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The Islamic Development Bank (Arabic: البنك الإسلامي للتنمية, abbreviated as IsDB) is a multilateral development finance institution that is focused on Islamic finance for infrastructure development and located in Jeddah, Saudi Arabia.
Since its inception in 1395H (1975G), the aim of the Islamic Development Bank (IDB) has been to improve the lives of ordinary people across the Islamic world by raising economic standards and increasing prosperity within the member countries of the Organisation of Islamic Cooperation (OIC, formerly the Organisation of the Islamic Conference).
The Islamic Development Bank is among the leading multilateral development banks. IsDB is the only multilateral development bank after the World Bank that is global in terms of its membership. 56 member countries of IsDB are spread over Asia, Africa, Europe and Latin America.
As an academician, he began his career as a lecturer at the University of Indonesia to become the dean of the Faculty of Economics, University of Indonesia. In 2009, he became the director-general of the Islamic Research and Training Institute (IRTI), Islamic Development Bank Group, located in Jeddah, The Kingdom of Saudi Arabia.
The purpose of the bank is to help jobs, industry, and infrastructure in smaller towns and cities. It is to surpass the other specialized government bank, the military funding bank. [1] The bank would procure and sell development stocks. It is part of the seventh quininal program. [2] Ensafnews called it 'a daydream for the government.' [3] [4]
From 1996 to 2006 Bandar Al Hajjar was chief editor of Money and Markets Magazine a specialized business magazine addressing the concerns of the Arab and Islamic worlds. [9] He was appointed minister of Hajj on 13 December 2011, replacing Fuad bin Abdulsalam Farsi in the post. [10] [11] [12] Farsi had been in office since 1999. [13]
Taawen Islamic Bank; Industrial Union Investment Bank; Investment Bank of Iraq; Iraqi Middle East Investment Bank; Islamic Bank; Mosul Bank; National Bank of Iraq; North Bank; Sumer Bank; Union Bank of Iraq; Bank Audi ِWorld Islamic Bank ِElaf Islamic Bank; United Investment Bank; Al Janoob Islamic Bank; T.C. Ziraat Bankasi of Turkey (the ...
From 1972–1975, he served as Deputy Minister of Education. In 1975, he was elected as the first president of the newly established Islamic Development Bank. [1] [2] In addition to the bank activities, 1993–1995 he was the Secretary-General of the Muslim World League. [1] He is married and has five children. [1] [2]