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ISLAMIC DEVELOPMENT BANK GROUP in Brief ISLAMIC DEVELOPMENT BANK GROUP in Brief Information Brochure 1425H (2004) CONTENTS 1. INTRODUCTION ................................................................................................ 1 2. ENTITIES IN THE IDB GROUP .............................................................................. 3 2.1 ISLAMIC DEVELOPMENT BANK (IDB)................................................................... 3 2.2 ISLAMIC RESEARCH AND TRAINING INSTITUTE (IRTI)............................... 4 2.3 ISLAMIC CORPORATION FOR THE INSURANCE OF INVESTMENT AND EXPORT CREDIT (ICIEC) ........................................................................................... 4 2.4 ISLAMIC CORPORATION FOR THE DEVELOPMENT OF THE PRIVATE SECTOR (ICD)................................................................................................................ 5 3. SALIENT CHARACTERISTICS ............................................................................... 6 4. ACHIEVEMENTS ................................................................................................. 6 5. SPECIALIZED FUNDS.......................................................................................... 9 5.1 ISLAMIC BANKS’ PORTFOLIO FOR INVESTMENT AND DEVELOPMENT (IBP).................................................................................................................................... 9 5.2 UNIT INVESTMENT FUND (UIF) ............................................................................ 10 5.3 INFRASTRUCTURE FUND (IIF) ................................................................................ 11 5.4 AWQAF PROPERTIES INVESTMENT FUND (APIF) .......................................... 11 5.5 WORLD WAQF FOUNDATION (WWF) ................................................................. 12 6 AFFILITIATED INSTITUTIONS ............................................................................ 13 6.1 INTERNATIONAL CENTER FOR BIOSALINE AGRICULTURE (ICBA)......... 13 6.2 OICNETWORKS............................................................................................................ 14 7. FINANCIAL POSITION OF IDB GROUP ............................................................... 14 8. OPERATIONAL ACTIVITIES OF THE IDB GROUP.................................................. 16 9. SPECIAL ASSISTANCE OPERATIONS (WAQF FUND) ............................................ 17 APPENDIX: Country-level Membership in IDB Group................................................. 19 GLOSSARY.......................................................................................................... 20 ii 1. INTRODUCTION The Islamic Development Bank (IDB) Group is a multilateral development financing institution comprising four different entities: the Islamic Development Bank (IDB), the Islamic Research and Training Institute (IRTI), the Islamic Corporation for the Development of the Private Sector (ICD), and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The four entities, with IDB as the flagship, were established at different times in the history of the Group, each with its establishing instrument, objectives and operational modalities but sharing a common vision and mission statements. IDB (1395H, 1975) IDB ICD IRTI (1420H, 1999) Group (1401H, 1981) ICIEC (1415H, 1994) IDB Group’s Vision and Mission Statements Vision Mission Committed to alleviating poverty, To be the leader in fostering promoting human development, socio-economic development science and technology, Islamic in member countries and economics, banking and finance, Muslim Communities in and enhancing cooperation conformity with Shari’ah amongst member countries with (Islamic law). our development partners. 1 The purpose of the IDB is to foster the economic development and social progress of its member countries and Muslim communities in non-member countries individually as well as jointly in accordance with the principles of Shari'ah. However, as a result of expansion and growth over the years, the IDB evolved into a Group engaging in a wide range of specialized and integrated activities such as: ) Resource mobilization ) Public and private sector financing ) Investment ) Trade (and intra-trade) financing ) Insurance services ) Physical and Social sector financing ) Research and training in Islamic economics and banking ) Technical assistance support for capacity building ) Technical co-operation among member countries ) Scholarships for member countries and Muslim communities ) Emergency Relief The IDB Group is headquartered in Jeddah (Saudi Arabia) with three regional offices in member countries: Almaty (Kazakhstan), Kuala Lumpur (Malaysia), and Rabat (Morocco). It also has field representatives in eight member countries: Guinea, Indonesia, Iran, Kazakhstan, Libya, Pakistan, Senegal and Sudan. Any country interested in the membership of the entity of the IDB Group is required to fulfil three conditions namely, membership of the Organization of the Islamic Conference (OIC), payment of its contribution to the capital of the entity, and acceptance of the terms and conditions that may be decided upon by the entity’s Board of Governors. (See Appendix for countries in the membership of the IDB Group) As at the end of 1424H (21 February, 2004), the IDB Group had a total number of 881 staff members comprising 408 professionals, 65 special category, 328 general category and 79 manual category employees. 2 2. ENTITIES IN THE IDB GROUP 2.1 ISLAMIC DEVELOPMENT BANK (IDB) The IDB is the flagship of the Group and was established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in Dhul Qa'adah 1393H (December 1973). In Rajab 1395H (July 1975), the Inaugural Meeting of the Board of Governors of the IDB took place and on 15 Shawwal 1395H (20 October 1975) the IDB formally commenced operations. The purpose of the IDB is stated on page 1. Its functions, however, 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 IDB is also required to establish and operate special funds for specific purposes including a fund for assistance to the Muslim communities in non-member countries, in addition to setting up trust funds which are detailed in Section 5. In the Board of its Executive Directors, there are seven permanent members from countries shown in the chart below. Major Shareholders of the IDB Others Saudi Arabia 20.5% 24.9% UAE 7.1% Turkey Kuwait 7.9% 12.4% Egypt Libya 8.6% Iran 10.0% 8.7% 3 2.2 ISLAMIC RESEARCH AND TRAINING INSTITUTE (IRTI) Established in 1981 (1401H), the IRTI undertakes research, training and information activities on economic, financial and banking issues. It organizes seminars and conferences on various subjects in collaboration with national, regional and international institutions. It also undertakes information activities such as development of information systems for use in the field of Islamic economics, banking and finance; maintain a database on experts, trade information and promotion system. The research activities of IRTI include organizing and conducting basic and applied research with a view to developing models and methods for the application of Shari’ah in the fields of economics, banking and finance. IRTI also develops the capabilities of personnel in Islamic economics to meet the research and training needs of Shari’ah observing institutions in member countries. Its research output takes various forms, such as in-house research papers, background and discussion papers, seminar proceedings, books of readings, lectures, translations and articles published in the IRTI journal “Islamic Economic Studies” which is a refereed bi-annual journal published in Arabic, English and French. 2.3 ISLAMIC CORPORATION FOR THE INSURANCE OF INVESTMENT AND EXPORT CREDIT (ICIEC) The ICIEC was established on 24 Safar 1415H (1st August 1994) to enlarge the scope of trade transactions and the flow of investments among member countries. In pursuit of this objective, the ICIEC provides, in accordance with the principles of Shari’ah, export credit insurance and reinsurance to cover the non-payment of export receivables resulting from INSURANCE FACILITIES OF ICIEC commercial (buyer) and non- a. Export Credit Insurance Services commercial (country) risks. It • Comprehensive Short-Term Policy • Supplemental Medium Term Policy also provides investment • Bank Master Policy insurance and reinsurance • Documentary Credit Insurance Policy • Single Transaction Policy against country risk, emanating b. Investment Insurance Services mainly from foreign exchange • Investment Insurance Policy (IIP) transfer restrictions, c. Reinsurance Facility expropriation, war and civil disturbance and breach of contract by the host government. 4 The shareholders of ICIEC comprised 34 IDB member countries and the IDB itself alone contributing 50% of the capital. ICIEC commenced business in 1416H (1995) with three types of insurance policy, since then it has introduced new products, services, and facilities. ICIEC's Operations 350 Approvals Commitment s 287 300 289 250 200 15 0 US$ mill. 13 9 10 0 96 10 4 86 50 0 14 19 14 2 0 14 2 1 14 2 2 14 2 3 14 2 4 Hijra Year 2.4 ISLAMIC CORPORATION FOR THE DEVELOPMENT OF THE PRIVATE SECTOR (ICD) Founded in Rajab 1420H (November 1999), the ICD promotes the development of the private sector in member countries. Its
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