Islamic Development Bank

The Islamic Development Bank (IsDB) is an international financial institution established with the aim of fostering economic and social development among member countries as well as all Muslim communities and their individuals in accordance with the laws of Shari’ah.

The establishment of the multi-lateral financial institution is also for the pursuance of the Declaration of Intent which is issued by the Conference of Finance Ministers of Muslim Countries, held in Jeddah.

The Islamic Development Bank is also highly committed to alleviating poverty, improving lives through science, technology and education, banking and finance, Islamic economics as well as enhancing cooperative spirit amidst all Islamic member states.

Islamic Development Bank Scholarship Programmes

In a bid to promote lives through education, the Islamic Development Bank has made available a scholarship scheme to aid willing students from member countries’ interest in the process of learning.

In accordance with the words of Dr. Hayat Sindi, Senior Advisor to the President for Science, Technology and Innovation Islamic Development Bank; “Human resources development lies at the heart of development agenda of the IsDB.”

The rate at which economies are developing globally, it is becoming obvious that nations have more reliance on quality human resources rather than the natural resources blessed in the earth; this is making the world of human activities increasingly competitive, thereby there is a need for empowering the people with the handiest tool for revolution – education.

Being a development bank has not limited IsDB to providing financial resources alone, they have further stepped up their effectiveness with ensuring adequate development in their member countries as well as to Muslim communities in non-member states. While building technical capacities, IsDB also puts education as a priority with the launching of the IsDB Scholarship Portal.

The scholarship program -which covers for all eligible students from member countries cum non-Muslim communities- is available for students pursuing degrees ranging from Bachelor’s to Master’s as well as Doctorate degrees; in relevant fields of study. A major aim of the scheme is that it will enhance life, transform communities and alleviate poverty cum economic growth through a good education.

Islamic Development Bank Member Countries

At the moment, the membership of the Islamic Development Bank is a total number of Fifty-Seven (57) countries. The condition for membership in IsDB is that the prospective country must be a member of the Organization of Islamic Cooperation (OIC).

The IsDB Board of Governors performs the task of setting terms, conditions, goals and amount payable annually by member countries to the Bank. Below is the list of member countries and their respective capital subscriptions at the end of the Gregorian financial year.

Country           Percentage to total capital (%)            Capital Subscription ($M)

• Kingdom of Saudi Arabia 50%            11,896.80m
• State of Libya 43% 4,771.66m
• Islamic Republic of Iran 25%              4,174.63m
• Federal Republic of Nigeria 66%              3,874.52m
• Republic of Iraq             27%              135.05m
• Republic of Mali             10%              50.92m
• Republic of Senegal             29%              47.81m
• Republic of Guinea             09%              45.85m
• Republic of Tunisia             07%              36.40m
• Republic of Lebanon            07%.             35.77m
• Islamic Republic of Mauritania 07%              35.77m
• Kingdom of Bahrain            05%              25.88m
• Kyrgyz Republic             05%              25.84m
• Republic of the Gambia 05%              25.84m
• Republic of Maldives 05%              25.84m
• Republic of Mozambique 05%              25.84m
• Republic of Uganda             05%              24.63m
• Republic of Benin             04%              20.80m
• State of Palestine             04%  19.55m
• The Syrian Arab Republic 04%              18.49m
• Republic of Tajikistan 04% 18.16m
• Republic of Sierra Leone 04%              18.16m
• Republic of Togo             04%              18.16m
• Republic of Uzbekistan 03%              13.44m
• Union of Comoros             03%              13.02m
• Republic of Cote d’Ivoire 03%              13.02m
• Islamic Republic of Afghanistan 02%              9.93m
• Republic of Chad             02%              9.77m
• Republic of Albania             02%              9.23m
• Republic of Cameroon 25%              128.36m
• Brunei Darussalam             25%              128.36m
• Republic of Niger             18%              90.17m
• Burkina Faso 18%              90.17m
• Republic of Gabon             11%              54.58m
• United Arab Emirates 51%              3,799.49m
• State of Qatar 18%            3,632.36m
• Arab Republic of Egypt 07%              3,579.65m
• State of Kuwait             92%              3,500.00m
• Republic of Turkey             45%              3,263.84m
• Islamic Republic of Pakistan 54%              1,285.59m
• Democratic and People’s Republic of Algeria 54%              1,285.59m
• Republic of Indonesia 25%              1,137.95m
• Malaysia                         63%              823.08m
• People’s Republic of Bangladesh 01%              509.96m
• Republic of Yemen             51%              258.62m
• Kingdom of Morocco 51%              256.69m
• Republic of Sudan             46%              232.95m
• Hashemite Kingdom of Jordan 43%              219.76m
• Sultanate of Oman             28%              142.55m
• Republic of Kazakhstan 11%              54.00m
• Republic of Azerbaijan 10%              50.92m
• Republic of Suriname 02%              9.23m
• Turkmenistan 01%              4.96m
• Republic of Guinea Bissau 01%              4.96m
• Republic of Djibouti             01%              4.96m
• Federal Republic of Somalia 01%             4.96m
• Cooperative Republic of Guyana 0.01%      50m

Islamic Development Bank Eligibility

The scholarship scheme introduced by the Islamic Development Bank is of so much benefit. However, it can not be available to all students across the globe, therefore they have set criteria for acceptance of candidates to the program. Since the scholarship program is from a Muslim organization, the eligibility is for;

• Student citizens from member countries and also for interested Muslim candidates from non-member countries.
• Candidates whose grades are above par in their immediate academic results. Also, they must have subjects or courses relevant to their field of study.
• Students who are nominated by academic research institutions in their diverse home countries.
• Students and candidates who are not in receipt of any other scholarship program.

The final verdict of all being said is in the deep insight of the reformation, transformation cum revolution in the human resource world that Islamic Development Bank is introducing through education. Indeed, the organization innovative is making life better and easier for the less privileged.