It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation) with the support of the King of Saudi Arabia at the time (Faisal), and began its activities on 3 April 1975.[4]
On the 22 May 2013, IDB 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 an observer at the United Nations General Assembly.
Membership
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 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 IDB Board of Governors.
IDB Major Shareholders as at 30 Dhul Hijjah 1432H (25 November 2011)
Ranked on the basis of paid-up capital (as of August 2015),[9] major shareholders include:
Saudi Arabia (26.57%)
Algeria (10.66%)
Iran (9.32%)
Egypt (9.22%)
Turkey (8.41%)
United Arab Emirates (7.54%)
Kuwait (7.11%)
Pakistan (3.31%)
Libya (3.31%)
Indonesia (2.93%)
Structure
Country Membership in the Entities of IDB Group [1]
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).
Activities
IDB Group is engaged in a wide range of specialized and integrated activities such as:
Project financing in the public and private sectors;
Development assistance for poverty alleviation;
Technical assistance for capacity-building;
Economic and trade cooperation among member countries;
Trade financing;
SME financing;
Resource mobilization;
Direct equity investment in Islamic financial institutions;
Insurance and reinsurance coverage for investment and export credit;
Research and training programs in Islamic economics and banking;
Awqaf investment and financing;
Special assistance and scholarships for member countries and Muslim communities in non-member countries;
Emergency relief; and
Advisory services for public and private entities in member countries.
Projects and programs
The Gao Bridge in Mali: Until a few years ago, crossing the Niger River at Gao was done by a ferry that might or might not be operating. This hindered progress and discouraged trade. The Gao Bridge financed by the IDB connected the once isolated Gao Region in eastern Mali to the heartland.[10]
Dr. Ali had previously declared that IDB was in charge of the financing of al-Quds Intifada Fund and al-Aqsa Fund, both established during an Arab summit in Cairo in October 2000. According to the final communiqué of the summit, "Al-Quds Intifada Fund will have capital of 200 million dollars to be allocated for disbursement to the families of Palestinian martyrs fallen in the Intifada."[11][12]
According to a US State Department cable sent in 2007 and later released by Wikileaks, a State Department investigation found no "evidence sufficient to corroborate Israeli and press allegations of IDB links to terrorism".[13] However, according to NGO Monitor, a pro-Israeli NGO based in Jerusalem, the Islamic Development Bank is a major contributor to Islamic Relief Worldwide, an organization considered by some to support terrorism and extremism.[14] For example, the United Arab Emirates listed Islamic Relief Worldwide as a terrorist organization in 2014.[15] However, the British government undertook a national investigation into the matter at the request of the UAE government and the final report cleared the international charity.[16] Neither the Islamic Development Bank nor the Islamic Relief Worldwide organization has ever been designated a terrorist entity or as an organization funding terrorism by the UN or the US government.[17][18]
^"Foreign Terrorist Organizations". U.S. Department of State.
External links
January 26, 2023
islamic, development, bank, arabic, البنك, الإسلامي, للتنمية, abbreviated, isdb, multilateral, development, finance, institution, that, focused, islamic, finance, infrastructure, development, located, jeddah, saudi, arabia, there, shareholding, member, states,. The Islamic Development Bank Arabic البنك الإسلامي للتنمية abbreviated as IsDB is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and located in Jeddah Saudi Arabia 2 There are 57 shareholding member states with the largest single shareholder being Saudi Arabia 3 Islamic Development BankAbbreviationIsDBFormation1975 1975 TypeDevelopment bankLocationJeddah Saudi ArabiaMembership57 countriesKey peopleMuhammed Al Jasser PresidentEmployees932Websitewww wbr isdb wbr org Contents 1 History 2 Membership 3 Structure 4 Activities 4 1 Projects and programs 5 Criticism 6 See also 7 References 8 External linksHistory EditIt was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference now called the Organisation of Islamic Cooperation with the support of the King of Saudi Arabia at the time Faisal and began its activities on 3 April 1975 4 On the 22 May 2013 IDB 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 amp 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 an observer at the United Nations General Assembly Membership EditThe 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 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 IDB Board of Governors IDB Major Shareholders as at 30 Dhul Hijjah 1432H 25 November 2011 Ranked on the basis of paid up capital as of August 2015 9 major shareholders include Saudi Arabia 26 57 Algeria 10 66 Iran 9 32 Egypt 9 22 Turkey 8 41 United Arab Emirates 7 54 Kuwait 7 11 Pakistan 3 31 Libya 3 31 Indonesia 2 93 Structure Edit Country Membership in the Entities of IDB Group 1 IDB has evolved into a group of five entities consisting of Islamic Development Bank IDB Islamic Research amp 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 Activities EditIDB Group is engaged in a wide range of specialized and integrated activities such as Project financing in the public and private sectors Development assistance for poverty alleviation Technical assistance for capacity building Economic and trade cooperation among member countries Trade financing SME financing Resource mobilization Direct equity investment in Islamic financial institutions Insurance and reinsurance coverage for investment and export credit Research and training programs in Islamic economics and banking Awqaf investment and financing Special assistance and scholarships for member countries and Muslim communities in non member countries Emergency relief and Advisory services for public and private entities in member countries Projects and programs Edit The Gao Bridge in Mali Until a few years ago crossing the Niger River at Gao was done by a ferry that might or might not be operating This hindered progress and discouraged trade The Gao Bridge financed by the IDB connected the once isolated Gao Region in eastern Mali to the heartland 10 Criticism EditThis section may lend undue weight to certain ideas incidents or controversies Please help improve it by rewriting it in a balanced fashion that contextualizes different points of view April 2018 Learn how and when to remove this template message Dr Ali had previously declared that IDB was in charge of the financing of al Quds Intifada Fund and al Aqsa Fund both established during an Arab summit in Cairo in October 2000 According to the final communique of the summit Al Quds Intifada Fund will have capital of 200 million dollars to be allocated for disbursement to the families of Palestinian martyrs fallen in the Intifada 11 12 According to a US State Department cable sent in 2007 and later released by Wikileaks a State Department investigation found no evidence sufficient to corroborate Israeli and press allegations of IDB links to terrorism 13 However according to NGO Monitor a pro Israeli NGO based in Jerusalem the Islamic Development Bank is a major contributor to Islamic Relief Worldwide an organization considered by some to support terrorism and extremism 14 For example the United Arab Emirates listed Islamic Relief Worldwide as a terrorist organization in 2014 15 However the British government undertook a national investigation into the matter at the request of the UAE government and the final report cleared the international charity 16 Neither the Islamic Development Bank nor the Islamic Relief Worldwide organization has ever been designated a terrorist entity or as an organization funding terrorism by the UN or the US government 17 18 See also Edit Banks portalEconomy of the Organisation of Islamic Cooperation Asian Development Bank Asian Infrastructure Investment Bank European Bank for Reconstruction and Development African Development Bank Caribbean Development Bank CAF Development Bank of Latin America European Investment Bank International Islamic Trade Finance Corporation Islamic banking Islamic Organisation for Food SecurityReferences Edit UN Secretary General Praises IDB Group s Role in Supporting Member Countries Plans and Programs Retrieved 4 February 2016 Taylor amp Francis Group Dean Lucy 2003 The Middle East and North Africa 2004 2004 Illustrated ed Routledge ISBN 1 85743 184 7 About IDB Islamic Development Bank Retrieved May 25 2018 Epstein Matthew September 2003 Saudi Support for Islamic Extremism in the United States PDF Islam Daily Archived from the original PDF on 19 December 2013 Retrieved 22 April 2012 Islamic Development Bank triples authorised capital reuters com 2013 05 22 Capital Markets ISDB Retrieved 25 May 2018 Moody s rating PDF ISDB Retrieved 25 May 2018 Fitch rating PDF ISDB Retrieved 25 May 2018 a b IDB Group in Brief Retrieved 25 August 2015 The Gao Bridge in Mali PDF Archived from the original PDF on 20 December 2013 Retrieved 25 May 2018 Jihad Economics and Islamic Banking Archived from the original on 1 February 2016 Retrieved 27 January 2016 Dave Clark Banking on terrorism in Australia Retrieved 27 January 2016 Silverberg Kristen March 23 2007 Instructions on Resolution Requesting Observer Status for the Islamic Development Bank Group WikiLeaks Islamic Relief Worldwide IRW NGO Monitor 2020 08 25 Retrieved 2020 09 13 List of groups designated terrorist organizations by the UAE The National 2014 11 16 Retrieved 2020 09 13 Report clears Muslim charity of institutional antisemitism The Guardian 29 January 2021 https scsanctions un org consolidated bare URL Foreign Terrorist Organizations U S Department of State External links EditIDB Review by DinarStandard Retrieved from https en wikipedia org w index php title Islamic Development Bank amp oldid 1124748273, wikipedia, wiki, book, books, library,
