Islamic banking services to get boost as Emefiele chairs body

Islamic banking services would soon get a new boost as the Governor of the Central Bank Bank of Nigeria (CBN), Godwin Emefiele, emerges Chairman of the International Islamic Liquidity Management Corporation (IILM).

Elected in Jakarta, Indonesia, last week, the new executive will pursue the mandates of developing a robust Islamic liquidity management as a catalyst for cross-border financial linkages.

They would also facilitate effective cross-border liquidity management instruments for institutions that offer Islamic financial series.

The are also charged to advance the organisation’s goal of enabling a future global finance industry with greater connectivity, stability and sophistication.

CBN’s Acting Director, Corporate Communications, Isaac Okorafor, affirmed that by the development, Emefiele
is also the Head of the General Assembly of the financial body, which comprised nine countries and Islamic Development Bank headquartered in Kuala Lumpur, Malaysia.

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, the IILM aims to enhance cross-border investment flows, international linkages and financial stability.

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.