idb motto together we build a better future 1 formation 1975 1975 type development bank location jeddah saudi arabia membership 56 countries key people ahmad mohamed ali al madani president employees 932 website official website investigation of potential copyright issue please note this is about the text of this wikipedia article ; it should not be taken to reflect on the subject of this article . do not restore or edit the blanked content on this page until the issue is resolved by an administrator copyright clerk or otrs agent . if you have just labeled this page as a potential copyright issue please follow the instructions for filing at the bottom of the box . the previous content of this page or section has been identified as posing a potential copyright issue as a copy or modification of the text from the source s below and is now listed on wikipedia copyright problems listing https web.archive.org web 20031209120522 http www.isdb.org english docs idb home backgrnd.htm http 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subst article cv islamic development bank from https web.archive.org web 20031209120522 http www.isdb.org english docs idb home backgrnd.htm http www.isdb.org irj go km docs documents idbdevelopments attachments projects idb gao bridge web.pdf . place this notice on the talk page of the contributor of the copyrighted material subst nothanks web pg islamic development bank url https web.archive.org web 20031209120522 http www.isdb.org english docs idb home backgrnd.htm http www.isdb.org irj go km docs documents idbdevelopments attachments projects idb gao bridge web.pdf to blank a section instead of an entire article add the template to the beginning of the section and div at the end of the portion you intend to blank . the islamic development bank idb arabic is a multilateral development financing institution located in jeddah saudi arabia . it was founded in 1973 by the finance ministers at the first organisation of the islamic conference now called the organisation of islamic cooperation with the support of the king of saudi arabia at the time faisal and began its activities on 20 october 1975 . 2 there are 56 shareholding member states . 3 on the 22 may 2013 idb tripled its authorized capital to 150 billion to better serve muslims in member and non member countries . 4 the bank has received credit ratings of aaa from standard & poor s 5 moody s 6 and fitch . 7 saudi arabia holds about one quarter of the bank s paid up capital 8 the idb is an observer at the united nations general assembly . contents 1 membership 2 idb group 3 projects and programs 3.1 completed 3.2 ongoing 4 criticism 5 see also 6 references 7 external links membership edit the present membership of the bank consists of 56 countries . the basic condition for membership is that the prospective member country should be a member of the organisation 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 . ranked on the basis of paid up capital as of august 2015 8 major shareholders include saudi arabia 26.57 % libya 10.66 % iran 9.32 % egypt 9.22 % turkey 8.41 % united arab emirates 7.54 % kuwait 7.11 % pakistan 3.31 % algeria 3.31 % indonesia 2.93 % idb group edit idb has evolved into a group of five entities consisting of islamic development bank idb islamic research & training institute irti islamic corporation for development of the private sector icd islamic corporation for insurance of investment and export credit iciec and international islamic trade finance corporation itfc . projects and programs edit completed edit the gao bridge in mali until a few years ago crossing the niger river at gao was done by a ferry that might or might not be operating . this hindered progress and discouraged trade . the gao bridge financed by the idb connected the once isolated gao region in eastern mali to the heartland . 9 khanarc canal in northeast azerbaijan built around 70 years ago the samur absheron canal carries water from the samur river to irrigate farms in northeastern azerbaijan and supply the national capital baku with drinking water . years of neglect meant that the canal was inefficient it lost much of the water it carried and did not have the capacity to meet existing demand for irrigation or still less to allow for expansion . a loan from the idb helped the government of the republic of azerbaijan rebuild the canal . 10 ongoing edit modernising road planning and designing in yemen the deserts and mountains of yemen make building and maintaining roads a challenge . the network of paved roads is limited and many remote communities are still isolated . a good road network is essential to bring rural areas into the mainstream and to boost development . 11 scholarship programs the bank s fund and implement its scholarship programmes as part of its overall effort in the development of human resources of its member countries and those of the muslim communities in non member countries . there are three scholarship programmes offered by idb scholarship programme for muslim communities in non member countries m.sc scholarship programme in science and technology for idb least developed member countries merit scholarship programme for high technology 12 criticism edit the islamic development bank is known to have funded several projects related to the u.s. terrorist designated hamas and the muslim brotherhood . 13 in august 1999 the islamic development bank approved a 250 000 transfer issued by the saudi government as a contribution to the purchase of land in washington dc to be the headquarters for an education and research center under the aegis of the council for american islamic relations cair . 13 14 cair is a u.s. based muslim advocacy organization with strong ties to hamas which have been confirmed by several investigations . 15 an article by rachel ehrenfeld and alyssa a. lappen reported that in 2001 the islamic development bank transferred 538 million raised by saudi and gulf royal telethons to support families of palestinian suicide bombers and the cause of the palestinian intifada . 16 on august 1 2001 dr ahmad muhammad ali a saudi academic and president of the islamic development bank reportedly said during an interview with asharq al awsat there was no delay in paying financial assistance to the families of palestinian martyrs ... we have started paying them soon after receiving the money . 17 18 dr ali had previously declared that idb was responsible for the smooth functioning of al quds intifada fund and al aqsa fund both established during an arab summit in cairo in october 2000 . according to the final communiqu of the summit al quds intifadah fund will have a capital of 200 million dollars to be allocated for disbursement to the families of palestinian martyrs fallen in the intifadah . 16 19 furthermore ehrenfeld and lappen mentioned documented bank records discovered in the west bank and gaza proving that the idb has channeled un funds to hamas . 16 nevertheless the bank was granted observer status by the un in 2007 amidst all round criticism . 16 17 in 2008 idb funded the project of a rehabilitation center and vocational training center by arraid a muslim brotherhood organization in ukraine also known as ukrainian association of social organizations . 20 arraid is a member of the federation of islamic organizations in europe fioe an umbrella group for muslim brotherhood organizations in europe . 20 based on a arraid fundraising brochure the aim of the organization span cultural educational and financial support to ukrainian muslims . 20 21 through a progressive islamic proselytism da wa in the country arraid intended to become an important breach thughra in confronting christian missionary attacks and jewish expansion so