CBN Gov Appointed Chairman of Islamic Finance Body

Governor of the Cen­tral Bank of Nige­ria (CBN), Mr. Godwin Emefiele has been appointed chairman of the Governing Board and Head of the General As­sembly of the International Islamic Liquidity Manage­ment Corporation (IILM).
According to the cor­poration website, Eme­fiele’s appointment was done Friday at the 17th Governing Board Meet­ing of the corporation in Jakarta, Indonesia.

The International Is­lamic Liquidity Man­agement Corporation 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 corporation said.
Founded on October 25, 2010, the current share­holders are Qatar, Kuwait, UAE, Indonesia, Malaysia, Turkey, Mauritius and Lux­embourg.
Membership of the IILM 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 IILM is hosted by Malaysia and headquar­tered in Kuala Lumpur. As an international insti­tution, the IILM enjoys a range of privileges and im­munities conferred by the IILM Act 2011 issued by Malaysia.