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Islamic Development Bank - Definition and Overview |
| Related Words: Access, Accretion, Accrual, Action, Addition, Advance, Aging, Amplification, Anacrusis, Angle, Appreciation, Apprenticeship, Architecture, Argument, Atmosphere, Augmentation, Background |
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Islamic Development Bank (also known as IDB), is a multilateral development financing institution. It was founded by the first conference of Finance Ministers of the Organization of the Islamic Conference (OIC), convened 18 December 1973, which is 24 Dhul Qa'da 1393H on the Islamic calendar.
The bank officially began its activities on 15 Shawwal 1395H (20 October 1975). On the basis of paid-up capital, these countries are the main shareholders of the Bank:
- Saudi Arabia
- Kuwait
- Libya
- Turkey
- UAE
- Iran
- Egypt
The unit of account of the bank is the Islamic Dinar.
It follows the principles of shari'ah, or Islamic jurisprudence. Shari'ah compatible practices include:
- Loan
- Leasing
- Installment Sale
- Istisna'a
- Equity Participation
- Lines of Financing
External links
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Example Usage of Development |
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