CBN governor Chairs Islamic Liquidity Corporation board

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.

The CBN’s Acting Director, Corporate Communications, Mr Isaac Okorafor in a press release, says that by this development, Mr Emefiele is also the Head of the General Assembly of the financial body comprising nine countries and Islamic Development Bank with headquarter in Kuala Lumpur, Malaysia.

The International Islamic Liquidity Management Corporation  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.

According to the statement, 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 offer 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.