Arab Aid - Islamic Development Bank Group

Establishment:
The Islamic Development Bank is an international financial institution established in April 23,1975 in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries. The ISDB first launched its operations in October 20,1975.

Objectives:
The objectives of the ISDB is to foster economic development and social progress in member countries and Muslim communities in accordance with the principles of Islamic Shari'ah. Its present membership consists of 53 countries which are also members of the Organizations of the Islamic Conference.

Operations:

Cumulative consolidated operations at end of 1998 was $ 20,490 million.
The functions of the Bank are to participate in equity capital and grant loans for projects and enterprises besides providing financial assistance to member countries in other forms. The Bank is also required to establish and operate special funds 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, 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.