Islamic Development Bank (IsDB). Sharia Law

1. Introduction to the Islamic Development Bank (IsDB)
2. Member Countries of the IsDB
3. IDB 1440H vision initiative
4. Unit of Account (Islamic dinar) of the IsDB
5. Strategic framework of the Islamic Development Bank Group
6. Project financing operations
7. Modes of Financing and the Islamic Development Bank
8. ISTISNA'A
9. Islamic Development Bank and Shari'ah (Islamic Law)
10. Institutions of the Islamic Development Bank
    1. Islamic Corporation for Insurance of Investments and Export Credits
    2. Islamic Corporation for the Development of Private Sector
    3. International Islamic Trade Finance Corporation
11. Islamic Banking
12. Islamic Economics
13. Arab Foreign Trade Financing
    1. Arab Bank for Economic Development in Africa (BADEA)
    2. Arab Export Financing Scheme

Sample - Islamic Development Bank (IsDB):

The objectives of the subject “Islamic Development Bank” are the following:

1. To understand the goals (Vision 1440H), structure and functions of the IsDB
2. To identify the cooperation areas of the IsDB
3. To know the role of the Bank in promoting the sharia, Islamic Economics, and finance
4. To analyze the methods of financing of the Islamic Development Bank and the solutions for financing exports of the member countries
5. To evaluate the funds and financial instruments of the IsDB
6. To know the affiliated institutions: BADEA, Islamic Corporation for Insurance of Investments and Export Credits...
7. To understand the project cycle of the IsDB

The Subject “Islamic Development Bank” belongs to the following Online Programs taught by EENI Global Business School:

Courses: Islam & Business.

Masters: International Business, Foreign Trade.

Doctorate: Islamic Business, Religions & Business, World Trade.

Why study “Islam and Business”?.

Languages: or Banco Islámico Desarrollo Banque islamique du développement.

The Islamic Development Bank (IsDB) is an international financial organization created by the Declaration of Intent issued by the Conference of Finance Ministers of the Muslim Countries held in Jeddah in 1393H (December 1973).

1. The Inaugural Meeting of the Board of Governors took place in Rajab 1395H (1975)
2. The Islamic Development Bank was formally opened on 15 Shawwal 1395H (1975)
3. The official language of the Islamic Development Bank is Arabic

The goal of the Islamic Development Bank is to promote the economic development, international trade and social progress of the members of the Islamic Development Bank and the Muslim communities individually as well as act in agreement with the principles of the Shari'ah (Islamic Law).

The Shari'ah is a set of rules derived from the Holy Quran, authentic traditions (Sunnah) of the Prophet (peace be upon him) and scholarly opinions (Ijtihad) which are based on the Holy Quran and Sunnah.

The objectives of the Islamic Development Bank are the:

1. Islamic financial industry and Islamic institutions promotion
2. Poverty reduction
3. Cooperation among the member countries of the IsDB

The present membership of the Islamic Development Bank consists of fifty-six countries.

The member countries of the Islamic Development Bank are the United Arab Emirates, the Kyrgyz Republic, Lebanon, Libya, Mauritania, Morocco, Mozambique, Palestine, Qatar, Saudi Arabia, Senegal, Sierra Leone, Somalia, Sudan, Suriname, Syria, Tajikistan, Togo, Tunisia, Uganda, Niger, Pakistan, Afghanistan, Chad, Albania, Benin, Iran, Jordan, Algeria, Burkina Faso, Cameroon, the Gambia, Uzbekistan, Indonesia, Malaysia, Iraq, Kazakhstan, Kuwait, Maldives, Mali, Nigeria, Oman, Turkmenistan, Azerbaijan, Bahrain, Bangladesh, Brunei, the Comoros, Ivory Coast, Djibouti, Gabon, Guinea, Guinea-Bissau, Egypt, Yemen, and Turkey.

Preference Areas of the Islamic Development Bank:

The Islamic Development Bank Group will focus on the following six preference areas.

1. Human development
2. Agricultural development and food security
3. Infrastructure development
4. Foreign Trade among the member countries
5. Private sector development
6. Research and development (R and D) in Islamic Economics, banking, and finance

Headquartered in Jeddah (Saudi Arabia), the Islamic Development Bank Group also has three regional offices in member countries: Almaty (Kazakhstan), Kuala Lumpur (Malaysia), and Rabat (Morocco).

The Islamic Development Bank opened its fourth regional office in Dakar, Senegal. The Islamic Development Bank has field representatives in thirteen member countries Bangladesh, Guinea, Guinea-Bissau, Indonesia, Iran, Libya, Mauritania, Nigeria, Pakistan, Senegal, Sierra Leone, Sudan, and Uzbekistan.

Islamic Development Bank - Unit of Account (Islamic Dinar).

A unit of account of the Islamic Development Bank which is equivalent to one Special Drawing Right (SDR) of the IMF. The composition of the currencies in SDR basket denominating in Islamic Dinar is USD 44%, Euros 34%, GBP 11% and JPY 11%.

The Islamic Development Bank Group offers a broad spectrum of financing and development schemes: project financing, International Trade financing, insurance in agreement with principles of the Shari'a (Islamic Law) financing modes.

The Istisna'a finance mode allows providing financing for manufacturing and/or distribution of identified products (equipment, civil works). The Istisna'a is a contract whereby a party undertakes to produce a specific good which is possible to be made in agreement with some agreed-upon specifications at a determined price and for a fixed date of delivery. This undertaking of production includes any manufacturing, construction, assembling or packaging process.

The Islamic Corporation for Insurance of Investments and Export Credits was created in 1415H (1994) with the objective to broaden the amplitude of the regional trade transactions, and the foreign direct investment flows among the member countries of the OIC.

The Islamic Corporation for the Development of the Private Sector is a multilateral Organization, affiliated to the Islamic Development Bank Group. Its shareholders are the Islamic Development Bank, forty-five Islamic member countries, and five public financial institutions from member countries.

The goal of the International Islamic Trade Finance Corporation is to promote the trade between the Islamic Development Bank member countries through providing trade finance and engaging in activities that facilitate the intra-trade.

The Arab Bank for Economic Development in Africa (BADEA) was created under the decisions of Sixth Arab Summit in Algeria on 28th November 1973. The Bank began operation in March 1975 with its Headquarters in Khartoum, the capital of the Republic of Sudan.

Sample - Islamic Economics:

Sample - Sharia - Islamic Law:

The Islamic Development Bank belongs to the Islamic Civilization and the African Civilization.

EENI delivers to HRH Prince Alwaleed bin Talal a Master Honoris Causa.

(c) EENI Global Business School (1995-2024)
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