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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. [1]
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 ...
It was renamed the Islamic Bank of Brunei (IBB) in 1993, and the Development Bank of Brunei (DBB) was founded in 1995. Afterwards, DBB changed its name to the Islamic Development Bank of Brunei (IDBB) in 2001. In 2005, IBB and IDBB underwent a crucial merger that led to the establishment of Bank Islam Brunei Darussalam (BIBD).
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]
The Islamic Republic Development Bank is an Iranian government bank that is to be managed by the Central Bank of Iran. The plan to create the development bank was laid out in 2023, and the bank is scheduled to be opened by 2024.
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 ...
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.
Structured as an independent organization, the IIRA has a board of directors as well as a completely independent rating committee. It also has a Sharia supervisory board. The Islamic Development Bank is a prominent shareholder, maintaining control over the institution through the Chairman of the Board of Directors, who it nominates. [5]
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