The
Islamic Development Bank (IDB) is a multilateral development financing
institution located in Jeddah, Saudi Arabia. It was founded in 1973 by
the Finance Ministers at the first Organisation of the Islamic
Conference (now called the Organisation of Islamic Cooperation) with the
support of the king of Saudi Arabia at the time (Faisal), and began its
activities on 20 October 1975 There are 56 shareholding member states.
Mohammed bin Faisal is the former president of the IsDB.
On
the 22 May 2013, IDB tripled its authorized capital to $150 billion to
better serve Muslims in member and non-member countries.[4]The
Bank continues to receive the highest credit ratings of AAA by major
rating agencies. Saudi Arabia holds about one quarter of the bank's paid
up capitalThe IsDB is an observer at the United Nations General Assembly.
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 Organisation of Islamic Cooperation (OIC), 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 IsDB Board of
Governors.
Ranked on the basis of paid-up capital (as of August 2012) major shareholders include:
Saudi Arabia (26.5%)
Libya (10.7%)
Iran (9.32%)
Egypt (9.22%)
Turkey (8.41%)
United Arab Emirates (7.54%)
Kuwait (7.11%)
Pakistan (3.31%)
Algeria (3.31%)
Indonesia (2.93%)
