JEDDAH, Saudi Arabia, May 14, 2008 (PRIME NEWSWIRE) -- 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 five 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 to 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 U.S. dollars to finance 327 developmental project and process in the Member Countries and the Islamic Communities in the non-Member Countries. Such achievement adds up to the IDB Group total financial disbursement to reach as much as 51 billion U.S. 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.
Besides 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 employ around one thousand male and female employees, serve 56 Member Countries, and provide 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 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.
About IDB Group
The IDB Group is an international organization comprised of five major entities. Each entity has its own administration while they are unified by the mission and the vision. The entities are the Islamic Development Bank (IDB), the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC) and the Islamic Research and Training Institute (IRTI). These entities employ 942 persons serving the Islamic world across 56 countries in Africa, Asia, Europe and Latin America.
About IDB
Islamic Development Bank is an international financial institution that aims to uphold the economical development and social advancement of all Member Countries and the Islamic communities in the non-Member Countries in accordance to Shariah. The Bank has been established upon the Declaration of Intent issued by the conference of the finance ministers of Muslim countries that was held in Jeddah in Shawwal 1393, December 1973. The Bank officially commenced operations in the 15th of Shawwal 139, 20th of October 1975.
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