ISDF- International Solidarity Fund for Development

ISDF- International Solidarity Fund for Development

Background:

The decision to establish the Islamic Solidarity Fund for Development (ISFD) was reached by the Third Extraordinary Session of the OIC Summit held in Makkah Al-Mukarramah on 05-06 Dhul Qadah, 1426H (07-08 December, 2005). The Summit decided to establish a special fund within the IDB with a view to: 
(a) reduce poverty,
(b) build the productive capacities of member countries,
(c) reduce illiteracy, and
(d) eradicate diseases and epidemics, particularly Malaria, Tuberculosis (TB) and HIV/AIDS.

Official Launching:

The ISFD was officially launched during the 32nd Meeting of the IDB Board of Governors (BOG), held on 30 May, 2007 in Dakar, Senegal.

What is Takaful?

Takaful: 

The word Takaful is an arabic word which means 'mutual guarantee'. It is a type of Islamic insurance, where members contribute money into a pooling
system in order to guarantee each other against loss or damage. It goes against the riba (interest), al-maisir (gambling), and al-gharar (uncertainty) principles, that are prohibited in Islamic Sharia.

Reference from Quran:
Help one another in al-Birr and in al-Taqwa (virtue, righteousness and piety), but do not help one another in sin and transgression. (Surah Al-Maidah, Verse 2)
Principles of Takaful:

Islamic Development Bank

Islamic Development Bank:
IDB is a multilateral development financing institution. It is located in Jeddah, Saudi Arabia. It was founded in 1973.
Major Shareholders:
Saudi Arabia, Libya, Iran, Egypt, Turkey, UAE, Kuwait, Pakistan, Algeria, Indonesia
President:
Ahmad Mohamed Ali Al-Madani