Islamic Development Bank

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Islamic Development Bank

Also called the IDB. A bank that provides development financing for countries and businesses in accordance with sharia law. Specifically, it does not charge interest on its loans but rather structures them so that profits from projects may be shared with the IDB. It also provides strictly interest-free loans for infrastructure and similar projects. Its shareholders include 54 Muslim-majority nations. It began operations in 1975.
References in periodicals archive ?
The Custodian of the Two Holy Mosques has launched following the Tsunami disaster this initiative which takes care of more than 5,000 orphans from so many bodies under the umbrella of the Organization of Islamic Cooperation and the Islamic Bank of Development.
paid at the expense of the government, the Islamic Bank of Development, the
This project was made possible with the support of the Government of the Netherlands, the Islamic Bank of Development, the Swiss Secretariat for Economic Affairs, and UKaid.
Councilor of President of Kyrgyzstan, director from Kyrgyzstan in Islamic Bank of Development Shamil Murtazaliev sent letter of gratitude to Head of Regional office of Islamic Bank of Development Zainal Abidin in relation with expiration of his mission, reported press club C[pounds sterling]Islamic economyC[yen].

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