Islamic Development Bank is a banking institution based in Jeddah, Saudi Arabia. Established in 1975, the firm participates in equity capital and grants loans for productive projects and enterprises besides providing financial assistance to member countries in other forms for economic and social development. The firm is also required to establish and operate special funds for specific purposes including a fund for assistance to Muslim communities in non-member countries. The purpose of the Islamic Development 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 Islamic Law. The assets of the firm are managed by the board of executive directors.