ENP Newswire -
Release date- 22062014 - Preparations are under way at the headquarters of the
The celebration will be attended by Ministers of Finance and Economy and Planning of the 56 member countries who will also be participating in IDB's 39th Annual Meeting of the
representatives from regional and international financing institutions, Islamic banks, national development funds, contractors and consultants unions in member countries will be present at the events.
IDB is an international financial institution established in pursuance of the Declaration of Intent issued by the
As an institution dedicated to economic development of its member countries as well as social progress of Muslim communities in non-member countries, the past 40 years of IDB is a development journey spanning many milestones of achievements, with 22 member countries at its inception rising to 56 as of to-date spreading across four continents. Its authorized capital has risen from
Cooperation (OIC), pays the first instalment to the capital, and ratifies the terms and conditions of the bank, is eligible to be a member in the IDB.
With four regional offices in
(ITFC). Operating its fiscal year based on the Hijri calendar and utilizing the Islamic Dinar (ID) as its unit of account (1 ID equivalent to one Special Drawing Right -SDR- of the
in the world. It has also been rated as a zero risk
According to a report released on the occasion of the 40th anniversary, 'These ratings provide the Bank with an excellent opportunity to mobilize the necessary financial resources from the international financial markets at the lowest possible cost, through Sukuk (Islamic Bonds) issuance.'
The report underlines the aspirations of the IDB to 'become a
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