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 ?
He said the Islamic Development Bank (IsDB) has awarded four Pakistani innovators, researchers, entrepreneurs seed capital and business skills mentoring as part of its fifth edition of the 'Transformers Roadshow' competition, held in association with COMSTECH.
'Science, technology and innovation are at the heart of the IsDB's strategy and through the Transform Fund, our dream is to support solutions designed by local entrepreneurs and innovators who understand their communities', he added.
The firm has regularly advised IsDB on the issuance of debt securities denominated in US dollars in the past, and this transaction represents IsDB's first public Euro-denominated trade under their sukuk programme, said a statement from Dentons.
IsDB's mission, as it enters its next stage of growth, includes equipping people to drive their own economic and social progress at scale; putting the necessary infrastructure in place to enable them to fulfill their potential; building collaborative partnerships between public and private sectors; and championing the latest science, technology and innovation led solutions to the UN Sustainable Development Goals.
Zied Ladhari, Minister of Development, Investment and International Cooperation told reporters after the signing of these agreements that the strategic partnership document between Tunisia and the IsDB sums up lines of work, which will be developed with the group over the next three years as well as the projects that will be planned and implemented with the Islamic bank.
According to a statement received in Doha, Dr Ahmad Mohamed Ali, president of IsDB, said on the sidelines of the Jeddah meeting that the fund represented a major milestone in the journey to improve lives in Muslim countries.
Turkmenistan and IsDB signed two documents during the recent visit of President Berdymuhamedov to Saudi Arabia.
IsDB stated at the conference that it will increase its contribution to $150 million over the next 15 years.
The a rating assigned to the trust certificates is at the same level as the rating of IsDB as the sukuk certificate holders will (1) effectively be exposed to IsDB's senior unsecured credit risk; and (2) only have rights against IsDB, ranking pari passu with other senior unsecured obligations as provided in the transaction documents.
Bandar Hajjar, President of the IsDB was represented by the Director General of Country Relations and Services Dr.
Islamabad -- The Islamic Development Bank (IsDB) has awarded four Pakistani innovators, researchers and entrepreneurs seed capital and business skills mentoring as part of its fifth edition of the Transformers Roadshow competition, held in association with COMSTECH.
ISLAMABAD -- Minister of state for health, Dr Zafar Mirza Saturday applauded the Islamic Development Bank (IsDB) for providing this opportunity to young Pakistani innovators to pitch their ideas for addressing United Nations (UN) Sustainable Development Goals (SDGs).