Islamic Development Bank

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Islamic Development Bank

Summary of Islamic Development Bank

A multinational development bank formed by Muslim countries to provide economic development assistance to member states, and to foster economic progress in Muslim communities in nonmember states. The financing practices of the bank are conducted in conformity with the principles and laws of Islam. The bank was formed in 1975 with an authorized capital of two billion Islamic dinars; an Islamic dinar is the equivalent of one special drawing right of the International Monetary Fund. Two hundred thousand shares, each with a par value of ten thousand Islamic dinars, were authorized. Subscribed capital of the bank equals 790 million Islamic dinars, payable in the convertible currencies.

Bank membership as of the end of 1981 embraced forty countries. Headquarters of the bank are in Jedda, Saudi Arabia.

(Main Author: William J. Miller)

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