The Governor of the Central Bank of Nigeria, Godwin Emefiele, has been elected as the Chairman of the International Islamic Liquidity Management Corporation. He was elected on Thursday in Jakarta, Indonesia.
By this development, Emefiele had 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.
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 organisation 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.