Islamic Development Bank (IDB)
Posted by Ripon Abu Hasnat on Friday, June 13, 2014 | 0 comments
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) with the support of the king of
Saudi Arabia at the time (Faisal), and began its activities on
20 October 1975 There are 56 shareholding member states.
Mohammed bin Faisal is the former president of the IsDB.
On
the 22 May 2013, IDB tripled its authorized capital to $150 billion to better
serve Muslims in member and non-member countries.[4]
The Bank continues to receive the highest credit ratings of AAA by major rating
agencies. Saudi Arabia holds about one quarter of the bank's paid up capital
The IsDB is an observer at the United Nations General Assembly.
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.
Ranked
on the basis of paid-up capital (as of August 2012) major shareholders include:
Saudi
Arabia (26.5%)
Libya
(10.7%)
Iran
(9.32%)
Egypt
(9.22%)
Turkey
(8.41%)
United
Arab Emirates (7.54%)
Kuwait
(7.11%)
Pakistan
(3.31%)
Algeria
(3.31%)
Indonesia
(2.93%)
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