Islamic Development Bank

The Islamic Development Bank is a multilateral development bank established on 12 August 1974 (1394 AH), with its headquarters in Jeddah Governorate in the Kingdom of Saudi Arabia. [1][2]

Its membership comprises 57 states, and it works to support social and economic development in the member states, and the Kingdom of Saudi Arabia is the founder and host of its Group. [5][3] Its headquarters is in Jeddah, which hosts the Group's main headquarters. [2]

The Islamic Development Bank was established on 12 August 1974 (1394 AH), and the member states have been members of it since its creation. [1]

The Bank was established within the framework of joint Islamic action to finance development projects, and its Group developed over fifty years until its membership reached 57 states. [1][5]

The headquarters of the Islamic Development Bank is located in Jeddah Governorate in the west of the Kingdom of Saudi Arabia, the city that hosts the Group's main headquarters. [2]

The Islamic Development Bank Group consists of the Islamic Development Bank, the Islamic Corporation for the Development of the Private Sector, the International Islamic Trade Finance Corporation, and the Islamic Corporation for the Insurance of Investment and Export Credit. [1]

The Islamic Development Bank finances development projects in the member states through the arms of its Group, including support for the private sector, trade finance, and the insurance of investment and export credit. [1]

Within this framework, financing of up to USD 15.4 billion was allocated to Pakistan, a member state: USD 3.1 billion to finance projects by the Islamic Development Bank, USD 274.9 million from the Islamic Corporation for the Development of the Private Sector, and USD 7.2 billion for commercial operations facilitated by the International Islamic Trade Finance Corporation. [1]

The Kingdom of Saudi Arabia is linked to the Islamic Development Bank Group as its founder and host, and the Group's main headquarters is located in Jeddah. [3][2]

In 1424 AH/2003, Prince Abdullah bin Abdulaziz, then Crown Prince, Deputy Prime Minister and Commander of the National Guard, announced an initiative to strengthen the financial resources of the Islamic Development Bank in order to finance and guarantee exports among the member states. [7]

In 2024, the King Salman Humanitarian Aid and Relief Centre signed a financial contribution memorandum with the Islamic Development Bank Group for the benefit of the Islamic Global Fund for Refugees in the amount of USD 10 million. [3]

The Islamic Development Bank organised the Annual Meetings of its Group for the year 2024 from 27 to 30 April at the InterContinental Riyadh hotel, under the theme "We take pride in our past and chart our future: authenticity, solidarity and prosperity". [4]

The meetings coincided with the passage of 50 years of commitment by the Islamic Development Bank Group to social and economic development in its member states, and with the celebration of its golden jubilee. [4]

Riyadh hosted the golden jubilee celebration of the Islamic Development Bank Group on 20 Shawwal 1445 AH, corresponding to 29 April 2024, on the occasion of the Group's Annual Meetings for the year 2024. [3]

The Group approved increases in the capital of the Islamic Development Bank, including a fourth general increase from 12 to 18 billion Islamic dinars, and a fifth general increase in the authorised capital from 30 to 100 billion Islamic dinars and in the subscribed capital from 18 to 50 billion Islamic dinars, by the decision of the thirty-eighth meeting in 2013. [6]

The Islamic Development Bank launched its ten-year strategic framework for the Group (2026–2035), the cultural model "the Islamic Development Bank way", and the concessional Islamic Development Bank fund, while maintaining the Group's credit rating at AAA. [5]

The Group's performance saw growth in annual approvals from USD 6.8 billion in 2020 to nearly USD 16 billion in 2025, while annual disbursements rose from USD 7.1 billion to USD 11 billion. [5]

Dr. Muhammad bin Sulaiman Al-Jasser assumed the presidency of the Bank in 2021 and led a wide-ranging reform programme, and was then re-elected President of the Islamic Development Bank and President of its Group for a new five-year term, announced in Baku on 3 Muharram 1448 AH, corresponding to 18 June 2026. [5]

The Islamic Development Bank Group and Malaysia launched the operations of the "Islamic Development Bank Centre of Excellence" in Kuala Lumpur in 2024. [8]

Q: When was the Islamic Development Bank established? A: It was established on 12 August 1974 (1394 AH). [1]

Q: Where is the headquarters of the Islamic Development Bank? A: In Jeddah Governorate in the Kingdom of Saudi Arabia. [2]

Q: How many member states does the Islamic Development Bank have? A: 57 states. [5]

Q: Who is the President of the Islamic Development Bank Group? A: Dr. Muhammad bin Sulaiman Al-Jasser, who was re-elected for a new five-year term in June 2026. [5]

Q: What is the credit rating of the Islamic Development Bank Group? A: AAA. [5]

After fifty years of development work, the Islamic Development Bank Group continued to expand its operations and initiatives, from the ten-year strategic framework (2026–2035) to the centres of excellence and development partnerships, while maintaining its credit rating at AAA. [5][8]