Purpose
The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly by the principles of Shari'ah, i.e., Islamic Law.
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 and to set up trust funds. The Bank is authorized to accept deposits and to mobilize financial resources through Shari'ah-compatible modes. It is also responsible for promoting foreign trade among member countries, especially in capital goods, providing technical assistance to member countries, and extending training facilities for personnel engaged in development activities in Muslim countries to conform to the Shari'ah.
Membership
The present membership of the Bank consists of 56 countries. The essential condition for membership is that the prospective member country should be a member of the Organization 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 IDB Board of Governors.
Capital
As per the decision of the 38th Annual Meeting of the Board of Governors, the authorized capital of the IDB was raised to ID 100 billion and its subscribed capital to ID 50 billion.
Head Office and Regional Offices
The Bank's principal office is in Jeddah in the Kingdom of Saudi Arabia. Four regional offices were opened in Rabat, Morocco (1994), Kuala Lumpur, Malaysia (1994). Almaty, Kazakhstan (1997), and Dakar, Senegal (2008). It also has two country gateway offices in Ankara, Turkey, and Jakarta (Indonesia) and field representatives in 14 member countries (Afghanistan, Azerbaijan, Bangladesh, Burkina Faso, Guinea, Iran, Mali, Pakistan, Sudan, Turkmenistan, Uzbekistan, Yemen, Mauritania, and Libya).
Financial Year
The Bank's financial year is the lunar Hijra Year.
Language
The official language of the Bank is Arabic, but English and French are additionally used as working languages.
Colorado Legal Forms and Templates
You can also access all Colorado forms and legal templates collected on our platform. Do not hesitate to select from the lists below. These forms are lawyer-approved and may come in handy whether you need to designate a personal representative, buy a car, or transfer your real estate.
Sales and Ownership Transfers
A Colorado bill of sale is commonly employed to document the transaction of personal property, such as electronics or equipment. It records the essential details of the transaction, including the item sold, the sale amount, and the identities of both parties, solidifying the transaction's legitimacy and providing proof of ownership.
The Colorado vehicle bill of sale is an essential document in car transactions. It records specific details such as the vehicle's make, model, and VIN, along with transaction details like the sale price and the names of the buyer and seller. This document is crucial for the proper registration and titling of the vehicle in Colorado.
When dealing with trailer transactions, the Colorado trailer bill of sale is necessary to legally document the exchange of ownership. It includes important details such as the trailer’s type, size, and identification number, which are vital for subsequent registration processes.
Property and Estate Transfers
In scenarios involving property transfers without warranties, the quit claim deed in Colorado transfers ownership quickly. This deed is particularly useful among family members or to resolve property disputes swiftly, as it transfers the owner's interest without assuring the absence of other claims.
The transfer on death deed in Colorado offers a seamless method for property owners to name a beneficiary who will inherit their property automatically upon their death, circumventing the probate process. This document is revocable, meaning the property owner can change the designated beneficiary anytime.
Creating a Colorado will form is a critical step in estate planning. This document outlines how an individual’s assets should be distributed upon their death and appoints an executor to oversee the estate's management, ensuring the deceased’s wishes are respected and executed.
Financial Agreements
The promissory note in Colorado is a formal agreement in which one party promises to pay a defined sum to another under specified conditions. This document details the loan amount, repayment schedule, and interest, if applicable, making it a foundational element of financial transactions between parties.
Rental and Lease Agreements
A Colorado lease agreement establishes the terms under which one party agrees to rent property from another. This comprehensive document spells out the lease duration, monthly rent, security deposit details, and both parties' rights and responsibilities, forming the backbone of the rental arrangement.
The notice to quit in Colorado is used to notify tenants about a violation of the lease terms. This document specifies the issue, such as overdue rent or policy violations, and provides a deadline by which the tenant must resolve the issue or vacate the property.
Healthcare Directives and Powers of Attorney
The living will in Colorado allows individuals to document their healthcare preferences in situations where they can no longer communicate their wishes directly. This legal document guides family members and healthcare providers in making decisions that align with the individual’s values and desires.
With the medical power of attorney in Colorado, a person can appoint a trusted agent to make medical decisions if they are incapacitated. This document ensures that medical care decisions are made according to the person’s preferences when they cannot express them personally.
The durable power of attorney in Colorado enables an individual to designate someone to manage their legal and financial affairs, especially useful if they cannot do so themselves. This authority continues even if the person becomes mentally incapacitated, providing continuity in managing personal and financial matters.
Project Financing Operations
The Bank extends loans to its member countries for the financing of infrastructure and agricultural projects such as roads, canals, dams, schools, hospitals, housing, rural development, etc., both in the public and private sectors, which have an impact on the economic and social development of the member countries concerned and are accorded priority by the Governments concerned. Such loans, in conformity with Shariah, are interest-free, and the Bank recovers its administrative expenses by levying a service fee.
IDB Group Strategic Framework
In 1424H, the Bank adopted a new IDB Group Strategic Framework strategy. The Strategic Framework identified significant elements of the IDB Group (ICD, ICIEC, IRTI, and IDB as a flagship) to improve efficiency and service delivery to member countries.
Under the new strategy, the IDB envisions greater cooperation and coordination among the group members to ensure complementarity and optimum collective impact in the member countries.
To this end, the IDB has formulated its vision, mission statement, and core values and redefined its medium-term strategic objectives and priority areas as briefly described below.
Vision
To be the leader in fostering socio-economic development in member countries and Muslim communities in non-member countries in conformity with Shariah.
Mission
The IDB Group is committed to alleviating poverty; promoting human development; science and technology, Islamic economics; banking and finance; and enhancing cooperation amongst member countries in collaboration with our development partners.
The core values, referred to by the acronym PRIDE, are as follows:
- Performance excellence in all activities and in dealing with its clients and partners.
- Responsiveness (responding to client's needs with a focused and forward-looking approach based on a review of performance, reflection on improvement, and resolve to offer the best)
- Integrity (demonstrating a high level of sincerity, honesty, and fairness)
- Dedication to serving clients with dignity and determination supported by creativity and initiative.
- Empowerment of staff and concerned entities with responsibility, authority, and teamwork.
Objectives
In this regard, the following three primary strategic objectives have been identified to drive forward the Group's actions.
Promotion of the Islamic financial industry and institutions
Poverty alleviation
Promotion of cooperation among member countries
Priority Areas
To realize these objectives, the IDB Group will focus on the following six priority areas:
Human development
Agricultural development and food security
Infrastructure development
Intra-trade among member countries
Private sector development
Research and development (R & D) in Islamic economics, banking, and finance
Mobilizing financial resources and a quality workforce are two critical prerequisites for successfully implementing the Strategic Framework. While the Group will continue to strive to increase its resource base, it will also enhance the development impact of these resources.
Board of Governors
Each member country is represented on the Board by a Governor and an Alternate Governor. Each member has five hundred crucial votes plus one vote for every share subscribed. Generally, decisions are taken by the Board of Governors based on a majority of the voting power represented at the meeting. The Board of Governors meets once every year to review the activities of the Bank for the previous year and to decide future policies. In its annual meeting, the Board designates a Chairman, who holds office until the election of another Chairman at the next Board meeting. The Board of Governors is the highest policy-making body. It can delegate powers to the Board of Executive Directors for the general operation of the Bank. However, only the Board of Governors can deal with issues relating to membership, increase or decrease in the Bank's authorized capital, authorize cooperation agreements with international and regional organizations, the election of the President and Executive Directors and decide their remuneration.
IDB Unit Investment Fund (UIF)
UIF was launched in 1410H (1989) to promote foreign direct investment in IDB member countries. The Fund has carved out a market niche of investments and Shariah-compliant products in short and long-term tenors. Thus, the Fund is diversified by sector, geography, and period. This diversification policy serves as a natural mechanism for risk mitigation.
Objectives
UIF pursues two main objectives: mobilization of resources for IDB and earning an adequate return on investment for its unit holders. In its efforts to mobilize resources, the Fund aims at assisting IDB in additional sourcing funds through the securitization of its lease and installment sale assets. In addition, the Fund complements IDB by financing projects and Murabaha operations directly or jointly with the Bank or its affiliates. On the other hand, the Fund aims to provide unit holders with an opportunity to invest by the principles of Shariah. The Fund also provides an attractive return on investment with a minimum level of risk. The Fund has consistently achieved these objectives and has been able to distribute dividends to its unit holders at rates that have exceeded the rates of comparable investments available in the market.
Structure
In sixteen years, the size of the Fund has grown from $100 million to $325 million. Twenty investors from 11 countries hold the Fund. The Fund is listed on the Bahrain Stock Exchange. The listing has enhanced the liquidity position of the Fund, making it possible to trade the Fund's units at any time without the need to apply to the IDB for repurchase. The currency used by UIF for financing is the US dollar. The UIF extends its financing facilities through various Islamic modes of financing. Depending on the mode, the tenor of financing varies from 5 to 10 years for medium and long-term financing, respectively, and 6 to 24 months for short-term financing.
Technical Cooperation Program (TCP) Among IDB Member Countries
The Technical Cooperation Program (TCP) is devoted to the promotion of Human Resources Development in member countries/institutions through the following vehicles:
- Exchange of expertise among member countries/institutions,
- Organization of familiarization visits for senior officials and study visits to augment their experiences,
- Organization of seminars, workshops, and conferences on technical issues related to socio-economic development, and
- Enhancing the skills of technicians, professionals, and officials in mid-level management through providing on-the-job training possibilities to enhance their performance and increase their technical and professional capacities.
In general, the TCP is a tripartite cooperative scheme that endeavors to match the capacity needed with the capacity available within the member countries through the exchange of skills, expertise, and know-how by using three dimension cooperation wherein IDB plays the role of financier and coordinator to the provision of capacity needed by the beneficiary country and the capacity available in the provider country.
Cooperation and Capacity Development (CCD) Complex
Special Assistance Department Outreach & Non-Member Countries Division (SPE)
(Towards a Muslim Community of Excellence)
Introduction
In its global development outreach strategy, the IDB Group seeks to uplift the human capital development of Muslim communities living in IDB Non-Member Countries to participate in the development of their countries. To achieve this long-term goal, the IDB Outreach & Non-Member Countries Division (SPE) was established in 1400H (1980G) to implement the SPE`s community development strategy through enhancing the socio-economic conditions of Muslim communities in Non-Member Countries, as well as alleviate the sufferings of Muslim communities afflicted by disasters in both IDB Member & Non-Member Countries. SPE assists with quality education and social and health services. The assistance is provided for the construction/rehabilitation works, purchase of furniture/equipment, and purchase of the building. Operational expenses do not fall within the scope of the SPE`s assistance and are considered the beneficiary society's responsibility.
Since its inception, SPE has established and funded over 1,791 operations in more than 83 countries scattered in (8) geographical regions (India & South Asia, China & East Asia, South East Asia & Oceania, Central & Southern Africa, Western Europe, Eastern Europe & CIC, North America, and Central & Southern America).
Vision
To enable Muslim communities in IDB Non-Member Countries to effectively partner in developing their countries through human capital development.
Mission
To enhance the socio-economic conditions of Muslim Communities in Non-Member Countries following the principles of Islamic Law, as well as alleviating the sufferings of communities afflicted by disasters in both IDB Member & Non-Member Countries.
Areas of Focus
SPE implements diverse development projects to help tackle the issues of illiteracy and poverty locally within the Muslim Communities in Non-Member Countries (NMCs).
SPE also provides emergency relief assistance to alleviate the suffering of communities affected by natural and artificial disasters. SPE complements the rehabilitation/reconstruction work in exceptional circumstances by assisting NMCs.