|IDB Headquarters in Jeddah|
Islamic Development Bank (IDB) 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 on December 18, 1973. The Bank was formally opened on October 20, 1975.
The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah (Islamic Law).
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 Organization of the Islamic Conference, 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.
Head Office and Regional Offices
The Bank's head office is located in Jeddah, Saudi Arabia. Four regional offices were opened in Rabat, Morocco (1994), Kuala Lumpur, Malaysia (1994), Almaty, Kazakhstan (1997), and Dakar, Senegal (2008). The Bank also has representative offices in twelve member countries. These are: Afghanistan, Azerbaijan, Bangladesh, Guinea Conakry, Indonesia, Iran, Nigeria, Pakistan, Sierra Leone, Sudan, Uzbekistan and Yemen.
The Bank's financial year is the lunar Hijra Year. As of November 14, 2012, IDB had total assets of 11.387 billion Islamic Dinars.
P. Box. 5925
Phone: +966 2 6466429
Fax: +966 2 6466469