Islamic Development Bank

Islamic Development BankIslamic Development Bank headquarters in Jeddah, Saudi Arabia.

Islamic Development Bank, Islamic bank directed toward financing the economic and social development of members in accordance with the principles of the sharia (Islamic sacred law). Conceived by the Organization of the Islamic 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 Islamic Conference.

The Islamic Development Bank seeks to spur economic and financial growth by participating in equity capital, by investing in economic and social infrastructure projects, and by making loans to the public and private sectors. Special funds are available for technical assistance to Muslim communities in nonmember countries.

The Editors of Encyclopaedia BritannicaThis article was most recently revised and updated by Amy Tikkanen.