Disbursement Procedures - Islamic Development Bank

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Table of Contents Chapter 1 : The Islamic Development Bank Chapter 2 :Legal Aspects Chapter 3 : Procurement of Goods and Services Chapter 4 : Disbursement Procedures Chapter 5 : Disbursement Reports Chapter 6 : Accounts and Audit Chapter 7 : Dues, Invoking of Guarantees and Rescheduling Chapter 8 : Hints to Avoid Delays in Processing Disbursement Requests ANNEXES
Chapter 1 - The Islamic Development Bank AN OVERVIEW Establishment of the Islamic Development Bank 1.1 The Islamic Development Bank (IDB) is an international development financing institution established in pursuance of the Declaration of Intent issued by the First Conference of Finance Ministers of the Islamic Countries held in Jeddah, Saudi Arabia, in Dhul Qa'da 1393H (December, 1973) and signed by representatives of twenty three member countries of the Organization of the Islamic Conference (OIC). The inaugural meeting of the Board of Governors of the Bank took place in Riyadh, Saudi Arabia, in Rajab 1395H (July 1975). The Bank started functioning on 15 Shawwal 1395H (20 October 1975). Membership 1.2 At the end of 1419H (1999G) the membership of the Bank has increased to fifty three countries, compared with twenty-three at the time of inauguration in 1395H (1975). The membership of the Bank is expected to increase further in near future as and when required. Purpose 1.3 The Bank is established to foster the economic development and social progress of member countries and Muslim communities individually as well as jointly, in accordance with the principles of Shari'ah. Head Office 1.4 The principal office of the Bank is in Jeddah, Kingdom of Saudi Arabia, while current regional offices are located in Malaysia (Kuala Lumpur), Morocco (Rabat) and in Kazakstan (Al Maty). Principles of Operations 1.5 The Islamic Development Bank operates according to the Shari'ah principles. 1.6 Shari'ah is the set of rules derived from the Holy Quran, the authentic traditions (Sunnah) of the Prophet (peace be upon him) and the scholarly opinions (Ijtehad) which are based on the Holy Quran and the Sunnah. 1.7 The principles of Shariah that govern Islamic banking are the following:- - prohibition of interest (riba) in all financial transactions, such as: riba in debts, riba in sales, including forward currency deals and futures exchanges.
Page 1: ISLAMIC DEVELOPMENT BANK DISBURSEME
Page 5 and 6: provided for acquiring ships, oil t
Page 7 and 8: A “Project Document” is p4repar
Page 9 and 10: • Effective date Except as otherw
Page 11 and 12: General Conditions Chapter 2 - LEGA
Page 13 and 14: 2.10 Effectiveness Conditions : Agr
Page 15 and 16: Distinction between Arrears on Publ
Page 17 and 18: h) Country of the beneficiary/lesse
Page 19 and 20: The guidelines fo the Bank set out
Page 21 and 22: Agreement. Payment under the contra
Page 23 and 24: 3.23 Preference to Member Countries
Page 25 and 26: with the supplier who provided the
Page 27 and 28: 4.6 In order to be eligible for pay
Page 29 and 30: Direct Payment - Direct payment to
Page 31 and 32: vii. Special report is to be prepar
Page 33 and 34: charges and interest should be agre
Page 35 and 36: (b) deposit of an amount equal to t
Page 37 and 38: used. A bank statement to show the
Page 39 and 40: 4.79 Purpose of Retroactive Financi
Page 41 and 42: Chapter 5 DISBURSEMENT REPORTS 5.1
Page 43 and 44: Objective Chapter 6 ACCOUNTS AND AU
Page 45 and 46: * General file: The signed financin
Page 47 and 48: Follow-Up Of Installments Due In Th
Page 49 and 50: i. Date Agreement was Signed: This
Page 51 and 52: Chapter 8- HINTS TO AVOID DELAYS IN
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Annex 1 - A GLOSSARY OF DISBURSEMEN
Page 55:
30. Negotiating Bank : The commerci
Page 58 and 59:
2 Country Currency Code Country Abb
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Finance Department currently estima
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against those contracts that should
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. Review of the contract to ensure
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Officer participates whenever possi
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Table 3 - Estimated number of staff
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PROJECT COMPONENT FORM (2) Re-alloc
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(B) Any payment made hereunder shal
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(C) The covenants herein contained
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- Handle large number of transactio
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These statements must be reconciled
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Annex 5.2 QUARTERLY DISBURSEMENT SU
Page 82 and 83:
D-DISBURSEMENT MANUAL(1).A:.PROJECT
Page 84:
Prepared by : Reviewed by : D-DISBU
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