectives. Operating to world-class standards, the ITFC’s mission is clear from its mandate to be a catalyst for the development of trade among OIC Member Countries and with the rest of the world. ITFC aspires to be a recognized provider of trade solutions for the OIC Member Countries’ needs; in order to fulfill its brand promise of ‘Advancing Trade and Improving Lives”.<ref name="Annual Report" />
ITFC assist in "the development of markets and trading capacities of its member countries of the Organization of the Islamic Cooperation (OIC) in order to promote the IDB Group’s strategic developmental objectives."<ref name="Annual Report" />


==Language==
==Language==
The official language of the Bank is Arabic, but English and French are additionally used as working languages <ref name="Purpose" />
The official language of the bank is Arabic, but English and French are additionally used as working languages <ref name="Purpose" />


==Locations==
==Locations==
The Bank’s Headquarters is in Jeddah, Saudi Arabia. It has regional Offices in Almaty, Kazakhstan; Kuala Lumpur, Malaysia; Rabat, Morocco; and Dakar, Senegal.<ref name="locations">[http://www.isdb.org/irj/portal/anonymous?NavigationTarget=navurl://fd0cb8101ac50bfe83d6477ba087e1b8 IDB official website]</ref>
The bank’s Headquarters is in Jeddah, Saudi Arabia. It has regional Offices in Almaty, Kazakhstan; Kuala Lumpur, Malaysia; Rabat, Morocco; and Dakar, Senegal.<ref name="locations">[http://www.isdb.org/irj/portal/anonymous?NavigationTarget=navurl://fd0cb8101ac50bfe83d6477ba087e1b8 IDB official website]</ref>




Revision as of 05:16, 13 January 2013

Islamic Development Bank
Company typeDevelopment Bank
IndustryFinance
Founded1973
HeadquartersJeddah, Saudi Arabia
Key people
Ahmad Mohamed Ali Al-Madani, President
Number of employees
932
Websitewww.isdb.org

The Islamic Development Bank (IDB) is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation).

The bank officially began its activities on 20 October 1975, inspired by King Faisal.[1] There are 56 shareholding member states.[2] On the basis of paid-up capital, major shareholders include:[3]


The bank is an observer at the United Nations General Assembly.

Aim

The aim of the bank is to "foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah i.e., Islamic Law."[4]

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.

IDB Group

IDB has evolved into a group of five Entities, consisting of Islamic Development Bank (IDB), Islamic Research & Training Institute (IRTI), 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).

IRTI

IRTI is responsible for "leading the development and sustenance of a dynamic and comprehensive Islamic Financial Services Industry, which supports socio-economic development in member countries"[5]

ICD

The goals of ICD are:"(i) support economic development of its member countries through provision of finance aimed at promoting private sector development in accordance with the principles of Shariah, and (ii) provide advice to governments and private organizations to encourage the establishment, expansion and modernization of private sectors."[5]

ICIEC

ICIEC's purpose is to "increase the scope of trade transactions of member countries, to facilitate the flow of foreign direct investments into member countries, and to provide reinsurance facilities to Export Credit Agencies in member countries."[5]

ITFC

ITFC assist in "the development of markets and trading capacities of its member countries of the Organization of the Islamic Cooperation (OIC) in order to promote the IDB Group’s strategic developmental objectives."[5]

Language

The official language of the bank is Arabic, but English and French are additionally used as working languages [4]

Locations

The bank’s Headquarters is in Jeddah, Saudi Arabia. It has regional Offices in Almaty, Kazakhstan; Kuala Lumpur, Malaysia; Rabat, Morocco; and Dakar, Senegal.[6]


See also

References

  1. ^ Epstein, Matthew (September 2003). ""Saudi Support for Islamic Extremism in the United States"" (PDF). Islam Daily. Retrieved April 22, 2012.
  2. ^ Taylor & Francis Group and Dean, 2003, p. 1328.
  3. ^ ""IDB Group in Brief"" (PDF). Retrieved Aug. 03, 2012. {{cite web}}: Check date values in: |accessdate= (help)
  4. ^ a b Official Site
  5. ^ a b c d 1432H IDB Annual Report
  6. ^ IDB official website

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Islamic_Development_Bank&oldid=532814667"