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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.
The OIC Council of Foreign Ministers is the second-highest decision-making body while the Islamic Summit of the Organisation of Islamic Cooperation is the highest decision-making authority. Both are administered by the Secretary General of the Organisation of Islamic Cooperation who is responsible for the implementation of decisions and ...
IBBL is a joint venture of the government of Bangladesh, 22 businessmen of Bangladesh, Islamic Development Bank, and investment firms and banks from Muslim Middle Eastern countries. [12] According to The Economist, "Islami Bank was a pioneer in financing Bangladesh's rise as the apparel industry's main production base outside China." [7]
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]
Initially founded in 1981 as the Island Development Bank (IDB), the financial organisation had several changes throughout time. On 13 January 1993, it was renamed the Islamic Bank of Brunei (IBB) and relocated to its current multi-million dollar building, [7] while the Development Bank of Brunei (DBB) was established in 1995. Afterwards, DBB ...
Humayon Dar is a scholar and practitioner in the field of Islamic banking and finance, and serves as the Director General of the Cambridge Institute of Islamic Finance.He has held academic and professional positions, including Director General of the Islamic Research & Training Institute (IRTI) at the Islamic Development Bank (IsDB).
The IFSB was founded by "a consortium of central banks" and the Islamic Development Bank in 2002 and began operations on 10 March 2003. [7] [8] The country of its location, Malaysia, passed a special law the same year —the Islamic Financial Services Board Act 2002—giving the IFSB the usual "immunities and privileges" international organizations receive.
Accounting and Auditing Organization for Islamic Financial Institutions; Abbreviation: AAOIFI: Formation: February 26, 1990; 34 years ago () [1] in Algeria.: Founders: Islamic Development Bank, Dallah Al-Baraka, Faysal Group (Dar Al Maal Al Islami), Al Rajhi Banking & Investment Corporation, Kuwait Finance House and Al-Bukhary Foundation