The Islamic Development Bank (IDB) is an international financial institution established in 1395 (1975) with the purpose of fostering economic development and social progress of member countries and Muslim Communities in non-member countries in accordance with the principles of Shari'ah. The IDB 1440H Vision refocused the whole organization to ‘transform the landscape of comprehensive human development' by the year 2020.
To complement and strengthen its development agenda, IDB launched its first Scholarship Programme in 1983 with the aim of converting talented members of the Ummah into competent professionals and social assets. The realization of the aim began as IDB scholars started to attain professional positions, play development roles and assume professional / socio – economic leadership in their respective countries and communities, and the future looking more promising.
Scholarship for Muslim Communities in Non-Member Countries (SPMC):
• For Muslim students in non-member countries who are needy and academically strong with commitment to community and country.
• For undergraduate studies in Medicine, Engineering, Agriculture and related areas.
• Study in home countries or in IDB member countries.
• To return to serve their respective countries and communities.
• Scholarships are grants to the Muslim communities and interest free loan to the students to be repaid to a local Trust (IDB Education Trust) which has established a waqf from these funds.
• As the graduates repay their loans, these funds are used to grant further loan bursaries to South African students.
• A special fund from this waqf is used to support students from disadvantaged communities in various fields of studies.