The Islamic Development Bank Group (IDB Group) is a multilateral development financing institution comprising five entities:
- The Islamic Development Bank (IDB)
- Islamic Research and Training Institute (IRTI)
- Islamic Corporation for the Development of the Private Sector (ICD)
- Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)
- International Islamic Trade Finance Corporation (ITFC)
The purpose of the group is to foster the economic development and social progress of its 56 member countries and Muslim communities (individually as well as jointly) in accordance with the principles of Shari'ah i.e., Islamic Law.
The IDB Group is engaged in a range of specialized and integrated activities such as:
- Resource mobilization
- Public and private sector financing
- Investment
- Trade financing
- Insurance services
- Information services
- Research and training in Islamic economics and banking
- Technical assistance for capacity building
- Technical cooperation among member countries
- Scholarships for students in member countries and Muslim communities in non-member countries
- Debt relief and emergency relief
IDB was formally opened on 15 Shawwal 1395H (October 20, 1975) and follows the lunar Hijra year as the financial year. The Group's principal office is in Jeddah, KSA and the official language is Arabic with English and French being additional working languages.