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 ?
A protocol of negotiations between the State Agency of Architecture, Construction and Housing and Communal Services and the Islamic Development Bank for the project "Improving Rural Water Supply and Sanitation in Batken and Talas Regions" was signed on November 23.
This visit will play an important role in further development and raising to a new level of mutually beneficial cooperation between the Republic of Uzbekistan and the Islamic Development Bank.
He expressed his pleasure over the signing of three agreements between Sudan and the Group of the Islamic Development Bank following recovery of the President of Sudan, Field Marshal Omer Al-Bashir.
Through the MoU, the World Bank and Islamic Development Bank will explore Islamic finance as a potential tool supporting the efforts of countries to reach their development goals.
The International Finance Corporation (IFC), a member of the World Bank and the Islamic Development Bank, were the signatories to the accord.
The Islamic Development Bank granted 153.6 million USD loan to the Turkish State Railways Administration (TCDD), a statement of the undersecretariat said.
As reported by the Press Service of the Chamber of Commerce and Industry of the Republic of Uzbekistan, at the event, participants will be informed about the ongoing projects in cooperation with IDB, principles of activities and methods of Islamic Development Bank Group financing, presentations on insurance of investments and export credits, as well as projects of the private sector.
The representative of Islamic Development Bank in Pakistan Abidi
Global Banking News-April 16, 2015--Indonesia trying to host Islamic Development Bank Unit
! Jeddah, Jumada I 10, 1435, Mar 11, 2014, SPA -- President of the Islamic Development Bank (IDB) Group, Dr.
Islamabad -- The Islamic Development Bank has agreed to extend a loan facility of 750 million Euros to Pakistan while the first tranche of this loan will be released before 15th Aug 2013.
Islamic Development Bank will provide support to Kyrgyzstan in achievement of economic growth, reduction of poverty level and other, Islamic Development Bank Program Director Mohammad Jamal Al-Sdi said at the High-Level Development Conference on July 10 in Bishkek.

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