The Islamic Development Bank (IDB) is a multilateral development financial institution established in 1975 to promote economic development and social progress among its member countries, which are predominantly Muslim. The bank's headquarters is located in Jeddah, Saudi Arabia.
The IDB operates in accordance with Islamic principles, which means it follows the Shariah, or Islamic law, in all its activities. This includes prohibiting the payment or receipt of interest (riba), and instead utilizing profit-and-loss-sharing (PLS) modes of financing.
The IDB's main objectives are to foster economic development and social progress in its member countries by providing financing and technical assistance for a range of sectors, including agriculture, energy, health, education, and infrastructure. It also provides support for Islamic banking and finance, trade finance, and investment.
As of 2021, the IDB has 57 member countries, including 22 non-Muslim countries. The bank's authorized capital is currently $150 billion, and it has offices and representatives in a number of countries around the world.