The 33rd Annual Meeting of the IDB Board of Governors takes place in Jeddah next June
The IDB Group, An Embodiment Of The Islamic Solidarity And Cooperation
Since commencing its activities back in 1395H (1975AC) and through the execution of the Declaration of Intent issued by the conference of the finance ministers of Muslim countries that was held in Jeddah, the IDB has been essential in its pioneering role treating poverty, unemployment and sustainable development across the Islamic countries until it became an internationally distinguished integrated economical group. The IDB Group comprises 5 entities, where the Bank is the prime entity. While each entity has its independent administration, yet, they are unified by the mission and the vision that aim t! o support the economical development and the social progression of the people of all the Member Countries and the Muslim communities in all non-Member Countries in accordance to Islamic Shariah principles.
Throughout 1428H, and according to the IDB Group’s annual report, the Group has disbursed the total amount of 5 billion US dollars to finance 327 developmental project and process in the Member Countries and the Islamic Communities in the non-members countries. Such achievement adds up to the IDB Group total financial disbursement to reach as much as 51 billion US Dollars since it was established. 40% of this tremendous financial disbursement has been directed towards technical projects and consultancy, while approximately 59% trade finance, and 1.2% in the form of grants.
The number of the Member Countries has increased to be 56 countries in the Islamic Development Bank, 44 countries in the Islamic Corporation for the Development of the Private Sector and 36 countries in the Islamic Corporation for Insurance of Investments and Export Credits.
Beside the Islamic Bank, as it’s a prime entity of the group, the IDB group includes the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), Islamic Corporation for the Development of the Private Sector (ICD), International Islamic Trade Finance Corporation (ITFC), the Islamic Research and Training Institute (IRTI) and several other entities that employs around one thousand male and female employees, serving 56 Member Countries provides financial assistance and grants to Education and Health sectors in the Islamic communities in 67 countries (non-Member Countries).
Saudi Arabia has devoted an enormous attention to support the joint Islamic cooperation in several fields, especially the economical field, since ever its lands were united by King Abdul Aziz, to form the Kingdom of Saudi Arabia, through his successors until the Custodian of the Two Holy Mosques King Abdullah bin Abdul Aziz. This attention was demonstrated in supporting the notion of the IDB for development and remained to be the supporter of its mission until it resulted in a group of diversified integrated entities that is now known as IDB Group.
The IDB Group provides a spectrum of developmental assistance grants and financing programs that aim to aid various sectors Organization of Islamic Conference (OIC) Member Countries. The most significant funds and programs are the Islamic Bank Fund, AWQAF Properties Investment Fund, Unit Investment Fund (UIF), IDB Infrastructure Fund (IIF), World WAQF Foundation (WWF), IDB Scholarship Programs, Special Assistance Program and Islamic Solidarity Fund for Development.
