Islamic Development Bank

(redirected from Islamic Bank of Development)

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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References in periodicals archive ?
islamic Bank of development (iBd) and asian Bank of development (aBd) participated in the financing of the construction project of the turkmen section of Kazakhstan-turkmenistan-iran.
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.
Islamic Bank of Development, at $5 million, the FAO at $3 million and other

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