Mr. Godwin Emefiele,the Governor, Central Bank of Nigeria (CBN), was elected as the chairman of the International Islamic Liquidity Management Corporation (IILM) on Thursday, December 15, 2016 in Jakarta, Indonesia.
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.
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 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 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 organization is also charged with the responsibility of enabling a future global finance industry with greater connectivity, stability and sophistication.
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.