The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issues by the Conference of Finance Ministers of Muslim Countries held in Jeddah, Kingdom of Saudi Arabia, in December 1973. The Bank was formally opened on 20 October 1975. The present membership of the Bank consists of 54 countries. Islamic Dinar is the currency of the IDB. One Islamic Dinar (ID) is equivalent to one Special Drawing Right (Special Drawing Right) of the IMF.
The mission of the Islamic Development Bank: to foster the economic development and social progress of member countries and Muslim communities in non-member countries; to encourage solidarity and mutual collaboration among member countries; to promote Islamic economics, finance and banking.
The Bank has three Regional Offices located in Rabat/Morocco, Kuala Lumpur/Malaysia, and Almaty/Kazakhstan. The Regional Office in Almaty was established in August 1997. Its constituency consists of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Azerbaijan, and Albania.