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, which is 24 Dhul Qa'da 1393H on the Islamic calendar.
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:
Saudi Arabia
Kuwait
Libya
Turkey
UAE
Iran
Egypt
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:
IslamicDevelopmentBank - Unit Investment Fund (the Fund) is a trust fund incorporated in the Kingdom of Saudi Arabia and established under Article 22 of the Articles of Agreement of IslamicDevelopmentBank (IDB or the Bank).
The objective of the Fund is to participate in the economic development of the member countries of the Bank through the pooling of the savings of institutional and individual investors and to invest these savings in the member countries of IDB and other countries in accordance with the principles of IslamicShariah.
IDB is entitled to a 10% share of net profit of the Fund as a Mudarib; this amount is separately shown as an appropriation of net income.
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