Detailed view:
The Islamic Development Bank (IDB)
Title: The Islamic Development Bank (IDB)
Creator: Islamic Development Bank
Abstract: The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in Dhul Q'adah 1393H, corresponding to December 1973.
The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development. The Bank is also required to establish and operate special funds for specific purposes including a fund for assistance to Muslim communities in non-member countries, in addition to setting up trust funds. The Bank is authorized to accept deposits and to mobilize financial resources through Shari'ah compatible modes. It is also charged with the responsibility of assisting in the promotion of foreign trade especially in capital goods, among member countries; providing technical assistance to member countries; and extending training facilities for personnel engaged in development activities in Muslim countries to conform to the Shari'ah. [according to site editor's information]
Keywords: Islamic Development Bank; Islamic economic system
Countries: Northern Africa. General Resources;
Middle East. General Resources
Subject areas: Economy ยป Economic Sectors
Location of the site's editor: Saudi Arabia
Resource type: International and supranational Organisations
Language: English; Arabic
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