The International Islamic Liquidity Management Corporation is an international institution established by central banks.
The body also comprises monetary authorities and multilateral organizations.
The central aim of the corporation is the creation and issuance of short-term Shari’ah-compliant financial instruments.
The hope it to facilitate effective cross-border Islamic liquidity management.
The corporation issues funds to institutions offering Islamic financial services (IIFS).
In doing this, 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.
They also facilitate 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 current shareholders comprise of central banks and monetary authorities of Indonesia, Kuwait, and Luxembourg.
Others include Malaysia, Mauritius, Nigeria, Qatar, Turkey, the United Arab Emirates and the Islamic Development Bank.
Nigeria’s central bank governor, Godwin Emefiele was chosen by the body as it group chairman.
The appointment was announced on Thursday, December 15, 2016, in Jakarta, Indonesia.
It noted that by this development, Emefiele was also the Head of the General Assembly of the financial body comprising of nine countries and Islamic Development Bank with headquarter in Kuala Lumpur, Malaysia.