Islamic Development Bank
Encyclopedia : I : IS : ISL : Islamic Development Bank
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. 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:
Purpose
The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities in non-member countries individually as well as jointly in accordance with the principles of shari'ah.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
See also
External links
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