Which development bank, founded in 1975, is headquartered in Jeddah and serves Muslim-majority member countries?

The Islamic Development Bank, founded in 1975, is headquartered in Jeddah and serves member countries seeking development finance consistent with Islamic principles.

The institution was established by member governments of the Organisation of Islamic Cooperation. Its financing model is based on principles that prohibit interest and emphasize risk-sharing, trade, leasing, and asset-backed or socially beneficial transactions.

The bank supports infrastructure, education, health, agriculture, private-sector development, and poverty reduction. Its membership extends beyond the Middle East to Africa, Asia, Europe, and Latin America.

The institution was originally called the Islamic Development Bank and officially adopted the shorter name IsDB in 2018. It is a multilateral development bank, not Saudi Arabia’s national central bank or an ordinary commercial lender.