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Background
editThe Islamic Development Bank consists of all of the 57 member states of the OIC, but the bank also assists Muslim communities in non-Muslim majority countries throughout the world. As of 2013, the bank has an authorised capital in excess of $150 billion and its Sukuk bond issuance stood over $25 billion.[1]
History
editThe bank was conceived by the Organisation of Islamic Cooperation in 1973 and officially opened for business in 1975. Its headquarters is in Jedda, Saudi Arabia with various operational offices in member states. The bank's typical operations range from humanitarian aid, poverty alleviation, education, social and human development, and boosting intra-membership trade. In recent years the bank has significantly upscaled its infrastructure projects financing using long term Sukuk bonds. The bank has also maintained a AAA credit rating since its founding.[2][3]