These are established within the framework of the Organization of Islamic Cooperation in accordance with a resolution adopted by the Islamic Conference of Kings and Heads of State and Government or Islamic Conference of Foreign Ministers. Membership to these organs is optional and open to OIC Member States. Their budgets are independent of the budget of the Secretariat General and those of the subsidiary organs and are approved by their respective legislative bodies as stipulated in their Statutes.
To-date, four specialized institutions have been established and they are located in different capitals and cities in the Islamic World - they are the following:
- Islamic Development Bank (IDB)
- Islamic Educational, Scientific and Cultural Organization (ISESCO)
- Islamic Broadcasting Union (IBU)
- International Islamic News Agency (IINA)
|ISLAMIC DEVELOPMENT BANK (IDB)|
The Islamic Development Bank (IDB), a specialized institution of the OIC, is an international financing institution.
The idea of establishing this institution dates back to the 2nd Islamic Foreign Ministers Conference, held in Karachi; in 1970 which recommended to undertake an in-depth study of this project. A Declaration of Intent was issued by the First Conference of Finance Ministers of Islamic countries, held in Jeddah, in Zul Qaddah , 1393AH (December 1973) to endorse this idea. The Bank was formally inaugurated on 15th Shawal, 1395AH. (20 October, 1975).
The purpose of the Bank is to foster the economic development and social progress of Member States and Muslim Communities individually as well as collectively in accordance with the principles of the Shariah.
The functions of the Bank are to provide equity participation and grant loans for productive projects and enterprises. It also gives financial assistance to member states in other forms for their economic and social development and to foster foreign trade among member countries.
The basic condition for membership is that the prospective member country be a member of the Organization of Islamic Cooperation.
ORGANIZATION AND ADMINISTRATION
The Bank is composed of:
a) A Board of Governors
Each member state is represented in the Board and nominates a governor and an alternate governor.
The Board meets once a year, in an ordinary session.
b) A Board of Executive Directors
It consists of 10 members who are not members of the Board of Governors. They are elected for a mandate of three years by the Board of Governors. they can be re-elected.
c) The President
He is the legal representative of the Bank and its Chief Executive Officer (CEO).
He is elected by the Board of Governors for a period of five years and can be re-elected.
The authorized capital of the Bank is six billion Islamic Dinars divided into 600,000 shares among subscriber. The value of the Islamic Dinar, which is the unit of account of the Bank, is equivalent to one Special Drawing Right of the International Monetary Fund (SDR). The subscribed capital of the Bank is 4 billion Islamic Dinars. One Islamic Dinar =1.3 US Dollar.
The Bank's Headquarters is in Jeddah, Kingdom of Saudi Arabia.
P.O. Box 5925 Jeddah
Kingdom of Saudi Arabia
Tel: (+966 2) 636 1400
Fax: (+966 2) 636 6871, 637 1334, 637 9080
Telex : 601137 ISDB SJ.
|ISLAMIC EDUCATIONAL, SCIENTIFIC AND CULTURAL ORGANIZATION (ISESCO)|
ISESCO is a specialized institution of the OIC in the field of Education, Science Culture.
The Eleventh Conference of Islamic Foreign Ministers held, in Islamabad, in Rajab 1400H/May, adopted Resolution No.2/11-C, concerning the approval of the Statute of this institution following the decision of the Tenth Conference, to establish it. The decision was notified by the Third Islamic Summit held in Makkah/Taif, in 1981. ISESCO's constituent conference was held in Fez, Kingdom of Morocco, in May 1982.
The objectives of the Islamic Organization - ISESCO - include:
- To strengthen cooperation among member states in the field of education, science and culture.
- To coordinate the efforts of OIC institutions in the fields of education, science and technology to foster Islamic solidarity.
- To see to it that the curricula at all educational levels are based on Islamic culture.
- To consolidate authentic Islamic culture and to protect the independence of Islamic thought against all forms of invasion and all factors of cultural alienation, distortion and disfigurement.
- To consolidate understanding among peoples and to contribute to the achievement of world peace and security through various means, especially education, science and culture.
- To promote cooperation among member states in the fields of education, science, culture, development of applied sciences and the use of high tech within the framework of the lofty and perpetual Islamic values and ideals.
The Headquarters of ISESCO is in Rabat, Kingdom of Morocco.
Avenue des F.A.R , Hay Ryad, PO Box: 2275, PC Code 10104
P.O.Box : 2275 10104
Tel: + 212 (0) 37 56 60 52 / 53
Fax: + 212 (0) 37 56 60 12 / 13
Email : email@example.com
|ISLAMIC BROADCASTING UNION (IBU)|
This OIC specialized institution -originally Islamic States Broadcasting Organization (ISBO)- was established in pursuance of a resolution adopted by the Sixth Islamic Conference of Foreign Ministers held in Jeddah, Kingdom of Saudi Arabia, in July 1975.
The main objectives of the Organization are:
- To propagate the principles of the Islamic Da'wa, and teach the Arabic language.
- To get Muslim peoples to know one another.
- To explain and fight for Islamic causes.
- To strengthen the spirit of brotherhood among the Muslim peoples.
- To develop cooperation between the Islamic technical organisms and institutions of member states in the field of broadcasting.
- To produce and exchange radio and television programmes for promoting the objectives of the Organization.
The Islamic Broadcasting Union (IBU) is in Jeddah, Kingdom of Saudi Arabia.
P.O. Box 6351 Jeddah 21422
Kingdom of Saudi Arabia
Tel: (+966 2) 672 1121 / 672 2269
Fax: (+966 2) 672 2600
|INTERNATIONAL ISLAMIC NEWS AGENCY (IINA)|
The International Islamic News Agency, an OIC specialized institution was set up in pursuance of resolution No.6/3- adopted by the 3rd Islamic Conference of Foreign Ministers, held in Jeddah in March 1972, following a prior decision taken by the Islamic Conference in Karachi, (Islamic Republic of Pakistan) in 1970.
- To develop close and better relations between member states in the Information field.
- To promote contacts and technical cooperation between the news agencies of member states.
- To work for better understanding of Islamic peoples and their political, economic and social problems.
The Headquarters of the Agency is located in Jeddah, Kingdom of Saudi Arabia.
P.O.Box 5054, Jeddah 21422
Kingdom of Saudi Arabia
Tel: (+966 2) 665 8561 / 665 2056
Fax: (+966 2) 665 9358