Giving Compass' Take:

• Salaam Gateway reports on a $500 million investment by the Islamic Development Bank to promote science and tech innovation in developing countries.

• This is a significant impact investment, with an eye toward sustainable solutions. Will it reach areas that other funders are unwilling to explore? Turkey, for example, is a huge manufacturing hub, but the geopolitical risks in that region have scared many investors away.

• If you're looking for a wider-view picture of philanthropy in the Arab world, check this out.

The Islamic Development Bank (IDB) launched a $500 million "innovation fund" for funding scientific and technological inventions to tackle development challenges among state members.

IDB’s President Bandar Hajjar said in a statement that some of the money earmarked for the fund would be invested in food security, education, water management, clean energy and manufacturing in developing nations.

“The Islamic Development Bank understands that people living in the developing world need more than just grant funding. They need sustainable solutions to help them build their own way out of poverty. At the same time, we do need to offer access to the resources they need to realize their goals and change the world. That is why we have launched Transform,” indicated Hajjar.

“Transform will ensure our members have access to a vital flow of financing facilities to help finance innovative ideas linked to real development solutions,” he added.

Some sums will finance emerging companies, small and medium enterprises, stating that inventors, scientists and institutions can apply for funding online.

Read the full article about the Islamic Development Bank's $500 million investment at ASHARQ.