the crisis of modernisation and islamicisation 331subsidiaries, which are established by resolutions adopted by heads
of states and or Foreign Ministers of member states. A quick glance
at these bodies, of which some are headed by heads of states and
others by officials at ministerial levels, reveals the type of activities
the OIC has been undertaking. A comprehensive list of these is pro-
vided in the publications of the OIC, but it suffices for our purposes
to highlight the main bodies related to our subject. Following the
OIC classification, these may be pointed our as follows:
Subsidiary Organs: the Statistical, Social Research and Training
Center for Islamic Countries, Turkey, the Research Center for Islamic
History, Art and Culture, Turkey, the Islamic Institute for Technology,
Bangladesh, the Executive Bureau of the Islamic Solidarity Fund and
its Waqf, Saudi Arabia, the Islamic University of Niger, and the
Islamic University of Uganda
Specialized Institutions and Organs: the Islamic Development Bank,
Saudi Arabia, the Islamic Educational, Scientific and Cultural Organ-
ization, Morocco, and the Islamic States Broadcasting Organization,
Saudi Arabia
Affiliated Institutions: Islamic Chamber of Commerce and Industry,
Pakistan, Organization of Islamic Capital and Cities, Saudi Arabia,
Islamic Committee of International Crescent, Libya, Islamic Shipowners
Association, Saudi Arabia, World Federation of International Arabo-
Islamic Schools, Saudi Arabia, and International Association of Islamic
Banks, Saudi Arabia
Standing Committees: Al-Quds ( Jerusalem) Committee, Standing
Committee for Information and Cultural Affairs, Standing Committee
for Economic and Trade Cooperation, and Standing Committee for
Scientific and Technological Affairs
Economic Features
The Establishment of the Islamic Development Bank (IDB)
In implementation of the OIC recommendation, the Conference of
Finance Ministers of Muslim Countries, held in December 1973,
passed a Declaration of Intent of establishing an Islamic develop-
ment bank to serve the Muslim communities. In July 1975 the Islamic
Development Bank was formally established and in October 1975 it