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Friday, September 29, 2023
Islamic Development Bank | Fintech Finance

Islamic Development Bank

About Islamic Development Bank

Purpose • We believe all people have the right to live in dignity and aspire prosperity, and that nurturing economic growth is the best route out of poverty. • We equip people to drive their own economic and social progress at scale, putting the infrastructure in place to enable them to fulfil their potential. • We do this by building collaborative partnerships between communities and nations, and working towards the UN Sustainable Development Goals. • We aim to foster innovative, ethical and sustainable solutions to the world’s greatest development challenges. Functions The functions of the Bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development. The Bank is also required to establish and operate special funds for specific purposes including a fund for assistance to Muslim communities in non-member countries, in addition to setting up trust funds. The Bank is authorized to accept deposits and to mobilize financial resources through Shari’ah compatible modes. Entities The IsDB Group is a multilateral development institution which consists of five entities: 1) Islamic Development Bank (IsDB) 2) Islamic Research and Training Institute (IRTI) 3) Islamic Corporation for the Insuranceof Investment and Export Credit (ICIEC) 4) Islamic Corporation for the Development of the Private Sector (ICD) 5) International Islamic Trade Finance Corporation (ITFC) Head Office and Regional Offices The IsDB is headquartered in Jeddah, Saudi Arabia, and has 7 decentralized Regional Hubs in Morocco, Senegal, Nigeria, Turkey, Kazakhstan, Indonesia, Bangladesh; and a Centre of Excellence in Malaysia For more information please visit: www.isdb.org

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