ISLAMIC DEVELOPMENT BANK

Abstract

Islamic Development Bank, Arabic Al-bank Al-islāmī Lil-istithmār, Muslim bank directed toward financing the economic and social development of members in accordance with the principles of the Sharīʿah (Islāmic sacred law). Conceived by the Organization of the Islāmic Conference in 1973, the bank was headquartered in Jeddah, Saudi Arabia, and formally opened in October 1975. Its member nations are drawn from the ranks of those states belonging to the Organization of the Islāmic Conference.