|Bandar Al Hajjar, President|
The Islamic Development Bank (Arabic? ?) is a multilateral development finance institution that is focused on Islamic finance located in Jeddah, Saudi Arabia. There are 57 shareholding member states with the largest single shareholder being 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 3 April 1975.
On the 22 May 2013, IDB tripled its authorized capital to $150 billion to better serve Muslims in member and non-member countries. The Bank has received credit ratings of AAA from Standard & Poor's, Moody's, and Fitch. Saudi Arabia holds about one quarter of the bank's paid up capital. The IDB is an observer at the United Nations General Assembly.
The present membership of the Bank consists of 57 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 IDB Board of Governors.
IDB has evolved into a group of five Entities, consisting of Islamic Development Bank (IDB), Islamic Research & Training Institute (IRTI), Islamic Corporation for Development of the Private Sector (ICD), Islamic Corporation for Insurance of Investment and Export Credit (ICIEC) and International Islamic Trade Finance Corporation (ITFC).
IDB Group is engaged in a wide range of specialized and integrated activities such as:
This section may lend undue weight to certain ideas, incidents, or controversies. (April 2018)
Dr. Ali had previously declared that IDB was responsible for the smooth functioning of al-Quds Intifada Fund and al-Aqsa Fund, both established during an Arab summit in Cairo in October 2000. According to the final communiqué of the summit, "Al-Quds Intifada Fund will have capital of 200 million dollars to be allocated for disbursement to the families of Palestinian martyrs fallen in the Intifada."
According to a US State Department cable sent in 2007 and later released by Wikileaks, a State Department investigation found no "evidence sufficient to corroborate Israeli and press allegations of IDB links to terrorism". However, according to NGO Monitor, a pro-Israeli NGO based in Jerusalem, the Islamic Development Bank is a major contributor to Islamic Relief Worldwide, an organization considered by some to support terrorism and extremism. For example, the United Arab Emirates listed Islamic Relief Worldwide as a terrorist organization in 2014. However, the British government undertook a national investigation into the matter at the request of the UAE government and the final report cleared the international charity. Neither the Islamic Development Bank nor the Islamic Relief Worldwide organization has ever been designated a terrorist entity or as an organization funding terrorism by the UN or the US government.