Islamic Development Bank
Date of Issue (September 18, 1999)
The IDB is a multilateral financial institution with 54 countries of the Organization of the Islamic Conference as its members. The Jeddah (Saudi Arabia) based bank was inaugurated on 20th October 1975. It provides an institutional arrangement for economic and financial cooperation among Islamic countries. It has financed about 3000 operations involving more than $20 billion. For least developed countries, the Bank has set up a special account with a capital of $ 150 million. The Bank's financing mode based on the Islamic Shari'ah includes grants, interest free loans, profit sharing, equity participation, leasing murabaha, installment sale, istisna'a and technical assistance.