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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.


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The bank's shareholders include the Kuwait Finance House, the Kuwait Social Security Institution, the Islamic Development Bank and the General Directorate of Associations Turkey.
The Islamic Corporation for the Development of the Private Sector (ICD), an affiliate of the Islamic Development Bank (IDB), approved a 500-million-dollar loan to Iranian companies, an official of Iran Chamber of Commerce said.
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