Emefiele emerges Chairman of International Islamic Liquidity Management Corporation

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Emefiele islamic

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has been elected as the Chairman of the International Islamic Liquidity Management Corporation.

A statement signed by the Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor on Friday, said Emefiele was elected on Thursday in Jakarta, Indonesia.

As a result of the appointment, Emefiele has also become the head of the general assembly of the financial body comprising nine countries and the Islamic Development Bank, with headquarters in Kuala Lumpur, Malaysia.

The International Islamic Liquidity Management Corporation is a global institution established by central banks, monetary authorities and multilateral organisations to create and issue short-term Shariah-compliant financial instruments to facilitate effective cross-border Islamic liquidity management.

By creating more liquid Shariah-compliant financial markets for institutions offering Islamic financial services, the IILM aims to enhance cross-border investment flows, international linkages and financial stability.

Established in 2010, the IILM is charged with the responsibility of enabling a future global finance industry that mooted connectivity, and stability.

Aside Central banks, the organisation’s membership is also open to 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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