Islamic Development Bank
IDB Headquarters in Jeddah  

Islamic Development Bank

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).

Member Countries
The present membership of IDB consists of 56 countries from the Middle East, Africa, the Asia Pacific region, South Asia, Europe and South America. 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.

Major shareholders:
Saudi Arabia (26.57 %)
Libya (10.66 %)
Iran (9.32 %)
Egypt (9.22 %)
Turkey (8.41 %)
UAE (7.54 %)
Kuwait (7.11 %)
Pakistan (3.31 %)
Algeria (3.31 %)
Indonesia (2.93 %)
Malaysia (2.12 %)
Bangladesh (1.31 %)
Qatar (0.70 %)
Yemen (0.67 %)
Morocco (0.66 %)
Jordan (0.53 %)
Sudan (0.52 %)
Gabon (0.39 %)
Oman (0.37 %)

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.

Financial Year
The Bank's financial year is the lunar Hijra Year. As of November 2013, IDB had total assets of US$20.565 billion. In June 2015, Fitch Ratings affirmed the Islamic Development Bank's Long-term Issuer Default Rating (IDR)'s at AAA with a stable outlook. The Short-term IDR was affirmed at F1+.

Head office address:
P. Box. 5925
Jeddah 21432
Saudi Arabia
Phone number: +966 2 6466429
Fax: +966 2 6466469