IsDBI was established in 1401H (1981) to help the Bank in discharging its functions in the fields of research and training assigned to it by its Articles of Agreements. IsDBI's objectives are: to undertake research and provide training and information services in member countries and Muslim communities in non-member countries to help bring their economic, financial and banking activities into conformity with Shariah and to further accelerate economic development and enhance cooperation amongst them.
ICIEC was established in 1415H (1994) with the objective to enlarge the scope of trade transactions and investment flows among the member countries of the Organisation of Islamic Conference (OIC). ICIEC offers the following services to exporters, banks, and investors: (i) export credit insurance to cover the risk of non-payment in relation to cross border trade and trade finance transactions; (ii) investment insurance to cover country risk in relation to foreign investments among member countries; (iii) reinsurance of operations covered by ECAs in member countries.
ICD was established in Rajab 1420H (November 1999) as an independent entity within the IDB Group. The mission of the ICD is to complement IDB through the development and promotion of the private sector, as a vehicle for economic growth and development in member countries. The main objectives of the ICD are: to identify investment opportunities in the private sector in the member countries so as to accelerate economic growth, to provide a wide range of Shari'ah compatible financial products and services and to expand access to Islamic capital markets by private companies in member countries.
The IDB Board of Governors approved the establishment of the International Islamic Trade Finance Corporation (ITFC) in its meeting held in Jumad Awwal 1426H (June 2005). The ITFC Articles of Agreement were cleared during the Annual Meeting of the IDB held in 1427H (2006) in Kuwait. The purpose of the Corporation is to promote trade of the member countries of the Islamic Development Bank through providing trade finance and engaging in activities that facilitate intra-trade and international trade.
World WAQF Foundation (WWF)
WWF was established by IDB in 1422H (2001) in response to a need to create a global entity for Waqf, in collaboration with Waqf organizations governmental, NGOs and philanthropists from the private sector. The objectives of the WWF are as follows: (i) Promoting and activation of Awqaf to contribute to the cultural, social and economic development of member countries and Muslim communities, and to alleviate hardship among the poor, as well as sponsoring and supporting Waqf organizations with expertise and coordination. (ii) Supporting organizations, projects, programmes and activities in the educational, health, social, and cultural fields. (iii) Providing support in the conduct of studies and scientific research in the field of Waqf. (iv) Assisting countries and organizations in drafting Waqf legislations.
“The Islamic Solidarity Fund for Development (ISFD) was established as a special endowment fund (Waqf) in 2007 with the mandate to alleviate poverty in OIC members; Since its inception, the Fund has focused on providing concessional finance for programs that: * promote pro-poor growth, *support human development, especially healthcare and education, *provide social safety nets for the poor and, * enhance good governance and access to public services by the poor. As a Waqf, ISFD operations are financed generally through the net income realized from the investment of its capital resources.”