Milestone·Modern
Islamic Development Bank Formally Opens in Jeddah
- Date
- 20 October 1975 CE15 Shawwal 1395 AH51 years ago
- Place
- Jeddah, Saudi Arabia
The Islamic Development Bank was formally opened in Jeddah on 20 October 1975. It was set up after a 1973 conference of finance ministers of Muslim countries held in Jeddah. The bank finances development projects such as schools, hospitals and transport through interest-free methods. Its membership has grown since its founding.
Why it matters
The bank became a model for Islamic finance institutions that followed in the Gulf and Southeast Asia.