The 35th annual meeting of Board of Governors of Islamic Development Bank started on Wednesday in Baku.
Iranian Finance and Economic Affairs Minister Shamseddin Hosseini represents Iran in the two-day meeting, the Islamic Republic of Iran News Network reported.
The Islamic Development Bank is an international financial institution established in pursuance of the Declaration of Intent issued by the Conference of Finance Ministers of Muslim Countries held in Jeddah in Dhul Q'adah 1393H, corresponding to December 1973. The Inaugural Meeting of the Board of Governors took place in Rajab 1395H, corresponding to July 1975, and the Bank was formally opened on 15 Shawwal 1395H corresponding to 20 October 1975.
There are 56 shareholding member states.
The purpose of the Bank is to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly in accordance with the principles of Shari'ah i.e., Islamic Law.
The Bank's principal office is in Jeddah in the Kingdom of Saudi Arabia. Four regional offices were opened in Rabat, Morocco (1994), Kuala Lumpur, Malaysia (1994), Almaty, Kazakhstan (1997), and Dakar, Senegal (2008). The Bank also has fielded representatives in twelve member countries. These are: Afghanistan, Azerbaijan, Bangladesh, Guinea Conakry, Indonesia, Iran, Nigeria, Pakistan, Sierra Leone, Sudan, Uzbekistan and Yemen.