Abstract

The idea of ‘’Development Bank’’ occurred after the World War II which caused many serious affects on the world countries in the 1950th. Development Banks are the institutions that have been established in order to fix aforementioned countries’ retrograde economies Islamic Development Bank (IDB) which is an Islamic branch of the Development Banks, was established by the 7 founder countries (United Arab Emirates, Iran, Kuwait, Libya, Egypt, Saudi Arabia, Turkey) in order to contribute developing Muslim countries' development and reconstruct these countries in 20th October, 1975 in Jeddah. The Islamic Development Bank which is international Islamic financial institution collected the Islam countries. Islamic Development Bank represents the financial dimension of the Organization of Islamic Cooperation. The Islamic Development Bank became one of the most important institutions of the Islamic Cooperation Organization in time. The Islamic Development Bank has some crucial targets such as to increase commercial interaction between Muslim countries, provide financial support to the member countries, to support Muslim countries against non-Muslim countries especially in foreign trade. The Islamic Development Bank also supports Muslim countries which are the members of the it to ensure their social development. Even though Islamic Development Bank’s capacity is enough in order to do affairs which are efficient and beneficial, this bank is inadequate to use it. Thus, in this article, Islamic Development Bank’s targets, aims, methods, the available capacity of the bank and bank’s inadequate to use this capacity is going to be explained.

Key Words: Banking, Finance, Economy, Islamic Development Banking, , Islamic Economy, Islamic Finance

İSLAMİ VE KÜRESEL BİR KURUM: İSLAM KALKINMA BANKASI (İKB) ÜZERİNE DEĞERLENDİRME

Özet

Kalkınma Bankacılığı fikri, 1950’lilerde dünya ülkeleri üzerinde birçok ciddi yıkıcı etkiye sebep olan 2. Dünya Savaşından sonra ortaya çıkmıştır. Kalkınma Bankaları, bu ülkelerin savaşın etkisiyle bozulan ekonomilerini düzeltmek amacıyla ortaya çıkarılmış birer kurumdur. Kalkınma Bankalarının İslami bir kolu olan İslam Kalkınma Bankası (İKB), 7 kurucu ülke tarafından (Birleşik Arap Emirlikleri, İran, Kuveyt, Libya, Mısır, Suudi Arabistan ve Türkiye) gelişmekte olan Müslüman ülkelerin gelişmesine katkıda bulunmak ve bu ülkeleri kalkındırmak amacıyla 20 Ekim 1975’te Cidde’de kurulmuştur. Uluslararası İslami bir finans kurumu olan İslam Kalkınma Bankası, İslam ülkelerini bir araya getirmiştir. İslam Kalkınma Bankası, İslam Konferansı Örgütü’nün mali boyutunu temsil etmektedir. Temel amaçları üye olan Müslüman ülkeler arasındaki ticari etkileşimi arttırmak, üye ülkelere finans desteği sağlamak ve özellikle dış ticarette Müslüman olmayan ülkelere karşı Müslüman ülkeleri desteklemek gibi hayati önem arz eden konular olan İslam Kalkınma Bankası, zamanla üyesi olduğu İslam Konferansı Örgütü’nün (İKO) en önemli kurumlarından birisi haline gelmiştir. İslam Kalkınma Bankası aynı zamanda üyesi olan Müslüman ülkelere, sosyal kalkınmalarını sağlamaları hususunda destek verir. İslam Kalkınma Bankası’nın sahip olduğu kapasite etkin faaliyetler yapmasına yeterli olduğu halde, banka bunu kullanma konusunda çok yetersizdir. Dolayısıyla bu makalede, İslam Kalkınma Bankası’nın hedefleri, amaçları, yöntemleri, bankanın sahip olduğu mevcut kapasite ve bu kapasiteyi kullanma konusundaki yetersizliği anlatılacaktır.

Anahtar Kelimeler: Bankacılık, Finans, Ekonomi, İslami Kalkınma Bankacılığı, İslami Ekonomi, İslami Finans

Introduction

Some Muslim countries decided to establish an organization after the attack attempt which has vital importance for the whole Muslim people who live in every part of the world. Thus, Organisation of Islamic Cooperation was established in 21st, August 1969, in Jeddah, Saudi Arabia. This organization’s aims are related protecting Muslim countries and the issues and existence which are representatives the Islam. In the world, every institution has an institution in order to control its financial issues, so Organisation of Islamic Cooperation (OIC) does. Depending on this case, the idea of Development Bank occurred. At the same time, namely, during the post-World War II, countries the financial state is in big danger. There are the countless effect due to war, and one of the most important one was economy. In order to fix war’s terrible effect, at least about the economy, the idea of Development Bank occurred. That time, some Development Banks were established. Islamic Development Bank started to its mission saying "Together we build a better future."

Apart from this, the lead of the Muslim countries Islamic Development Bank (IDB) was established by 7 founder countries including Turkey in 25th, October 1975. Recently, Islamic Development Bank has 57 members which are from Africa (27), Latin America (1), Europe (2) and Asia (26). Islamic Development Bank is also authorized to accept deposits and to mobilize financial resources through Shari’ah, other words “Islamic Law”[1]. In order to be a member of Islamic Development Bank, countries must be a member of Organisation of Islamic Cooperation. We can mention about the most basic targets of the IDB in following steps. In the first place, IDB intends member Muslim countries to trade with each other. This is the most important aim of the IDB. Also, it support member countries projects, it gives capital to countries. It supports countries' development, educate workers about the Islamic issues, and it gives finance in order countries to develop and progress. These are some aims of the IDB. Islamic Development Bank realizes its aims thanks to its member countries’ payments. Member countries pay an amount of money in order IDB to develop and realize its targets and aims. Most of these payments' are provided by 9 countries. Rest of the countries pay very low shares. These are going to be explained with detailed in this article. Apart from these, there is an Articles of Agreement which Islamic Development Bank’s member countries prepared and signed. IDB’s members have to obey the rules that are in this agreement. Furthermore, while Islamic Development Bank is doing its missions, it uses some financial organs. These are leasing, technical assistance, lending, exceptional, murabaha, working capital partnership, profit sharing and installment sales. These are also going to be explained in this article.

Islamic Development Bank needed some subsidiaries in order to be known better and well, and in order to be able to reach Muslim countries better. These subsidiary institutions also help to IDB about the well-known. Depending on it, IDB agreed with many institutions which are Islamic Research & Training Institute (IRTI), The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Islamic Corporation for the Devt. Of the Private Sector (ICD), in this article 4 of them are going to be talked about. Islamic Development Bank has also one headquarter, regional offices, country gateway offices, field representatives in member countries. At the end of this article, IDB’s key strategic thrusts for 2020 vision which has topics are related to whole world’s problem was explained. At that point, IDB aims that getting the world in the best position, first of all, Muslim countries. Finally, in accordance with these key strategies, some vital suggestions were proposed.

Table 1: Member Countries and IsDM Offices[2

ESTABLISHMENT PROCESS AND PURPOSES OF THE ISLAMIC DEVELOPEMENT BANK (IDB)

After the World War II, many countries was affected seriously in terms of political, social, cultural, economic and so on. World countries’ balances changed, especially countries’ economies destroyed because of the World War II. At that point, in order to reconstruct these countries economies, some international or regional institutions occurred such as development banks. Development banks started to occur especially after the World War II which caused many serious effects, in the 1950s. Economies of the countries had to increase with somehow, and in that point ‘’Development Banks’’ occurred. Development banks were one of the most effective power to assist the countries which were affected by the World War II badly. The basic aim of the Development Banks was to provide development of the companies, after that, contribute to the countries’ industrial development. Development Banks have still same goals. Development Bank’s contributions could be done with capital and the technical assist. In the 1970s, after the Arab-Israeli war, Dennis Michael Rohan who is from Australian Protestant tourist, belonged to the sect with a name of Church of God tried to make sabotage to Al-Masjid Al-Aqsa in 1969[3]. After this event, Muslim countries’ leaders decided to come together all Muslims under the same roof. Thus, Organization of Islamic Cooperation (OIC) which has 57 members recently, was established on 21st August 1969 in Jeddah, Saudi Arabia[4]. Also, Organization of Islamic Cooperation is the second biggest organization.

Every institution has a foundation which regulates these institutions’ fiscal issues, support the member countries’ economies and social progress etc. Depending on the case, Islamic Development Bank (IDB) was established in pursuance of the Declaration of Intent issued by the First Conference of Finance Ministers of the Islamic Countries held in Jeddah, Saudi Arabia 1393H (December 1973). The opening meeting of the Board of Governors of the Bank took place in Saudi Arabia, 1395H (July 1975). This Declaration was signed by representatives of twenty-three member countries of the Organization of the Islamic Conference. Thus, Islamic Development Bank could be established by 7 founder countries (United Arab Emirates, Iran, Kuwait, Libya, Egypt, Saudi Arabia, Turkey) in 15 Shawwal 1395H (20 October 1975) to support the Organization of Islamic Cooperation. Islamic Development Bank has 57 members now including Turkey. Islamic Development Bank is an international Islamic financial institution. The Islamic Development Bank also established in accordance with Articles of Agreement[5] so its member countries operate in accordance with the Articles of Agreement which have 69 articles were signed and ratified by member countries. In this Articles of Agreement was prepared in accordance with the principles of Shari’ah (Islamic Law). The basic purpose of the Articles of Agreement is that supporting to member countries’ development and social progress according to Shari’ah. Also, some crucial topics are regulated such as functions and powers, membership, financial resources, payment and method operations and so on in the Articles of Agreement. IDB has many crucial purposes. In the first place, supporting the economic and social development of the countries which are a member of IDB or non-member Muslim communities, providing the technical assist, capital and credit support for the projects which may be going to be efficient. Also for these projects is provided the financial support too by IDB. IDB does not only provide financial support or fund transfer for the member countries but also provides for the non-member Muslim countries. On the other hand, IDB also reconstructs underdeveloped Islam countries. Another one of the important missions of the Islamic Development Bank is controlling and researching whether resources are suitable with the Shari’ah (Islamic Law) or not. Apart from all these, workers are instructed about Islamic issues. We can summarise IDB’s establishment process and purposes. In the following Table 2, Islamic Development Bank’s contributions to the member countries were shown.

Table 2: IDB Participation to the Member Countries’ Projects[6]

MEMBERSHIP AND MEMBERS OF THE ISLAMIC DEVELOPEMENT BANK (IDB)

Countries which want to be a member of the Islamic Development Bank, these countries must be a member of Organization of Islamic Cooperation. However, it is not enough by itself. Also, these countries must pay its share and accepted the rules which were agreed by the bank in there Articles of Agreement. At the beginning, Islamic Development Bank had 22 members, but now it has 27 member countries[7]. Most of these countries are developing the country. Member countries are from 4 regions in Africa (27), Latin America (1), Europe (2) and Asia (26). (Table 1)

Table 3: Members of Islamic Development Bank in the World Map[8]

Table 4: Member Countries of Islamic Development Bank[9]

ATTACHED INSTITUTIONS, GEOGRAPHIC&FIELD PRESENCE, AND ORGANIZATIONAL STRUCTURE OF THE ISLAMIC DEVELOPMENT BANK

Islamic Development Bank was just an institution after it became a group which has 4 members in time. These are Islamic Research & Training Institute (IRTI), The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Islamic Corporation for the Devt. Of the Private Sector (ICD). Thanks to these partnerships or common workship, the bank can reach to more countries and it can serve better. Thus, it is the evidence that Islamic Development Bank developed by itself in time. We can understand how do these institutions contribute to the Islamic Development Bank, we can look at these explanations.

• Islamic Research & Training Institute (IRTI):

This institution was established in order to make a research and service about Islamic issues such as Islam banking and education in 1981. Islamic Research & Training Institute does not only make aforementioned things, also support persons and some institutions which do these things. On the other hand, IRTI publishes book and magazine. Most important thing is that this institution was planned in order to find people or institutions which have superior and unique talents about Islamic economy, banking, and finance.

Also, IRTI rewards and encourage these people or institutions.

• The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):

This institution was established in order to widen the investment and trade between the IDB’s member countries by the IDB’s member in 1994. The most important mission of the ICIEC, giving credit in line with the Islamic Laws and increasing export and foreign investment between member countries. ICIEC has 150 million dollar capital which is gathered by IDB and 34 countries’ contribution. Also, it provides credit insurance, political risk insurance, technical assistance.

• Islamic Corporation for the Devt. Of the Private Sector (ICD):

This institution was established with the mandate to promote private sector development member countries in 1999. One of the most basic targets of the ICD are these, facilitate access to Islamic capital markets, promote entrepreneurship, generalize Islamic capital market, and encouraging cross-country investments.

• International Islamic Trade Financing Corporation (ITFC):

This institution was established to promote and enhances intra-trade and help businesses to better access trade finance in 2008. ITFC also provide trade cooperation among Organization of Islamic Cooperation member countries through trade finance and promotion programs.

In fact, Islamic Development Bank has 3 important aim in order to do. These are project financing and technical support, trade financing and foundation fund. Most of the members need support in order to develop. At that point, IDB is a bank which is going to provide this support. IDB provides financial support for the countries which need help to develop. Thus, countries are going to be able to develop. In this process, the most important pay belongs to IDB. These supports continued until 2005 increasing. At the end of 2015, IDBs support reached to 7.2 billion $. IDB provides 38.3 billion $ support totally, from its establishment to 2015.

Table 5: IDB Financial Operations

On the other hand, Islamic Development Bank has some crucial representatives which are about the bank in some countries. There is one headquarter in Jeddah, there are 4 regional offices in Kazakhstan, Senegal, Malaysia and Morocco, there are 5 country gateway offices in Nigeria, Egyp, Indonesia, Bangladesh and Turkey. There are also 14 field representatives in Afghanistan, Azerbaijan, Bangladesh, Burkina Faso, Guinea Indonesia, Iran, Mali, Nigeria, Pakistan, Sudan, Turkmenistan, Uzbekistan, and Yemen[10].

Islamic Development Bank is governed by the board of directors. Also, Islamic Development Bank was formed by member countries’ Minister of Finance & Economy and ministry representatives. The organizational structure of the Islamic Development Bank is in the following schema.

Table 6: IDB Organizational Structure[11]

CAPITAL OF THE ISLAMIC DEVELOPMENT BANK

According to Meeting Annual Report which is the 38th Annual Meeting and the newest data (1436H, 2015) of the Islamic Development Bank, it says: “At its 38th Annual Meeting, the IDB’s Board of Governors approved the 5th General Capital Increase whereby the Authorized Capital was increased to ID100 billion and the Subscribed Capital (available for subscription) was increased to ID50 billion. By the same Resolution, the Board of Governors agreed to the calling in of the callable (in cash) portion of the 4th General Capital Increase. As at the end of 1436H, the subscribed capital of the IDB stood at ID49.92 billion.” ^[12]Islamic Development Bank’s capital is provided by the member countries’ payment. The countries which are Saudi Arabia, Libya, Iran, Nigeria, United Arab Emirates, Qatar, Egypt, Kuwait, and Turkey contributed to funds of a bank rate of 84,6%. Especially, IDB became effective about being able to use dollars which were earned from export of petrol in the Arap world. In the following Table 4, countries’ contributions which are in 2016 were indicated.

Table 7: Statement of IDB Share Capital Subscription Year End 2016[13]

As you see most of the income of the IDB is provided by 9 countries. Rest of them are the member of IDB with very low participation. Total subscribed is 50,096,99 by 980.98% according to Table 4. Available for subscription is 517,07 by 1.02%. And, the total issued capital 50,614,06 by 100.00%.

We can say looking the data, Turkey provides 3,263,84 million $ rate of 6.45%. As you see, Turkey is the country which has a partnership at the 9th level. Depending on it, Turkey’s rate of vote power is the rate of 6.68%. Different from these things, Islamic Development Bank provided 6 billion USA $ to Turkey until 14.11.2012. Turkey is a country which was provided support by the Islamic Development Bank in the 3rd level among 56 member counties. Turkey spends 2,44 million USA $ of the money that IDB provided for the project financing, and rest of them 3,62 million USA $ was spent for trade financing[14]. In addition to that Islamic Development Bank has bid opportunities. Member countries firms can join to projects which are supported and provided financing by Islamic Development Bank. Furthermore, member countries’ citizens can apply to work the positions that need workers and to deploy areas. Moreover, Islamic Development Bank provides a scholarship for the students. Member countries or non-member countries can benefit from this scholarship opportunity. The only scholarship program which is regulated by IDB is related to “Merit Scholarship Programme for High Technology” including in Turkey and other member countries. This program is for people who are a student of Ph.D. and post-PhD.

FINANCIAL ORGANS OF THE ISLAMIC DEVELOPMENT BANK

Islamic Development Bank was established as different from the other Development Banks, because other Development Banks use interest firstly. Islamic Development Bank was established in order not to use interest, unlike this it was established in order to be able to appropriate in line with the Shari’ah which includes Islamic Law. Thus, in order to be able IDB to support the projects, these projects must be suitable Islamic rules and principles. In addition to that, IDB has some crucial matters in order not to deviate from the straight way which has IDB’s aims. And, Islamic Development Bank is still using these crucial methods which are shown following diagram.

Schema 1: Financial Organs of the Islamic Development Bank[15]

• Profit Sharing:

Companies earn a certain amount money at the end of every year. Shareholders have certain shares in the company. Shareholders earn the profit over the period profit. Profit sharing depends on the shareholders' share amount. On the other hand, there is a difference between profit sharing and interest. How much that you are going to earn are biding interest rate, and it is certain. Profit and damage are shared among shareholders. However, in profit sharing, it is biding to project's productivity. If the productivity of the project is low, profit will be low. If the productivity of the project is high, then profit will be high. We can say that there is a risk in the profit sharing. And it makes profit sharing halal. In addition to that, interest has no risk. Thus, interest is fixed, and profit sharing is variable

• Working Capital Partnership:

Bank participates in one operating capital with the partnership of profit and damage. Thanks to this attempt, bank contributes companies to develop. At the end of the work, profit or damage are shared among the partners.

• Murabaha:

If consumers do not have enough money in order to buy something that they want, the bank buys something which is wanted by consumer instead of consumers. Thus, the consumer does not have to take a credit from the bank. After bank bought desired goods, it sells the goods to the consumer after adding some profit to the purchase price or cost. Profit and time of the payment are determined in the contract.

• Istisna'a:

 Istisna'a is an organ which is used for the promotion of trade in the enhancement of the production capacity, capital goods, and project financing. Istisna’a promotes manufacturing and construction capabilities of IDB Member Countries. It finances infrastructure projects such as rail, roads, bridges, and schools etc. Istisna’a is a contract between a beneficiary (the buyer) and a manufacturer (the seller) to produce a given product, with given specifications, at a determined price, and a fixed date of delivery.

• Lending:

Credits are given to the government or public institutions which are under the government guarantee. These credits which are maximum 7 billion Islam dinar for each project, provide long-term financial support for agriculture and infrastructure. In these credits, there is no interest, the bank just takes service price because of its expenditures. These credits can be used for the projects which are in less developed countries. Also, less developed member countries can use these credits which have no interest in order to improve infrastructure. These credits can be up to 20 years.

• Technical Assistance:

Technical assistance organ provides technical specialty, human resources development, and regulate the education. Also, it provides support as an institution. Technical Assistance is mainly extended to least Developed Member Countries (LDMCs).

• Leasing:

 Islamic Development Bank bought some instruments and tools, then it leases them for a while. In order to lease one of these mate materials, the beneficiary has to present government guarantee or beneficiary must present different guarantee which Islamic Development Bank is going to accept. This financial leasing's hire duration can be most 20 years. This financial leasing must be 80 billion Islam dinar most.

• Installment Sales:

Goods that are desired by the consumer id bought by the bank. Then bank adds some amount profit share on goods. Finally, bank sells the goods to the consumer tally trade.

Table 9: IDB Funds Distributed as Years million $ (IDB 2015)[16]

Table 8: IDB Funds that was given by IDB to Turkey (million $) (IDB 2015)[17]

THE KEY STRATEGICS THRUSTS OF THE ISLAMIC DEVELOPMENT BANK FOR 2020 VISION[18]

Islamic Development Bank was established in order to develop its member countries and Muslim communities in non-member countries, in accordance with the principles of Shariah (Islamic Law) in 1975. It was once a Bank, then it changed and became a Group now. At the beginning of the IDB, it had only 22 members but after time number of member increased to 57. For over a decade now, IDB is rated AAA on 21 August 2017 by the three major Rating Agencies (Standard & Poor's, Moody's, and Fitch) which facilitates mobilization of the resources from the market to fulfill countries' needs of finance. After the bank has grown up, shareholders decided to prepare a long-term vision for the Bank in 2005. Thanks to these visions, Islamic Development Bank is able to provide better service to the stakeholders which are member Islam countries and non-member Muslim communities. At that point, some important principles are determined by member Islam countries.

Islamic Development Bank group vision is: "To become a world-class development bank, inspired by Islamic principles, that has helped significantly transform the landscape of comprehensive human development in the Muslim world and helped restore its dignity."[19]

Islamic Development Bank Group mission is: "To promote comprehensive human development, with a focus on the priority areas of alleviating poverty, improving health, promoting education, improving governance and prospering the people."[20]

The principles which are alleviate poverty, promote health, universalize education, prosper the people, empower the sisters of Islam without breaching the tenets of Islam, expand the Islamic financial industry, facilitate the integration of IDB Member Country economies among themselves and with the World, improve the image of the Muslim World. IDB must realize its contemporary vision and pursuit of its new mission. These strategic principles are necessary for the development of the Islamic Developmen Bank. In order to reach its own aims, IDB has to determine a strategic way for itself. If these aims which includes whole world’s problem, then Islamic Development Bank will able to realize its own targets and fix the all world’s problem.

Conclusion

The most important and basic aims of the Islamic Development Bank which was established by Muslim countries as a cooperation is that increasing the trade between member countries and contributing the social progress of the Muslim countries. Muslim countries need to be developed just like other countries. The most important condition of the Islamic Development Bank is not to use interest. Before IDB was established, it tried to be established bank which does not use the interest for many time. For instance, 11 banks which have no interest tried to be established between 1965-1967. However, all these testings didn’t work (H.Abdullah 1985, s.40-41). After all these events, IDB could be established in order to provide a unity between Islam countries. Islamic Development Bank represents that bank which does not use the interest. Due to this qualification, it has vital importance for Islam country in point of all world. The countries which are the member of the IDB examined the African less-developed countries which are the member of the IDB. As a result of this examination has shown that these countries developed thanks to IDB’s supports. Thus, we can say IDB’s supports became beneficial for these countries. Summary, it cannot be denied that IDB tries to support Muslim countries in many ways. However, when we compare IDB with World Bank and IMF, we can absolutely say that IDB is not enough in terms of capital.

Aforementioned before in this article, IDB’s most of the capital is eliminated by 9 countries rate of 84,6%. Other member countries pay a low amount of money, because they are low-income country. In order to get over this problem, IDB’s main shareholders have to increase their amount of payments. Especially, petrol revenues are the big advantage for IDB, of course, if we can use them beneficially. At that point, if countries which gain money thanks to their petrol revenue such as Saudi Arabia, use these revenues in a beneficial way for IDB, then IDB can realize its targets and aims easier. Another problem of the IDB is that deficiency of the personnel. To demonstrate, World Bank has 10.000 employees, vice versa Islamic Development Bank’s employees’ number is not even 1000 even though after its establishment 30 years. IDB must increase the number of employees. However, while IDB is doing this, at the same time it must educate the employees. Only if IDB educate these employees, then they will become a person who is going to be beneficial for the Islamic Development Bank.

IDB’s most of the members have low-income, so IDB must try to help these countries in order them to develop. In addition to that, IDB must increase the amount which it gave to low-income level countries. Only if IDB do this, then Islam countries may be developed and become in a position that being able to race with other world countries. Apart from these, in the eyes of the West Islam and Islamic issues are not favored. It is already clear that Islam World’s status, unfortunately, they were separated within itself. At that point, not only IDB has a mission to gather all Islam countries, but also this mission belongs to the Organization of Islamic Cooperation. If the member Muslim countries can achieve to do beneficial issues, then we can fix the image of the Islam countries and Islam itself in the eyes of the West. For example, Islamic Development Bank can educate the employees who are going to do beneficial things for their own countries and do useful activities for the humanity and so on. Everything starts with the first and small step, at that point IDB has to take some crucial responsibilities as a representative of the Islam World. Although Islamic Development Bank’s aim is providing a unity between member Muslim countries, this target couldn’t be achieved. Because until today, trade capacity became just rate of 10-13%. Islamic Development Bank has to take responsibilities for developing of the trade between member Muslim countries.

Aforementioned in this article, IDB contains 9 key strategies for 2020 vision. These 9 key strategies which aim that improving all universe are necessary to have a good future for each person and country. If the IDB fulfills these targets, then we may have a better life.

I wish we will have a better future, finally “Together we build a better future..”

Ayşenur TOPAL

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[1] “ISLAMIC DEVELOPMENT BANK, Functions.”

http://www.isdb.org/Irj/Go/Km/Docs/Documents/IDBDevelopments/Internet/English/IDB/CM/Publications/Annual_Reports/28th/Background.pdf

[2]“Member Countries and IsDB Group Offices.”

http://www.eie.gov.tr/Verimlilik/sunum2017/4.Kamu%20Binalar%C4%B1nda%20Enerji%20Verimlili%C4%9Finin%20Finansman%C4%B1%20i%C3%A7in%20Model%20%C3%96nerileri/IDB%20Energy%20Efficiency%20in%20Public%20Buildings.Pdf , 12 Jan. 2017.

[3]Ulusoy, Yrd.Doç.Dr Recep. “İslami Kalkınma Bankası.” http://www.tasam.org/Files/Icerik/File/islam_kalkinma_bankasi_idb_c36a0244-f967-49a6-a599-9198cb5962ee.Pdf

[4] “History of The Organisation of Islamic Cooperation (OIC).” History, 19 Dec. 2017,

www.oic-oci.org/page/?p_id=52&p_ref=26&lan=en

[5] “Articles of Agreement of Islamic Development Bank.”

http://www.isdb.org/Irj/Go/Km/Docs/Documents/IDBDevelopments/Internet/English/IDB/CM/About%20IDB/Articles%20of%20Agreement/IDB_Articles-of-Agreement.pdf

[6] “Approved IDB Projects.”

https://www.oecd.org/Mena/Competitiveness/Privatesectorinitiatives/44667751.Pdf . page: 13-19

[7] “Islamic Development Bank Members.” Islamic Development Bank, http://www.isdb.org/irj/portal/anonymous?NavigationTarget=navurl://9c2f799fdba05fd8b547aa0e2027b7c9

[8] Corr, Mustapha. “Islamic Development Bank Members.” http://unctad.org/Meetings/Es/Presentation/17OILGASMINE%20Mustapha%20Corr%20S5.Pdf , 23 Nov. 2015.

[9] “Where we work.” Islamic Development Bank - Who we work with,

http://thatswhy.isdb.org/irj/go/km/docs/documents/IDBDevelopments/Internet/thatswhy/en/where-we-work.html

[10] Corr, Mustapha. “The Islamic Development Bank Group.” http://unctad.org/Meetings/Es/Presentation/17OILGASMINE%20Mustapha%20Corr%20S5.Pdf , 23 Nov. 2015. page: 8

[11] “IDBOrganizationalStructure.” http://www.isdb.org/Irj/Go/Km/Docs/Documents/IDBDevelopments/Internet/English/IDB/CM/About%20IDB/Senior%20Officials/IDB_Chart.Pdf

[12] “CORPORATE PROFILE OF THE ISLAMIC DEVELOPMENT BANK.” http://www.isdb.org/Irj/Go/Km/Docs/Documents/IDBDevelopments/Internet/English/IDB/CM/Publications/Annual_Reports/41st/annrep_en_1436.Pdf

[13] “Statement of IDB Share Capital Subscription As at 2/4/1438H (December 31, 2016) Year End 2016.” Islamic Development Bank, www.isdb.org/irj/portal/anonymous?NavigationTarget=navurl%3A%2F%2F9c2f799fdba05fd8b547aa0e2027b7c9

[14]  “Islamic Development Bank.” Dış Ekonomik İlişkiler Genel Müdürlüğü, https://www.hazine.gov.tr/File/?path=ROOT/1/Documents/DEI%20-%20%C4%B0kili%20ve%20%C3%87ok%20Tarafl%C4%B1%20%C4%B0li%C5%9Fkiler%20Dok%C3%BCmanlar%C4%B1/IslamKalkinmaBankasi-IKB.pdf

[15] “Modes of IDB Financing.”

http://www.isdb.org/Irj/Go/Km/Docs/Documents/IDBDevelopments/Internet/English/IDB/CM/Projects/Policies%20%26%20Procedures/Disbursement%20Procedures/Disbursement_Handbook.Pdf , page 4-5

[16] Yardımcıoğlu, Mahmut, et al. “ Yıllar İtibarıyla Dağıtılan İKB Fonları (Milyon dolar)(İKB 2015).” http://ksu.dergipark.gov.tr/download/article-file/107750 , page 11

[17] Yardımcıoğlu, Mahmut. “ Türkiye’nin İKB’den aldığı Toplam Fonlar(Milyon dolar)(İKB 2015).” http://ksu.dergipark.gov.tr/download/article-file/107750 , page 12

[18] “IsDB «Aaa» Rating reaffirmed by Moody’s Ratings.”

https://www.isdb-Pilot.org/Wp-Content/Uploads/2017/08/IsDB-Aaa-Rating-Reaffirmed-by-Moodys-Ratings.pdf , 21 Aug. 2017.

[19] “THE ISLAMIC DEVELOPMENT BANK 1440H VISION.”

http://www.isdb.org/Irj/Go/Km/Docs/Documents/IDBDevelopments/Internet/English/IDB/CM/About%20IDB/IDB%201440H%20Vision/IDB_1440H_Vision-full_version.Pdf ,14 Sept. 2005. page 27

[20] “THE ISLAMIC DEVELOPMENT BANK 1440H VISION.” http://www.isdb.org/Irj/Go/Km/Docs/Documents/IDBDevelopments/Internet/English/IDB/CM/About%20IDB/IDB%201440H%20Vision/IDB_1440H_Vision-full_version.Pdf ,14 Sept. 2005. page 27

http://www.ilimvemedeniyet.com/katilim-bankaciligi-tarihcesi-gelisimi-ve-faizsiz-finans-urunleri.html

http://www.ilimvemedeniyet.com/bir-islami-finans-enstrumani-tekaful.html

http://www.ilimvemedeniyet.com/bir-islami-finans-enstrumani-sukuk.html

http://www.ilimvemedeniyet.com/katilim-bankaciligi-ile-konvansiyonel-bankacilik-arasindaki-farklar-ve-faizsiz-finans-urunleri.html

http://www.ilimvemedeniyet.com/islam-ekonomisi-calismak.html

http://www.ilimvemedeniyet.com/islam-ekonomisi-prof-dr-ahmet-tabakoglu.html