Islamic Development Bank

The Islamic Development Bank is a multilateral development bank founded in 1975 that finances development and promotes economic cooperation among member countries using Islamic finance principles.

Islamic finance: A financial system guided by Islamic law, including prohibitions on interest and certain forms of uncertainty and speculation. The Bank structures financing around these principles rather than conventional interest-bearing loans.
Islamic Development Bank Group: A group of institutions centered on the Islamic Development Bank that supports development through finance, trade, investment, and insurance. The Group extends the Bank's work through specialized institutions and services.
Organisation of Islamic Cooperation: An intergovernmental organization founded in 1969 to promote cooperation among Muslim-majority countries. The Bank emerged from cooperation among states organized through this intergovernmental body.
Multilateral development bank: An institution funded by multiple countries that provides financing and expertise for economic and social development. The Islamic Development Bank is part of this broader family of international development institutions.
Murabaha: A sale in which a financier buys an asset and resells it to a customer at a disclosed markup, often payable over time. The Bank uses cost-plus sales to finance goods and project inputs without charging interest.
Islamic Corporation for the Development of the Private Sector: An Islamic Development Bank Group institution that supports private-sector development in member countries. It channels Group activity toward businesses and private investment.
First Islamic Summit Conference: A 1969 summit in Rabat that brought together leaders of Muslim-majority countries after the arson attack on Jerusalem's Al-Aqsa Mosque. Its call for closer economic cooperation helped set the political context for the Bank.
Islamic Development Bank bond: A debt security issued by the Islamic Development Bank to raise funds for its operations and development financing. Its market borrowing connects the Bank's development mission to international capital markets.
Ijara: A lease contract in which an owner grants another party the right to use an asset for payment. Leasing lets the Bank finance infrastructure and equipment while retaining an asset-based contract.
Islamic Corporation for the Insurance of Investment and Export Credit: An Islamic Development Bank Group institution providing investment and export credit insurance and related risk mitigation. Its guarantees help reduce commercial and political risks facing member-country investment and trade.

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