Islamic Development Bank: Vital role for the Sarajevo Business Forum
The Islamic Development Bank (IDB) is, in cooperation with Bosna Bank International, organizer of Sarajevo Business Forum 2017. the leading investor's conference in Southeast Europe. SBF 2017 will be held in Sarajevo 22nd and 23rd of May. Role of the IDB, one of the most important financial development institution in the world is vital to Sarajevo Business Forum.
The IDB is an international Islamic financial institution, established in accordance with Articles of Agreement done at the City of Jeddah, Kingdom of Saudi Arabia on 24/7/1394(12/8/1974), signed and ratified by all member countries. The Inaugural Meeting of the Board of Governors took place in Rajab 1395H, corresponding to July 1975, and the Bank was formally opened on 15 Shawwal 1395H corresponding to 20 October 1975.
The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah i.e., Islamic Law.
The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development. The Bank is also required to establish and operate special funds for specific purposes including a fund for assistance to Muslim communities in non-member countries, in addition to setting up trust funds. The Bank is authorized to accept deposits and to mobilize financial resources through Shari'ah compatible modes. It is also charged with the responsibility of assisting in the promotion of foreign trade especially in capital goods, among member countries; providing technical assistance to member countries; and extending training facilities for personnel engaged in development activities in Muslim countries to conform to the Shari'ah.
The present membership of the Bank consists of 57 countries. The basic condition for membership is that the prospective member country should be a member of the Organization 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 IDB Board of Governors.
As per the decision of the 38th Annual Meeting of the Board of Governors, the authorized capital of the IDB was raised to ID 100 billion and its subscribed capital to ID 50 billion.
The Bank's principal office is in Jeddah in the Kingdom of Saudi Arabia. Four regional offices were opened in Rabat, Morocco (1994), Kuala Lumpur, Malaysia (1994). Almaty, Kazakhstan (1997), and Dakar, Senegal (2008). It also has two country gateway offices in Ankara, Turkey and Jakarta (Indonesia) and field representatives in 14 member countries (Afghanistan, Azerbaijan, Bangladesh, Burkina Faso, Guinea, Iran, Mali, Pakistan, Sudan, Turkmenistan, Uzbekistan, Yemen, Mauritania and Libya).