The Islamic Development Bank (IDB) is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded in 1973 by the Finance Ministers at the first Organisation of the Islamic Conference (now called the Organisation of Islamic Cooperation) with the support of the king of Saudi Arabia at the time (Faisal), and began its activities on 20 October 1975 There are 56 shareholding member states. Mohammed bin Faisal is the former president of the IsDB.
On the 22 May 2013, IDB tripled its authorized capital to $150 billion to better serve Muslims in member and non-member countries.[4]The Bank continues to receive the highest credit ratings of AAA by major rating agencies. Saudi Arabia holds about one quarter of the bank's paid up capitalThe IsDB is an observer at the United Nations General Assembly.
The present membership of the Bank consists of 56 countries. The basic condition for membership is that the prospective member country should be a member of the Organisation of Islamic Cooperation (OIC), pay its contribution to the capital of the Bank and be willing to accept such terms and conditions as may be decided upon by the IsDB Board of Governors.
Ranked on the basis of paid-up capital (as of August 2012) major shareholders include:
Saudi Arabia (26.5%)
Libya (10.7%)
Iran (9.32%)
Egypt (9.22%)
Turkey (8.41%)
United Arab Emirates (7.54%)
Kuwait (7.11%)
Pakistan (3.31%)
Algeria (3.31%)
Indonesia (2.93%)
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