Editor Choice

HOW DOES THE ISLAMIC DEVELOPMENT BANK (IDB) DEVELOPMENT VISION PORTRAY THE ISLAMIC PERSPECTIVE ON ECONOMIC DEVELOPMENT? AND HOW FAR THEY SUCCEED

12 November 2019 Azahari

The Islamic Development Bank (IDB) is a specialized institution of the Organization of the Islamic Conference (OIC) and it is an international financing institution. The idea of establishing IDB was dated back to the second Islamic Foreign Ministers Conference, held in Karachi, in 1970 which proposed to undertake an in-depth study of the project. In the 1st Conference of Finance Ministers of Islamic countries held in Jeddah, December 1973 had endorsed to this idea and consequently the bank was formally inaugurated on 20th October, 1975.

The purpose of the Bank is to promote the economic development and social progress of Member States and Muslim Communities individually as well as collectively in accordance with the principles of the Shariah.