The
Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has been
elected as the chairman of the International Islamic Liquidity
Management Corporation (IILM) on Thursday, December 15, 2016 in Jakarta,
Indonesia.
In a press release, the CBN’s Acting
Director, Corporate Communications, Mr. Isaac Okorafor says that by this
development, Mr. Emefiele is also the Head of the General Assembly of
the financial body comprising of nine countries and Islamic Development
Bank with headquarters in Kuala Lumpur, Malaysia.
The
International Islamic Liquidity Management Corporation (the IILM) is an
international institution established by central banks, monetary
authorities and multilateral organisations to create and issue
short-term Shari’ah-compliant financial instruments to facilitate
effective cross-border Islamic liquidity management. By creating more
liquid Shari’ah-compliant financial markets for institutions offering
Islamic financial services (IIFS), the IILM aims to enhance cross-border
investment flows, international linkages and financial stability.
The
body’s major mandates include developing a robust Islamic liquidity
management as a catalyst for cross-border financial linkages and
facilitating effective cross-border liquidity management instruments for
institutions that offers Islamic financial series.
The
organization is also charged with the responsibility of enabling a
future global finance industry with greater connectivity, stability and
sophistication.
The body, which was established in 2010,
is open to central banks, monetary authorities, financial regulatory
authorities or government ministries or agencies that have regulatory
oversight of finance or trade and commerce, and multilateral
organisations.
The current shareholders comprise of
central banks and monetary authorities of Indonesia, Kuwait, Luxembourg,
Malaysia, Mauritius, Nigeria, Qatar, Turkey, the United Arab Emirates
and the Islamic Development Bank.
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