Islamic Development Bank
From Taighde
The Islamic Development Bank (IDB) is an investment institution located in Jeddah, Saudi Arabia. It was founded at a 1973 meeting of the Finance Ministers of the Organization of the Islamic Conference, and formally began operations on October 20, 1975. It's main shareholders are the countries of Saudi Arabia, Sudan, Kuwait, Libya, Turkey, the UAE, Iran, Egypt, Indonesia, and Pakistan.
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Membership
There are 56 member countries of the IDB. The basic condition for membership is participation in the Organization of the Islamic Conference. The latest available list of member countries and their subscribed capitals are accessible on the IDB website.
Functions
The IDB participates in equity capital and lending to member countries for projects related to economic and social development. It also supports development projects in non-member Muslim communities. All of its operations are in accordance with Shariah law.
The unit of account for the IDB is the Islamic Dinar, and its official language is Arabic (English and French are working languages, too).
Leadership
Board of Governors
Each member country has a representative on the IDB's Board of Governors, which makes decisions based on majority-votes at yearly meetings. It decides the Bank's policies and oversees the Board of Executive Directors.
Board of Executive Directors
The Board of Executive Directors is comprised of seven appointed and seven elected members. It's current membership stands as below.
| Name | Position | Countries Represented |
|---|---|---|
| Ahmad bin Mohammed Al Khalifa | Chairman, President | |
| Aissa Abdellaoui | Member | Algeria, Benin, Mozambique, Palestine, Syria, Yemen |
| Bader Abdullah S. Abuaziza | Member | Libya |
| Selim C. Karatas | Member | Turkey |
| Seyed Hamid Pour Mohammadi | Member | Iran |
| Faisal Abdul Aziz Al-Zamil | Member | Kuwait |
| Farrakh Qayyum | Member | Afghanistan, Pakistan, Bangladesh |
| Haji Junaidi bin Haji Hashim | Member | Indonesia, Brunei, Suriname, Malaysia |
| Hassan Hashem Abdul Hussain Al Haidary | Member | Bahrain, Djibouti, Iraq, Jordan, Lebanon, Maldives, Oman |
| Ibrahim Mohamed Al-Mofleh | Member | Saudi Arabia |
| Jamal Nasser Rashid Lootah | Member | United Arab Emirates |
| Khamdam H. Tagaymurodov | Member | Azerbaijan, Albania, Uzbekistan, Turkmenistan, Tajikistan, Kyrgyzstan, Kazakhstan |
| Nailane Mhadji | Member | Comoros, Cote d'Ivoire, Guinea, Guinea Bissau, Morocco, Nigeria, Sierra Leone, Somalia, Sudan, Tunisia, Uganda |
| Yerima Mashoud Amadou | Member | Burkina Faso, Cameroon, Chad, Gabon, Gambia, Mali, Mauritania, Niger, Senegal, Togo |
| Zeinhom Zahran | Member | Egypt |
| Ismail Omar Al Dafa | Member | Qatar |
Investment Funds
The Bank operates two funds: the Unit Investment Fund (UIF) and the Awqaf Properties Investment Fund.
Unit Investment Fund
The UIF was established in 1989 to carry out direct foreign investment in IDB member countries. According to the IDB, the Fund grew from $100 million to $325 million in the first 15 years after its establishment.
The UIF is listed on the Bahrain Stock Exchange; it operates on the US dollar, and follows Islamic banking guidelines in all financing activity. It offers short-term financing on a 6-24 month tenor, and medium- and long-term financing on a 5-10 years tenor.
Awqaf Properties Investment Fund
The Awqaf Properties Investment Fund (APIF) was established in February 2001. Awqaf is an Arabic word that means assets that are donated, bequeathed, or purchased for the purpose of being held in perpetual trust for general or specific charitable causes. Subscription to the APIF is open to Awqaf ministries, directorates, and institutions, as well as to other Islamic banks and financial institutions.
The APIF invests in real estate properties in both member and non-member countries. It reports its capital at $57 million. The IDB has a US$ 50 million line of financing for APIF projects.
Contact
The IDB's headquarters is in Jeddah, Saudi Arabia.
P. Box. 5925 Jeddah
21432 Kingdom of Saudi Arabia
Telephone: (+9662) 6361400
Fax: (+9662) 6366871
Telex: 601 137 ISDB SJ
Email: idbarchives@isdb.org
It also has regional offices in:
- Almaty, Kazakhstan
- Kuala Lumpur, Malaysia
- Rabat, Morocco
- Dakar, Senegal
