Description

IDB board of Governors decided to establish the Islamic Solidarity Fund for Development (ISFD) as a Waqf fund worth 10 billion $ within the IDB with a view to (a) reduce poverty, (b) build the productive capacities of member states, (c) reduce illiteracy, and (d) eradicate diseases and epidemics, particularly Malaria, Tuberculosis (TB) and AIDS. Resources were mobilized by the Bank and its member countries.

Top priority was given to employment and income-generation activities targeting particularly women. Other priority areas included: human development, infrastructure, agriculture, rural development, emergency relief, post conflict reconstruction and institutional capacity building

To further enhance its operations, the Fund’s Management has decided to embark on an initiative to formulate an Investment Management Policy to ensure that the Fund’s assets were well managed for profit maximization. The fund  performed poorly generating low returns of less than 1% in the past year.