Islamic Development Bank

About Islamic Development Bank

Founded in 1975 by the Organization of Islamic Cooperation with headquarters in Jeddah. The IsDB provides financing for development projects in Muslim majority countries following Islamic finance principles that prohibit interest. The bank funds infrastructure, education, healthcare, and trade facilitation. The IsDB has 57 member countries and has provided over 150 billion in financing. Islamic finance prohibits riba interest, gharar excessive uncertainty, and maysir gambling. Instead, Islamic banks use profit sharing, leasing, and partnership structures. The Islamic finance industry has grown to over 4 trillion globally, with hubs in Kuala Lumpur, Dubai, and London.