The Islamic Development Bank (IsDB) is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded by the first conference of Finance Ministers of the Organisation of the Islamic Conference (OIC, now the Organisation of Islamic Cooperation), convened 23 Dhu'l Qa'dah 1393 AH (18 December 1973). The bank officially began its activities on 15 Shawwal 1395 AH (20 October 1975). There are 56 shareholding member states. On the basis of paid-up capital, the main shareholders of the Bank are from these countries: - The Islamic Development Bank (IsDB) is a multilateral development financing institution located in Jeddah, Saudi Arabia. It was founded by the first conference of Finance Ministers of the Organisation of the Islamic Conference (OIC, now the Organisation of Islamic Cooperation), convened 23 Dhu'l Qa'dah 1393 AH (18 December 1973). The bank officially began its activities on 15 Shawwal 1395 AH (20 October 1975). There are 56 shareholding member states. On the basis of paid-up capital, the main shareholders of the Bank are from these countries:
- Saudi Arabia
- Libya
- Iran
- Egypt
- Kuwait
- Turkey
- Qatar
- UAE
Membership - The present membership of the Bank consists of 56 countries. The basic condition for membership is that the prospective member country should be a member of the Organisation of Islamic Cooperation (OIC), pay its contribution to the capital of the Bank and be willing to accept such terms and conditions as may be decided upon by the IsDB Board of Governors.
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