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The Governing Board (GB) is the strategy and policy-making body of the IILM. The GB members are Bank Indonesia, Central Bank of Kuwait, Bank Negara Malaysia, Bank of Mauritius, Central Bank of Nigeria, Qatar Central Bank, Central Bank of the Republic of Türkiye, Central Bank of the United Arab Emirates and the Islamic Corporation for the Development of the Private Sector.

The office of the Chairman and that of the Deputy Chairman of the GB are rotated annually among the GB members based on the earliest date of becoming a member of the IILM. In case of a tie where more than one eligible member becomes a members on the same date, the decision is based on the alphabetical order (English Language) of the member’s country.

The Deputy Chairman shall, if still a member of the GB, automatically assume the office of the Chairman at the next general meeting of the GB and the next eligible member based on the above-mentioned rotation shall assume of the office of the Deputy Chairman.