Emefiele Elected Chairman Of Islamic Liquidity Corp

Emefiele Elected Chairman Of Islamic Liquidity Corp

Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) was on Thursday in Jakarta, Indonesia, elected chairman of the International Islamic Liquidity Management Corporation (IILM).
The body, established in 2010 and open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies with regulatory oversight of finance or trade and commerce, and multilateral organisations, issues three-month Sukuk (Islamic bonds).
Last week, the corporation reissued a $500 million 3-month tenor sukuk, its 31st, priced at a profit rate of 1.34806%, after issuing a $840m short-term instrument at 1.35122%, which brings total issued and reissued sukuk to $22.48 billion in six years.
A statement by Isaac Okorafor, the CBN’s Acting Director, Corporate Communications, noted that by this development, Emefiele also becomes the Head of the corporation’s General Assembly, made up of nine countries, as well as the Islamic Development Bank.
The statement noted that “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.
“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.”
IILM, whose 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, Okoroafor added, is also charged with the responsibility of enabling a future global finance industry with greater connectivity, stability and sophistication.