| Established as a result of a decision by the
Organization of the Islamic Conference in 1975, the IDB is owned
by forty-one member countries of the OIC. The authorized capital
is 2 billion Islamic dinars (equivalent to 2 billion SDRs). The
subscribed capital of the Bank at the end of 1401H was 1822.67
million Islamic dinars. All member countries have subscribed to
the capital but the major contributors are Saudi Arabia, Libya,
Kuwait and the UAE. The bank provides development finance to the
Muslim countries on the basis of musharakah, mudarabah and qard
hasan. The bank claims to follow the principles of the shariah
in all its business. The bank also promotes the establishment of
Islamic banks and has arrangements for in-house research on
Islamic banking and economics. |
