The Islamic Development Bank (IDB) Group, isdb.org, is a multilateral development financing institution, established to foster the social and economic development of its 55 member countries and Muslim communities worldwide. The bank’s principal office is in Jeddah.
The Islamic Development Bank was established as an international financial institution in December 1973 and was formally opened on Oct. 20, 1975. The functions of the bank are to participate in equity capital and grant loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development. The bank is also required to establish and operate special funds for specific purposes including a fund for assistance to Muslim communities in non-member countries, in addition to setting up trust funds.
During the Haj season, IDB receives considerable attention due to its support of the Saudi Arabian Sacrificial Meat “Adahi” Project. The Adahi Project works to utilize the huge quantities of sacrificial meat that become available as a result of the pilgrimage rituals. Under guidelines established through IDB, pilgrims purchase vouchers deputizing Adahi Project staff to carry out the Haj sacrifice. The Adahi Project is responsible for the import and hygienic slaughter of the sacrificial animals and then the distribution of the meat to needy Muslims worldwide.
