The Islamic Development Bank is an international financial institution whose purpose is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari’ah i.e., Islamic Law.
The Bank is established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in Dhul Q’adah 1393H, corresponding to December 1973.
The Bank’s vision is to be the leader in fostering socio-economic development in member countries and Muslim communities in non-member countries in conformity with Shariah.
The IDB Group is committed to alleviating poverty; promoting human development; science and technology; Islamic economics; banking and finance; and enhancing cooperation amongst member countries, in collaboration with its development partners.”
Areas of Interests
- Role of Islamic Finance in Achieving Sustainable Development Goals
- Essence of Islamic Finance
- IDB Should Promote Trade and Investment in Africa – Former President Olusegun Obasanjo
- Cooperation with the Organisation of Islamic Cooperation (OIC)
- Islamic Finance: An Agenda for Balanced Growth and Development
- Poverty Reduction
- Member Country Partnership Strategy (MCPS)
- Reverse Linkage
- Africa’s Minds Build a Better Future
Scholarship Programs: The Bank’s fund and implement its scholarship programmes as part of its overall effort in the development of human resources of its member countries and those of the Muslim communities in non-member countries. There are three scholarship programmes offered by IDB:
- Scholarship Programme for Muslim Communities in Non-Member Countries
- M.Sc Scholarship Programme in Science and Technology for IDB Least Developed Member Countries
- Merit Scholarship Programme for High Technology
Special Assistance Programme: The Special Assistance Programme was established in 1400H with the objective of assisting Muslim communities in non-member countries. It helps in developing and strengthening institutions involved in education social and health services to improve wellbeing of the masses and preserve their Islamic and cultural identity. It also aims at alleviating the suffering of communities afflicted by natural disasters or conflicts in both member and non-member countries.