The Islamic Development Bank (IDB) is an international financial institution established in accordance with the resolution issued by the Conference of Ministers of Finance of Islamic Countries held in Jeddah in December 1393. The inaugural meeting of the Board of Governors was held in Riyadh in the month of Rajab 1395H 1975). The bank was officially inaugurated on the 15th of Shawwal 1395 AH (20th October 1975).