The outcomes of the Governing Board meeting underscore our commitment to fostering a resilient Islamic finance market that aligns with the IILM mission and mandate
Istanbul, Türkiye – 13 December 2023
The International Islamic Liquidity Management Corporation (IILM) convened its 31st Governing Board meeting on 12 December in Istanbul, Turkiye. During this session, key agenda items related to the IILM’s operations and business activities were thoroughly deliberated.
The meeting saw the active participation of esteemed members of the IILM, who collectively affirmed their commitment to supporting the organisation in its ongoing operations. Discussions focused on strategic initiatives, market developments and collaborative endeavours to strengthen the IILM’s critical role in fortifying the underlying ecosystem and contributing to the wider stability of the financial system.
H.E. Khaled Mohammed Balama, Governor of the Central Bank of the United Arab Emirates, who chaired the Governing Board meeting, shared his perspective: “The IILM plays a vital role in shaping the liquidity management landscape within Islamic finance. In light of the increasing global interest in Islamic financial services, the IILM supports Sharia-compliant solutions for the global financial services market. The outcomes of the Governing Board meeting underscore our commitment to fostering a resilient Islamic finance market that aligns with the IILM mission and mandate.”
The International Islamic Liquidity Management plays a vital role in enhancing liquidity management in the international Islamic finance sector, and supporting options compatible with the provisions of Islamic law for the global financial services market, in light of the increasing global interest in Islamic financial services. The results of the meeting confirm the commitment of the Board of Directors to enhancing flexibility in the Islamic finance market, in implementation of the IILM’s tasks and an embodiment of its goals and future plans.”
Dr Umar Oseni, Chief Executive Officer of the IILM commented: “The discussions held during the 31st Governing Board meeting reflect the collective dedication of our members to the IILM’s mission. As we navigate evolving market dynamics, the IILM remains dedicated to providing impactful liquidity management solutions. We appreciate the unwavering support of our stakeholders and look forward to advancing our shared goals.”
The IILM is a regular issuer of short-term Ṣukūk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services, and its USD 4 billion short-term Ṣukūk programme is rated “A-1” by S&P and “F1” by Fitch Ratings. Over the past decade, the IILM has provided the global market in excess of USD 100 billion of highly-rated Shar’ah-compliant liquidity instruments.
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About the IILM
The International Islamic Liquidity Management Corporation (IILM) is an international organisation established on 25 October 2010 by central banks, monetary authorities and multilateral organisations to develop and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions that offer Islamic financial services (IIFS).
The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Kuwait, Malaysia, Mauritius, Nigeria, Qatar, Türkiye, the United Arab Emirates, as well as the multilateral Islamic Corporation for the Development of the Private Sector.
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.
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Download the Arabic version of the press release here.
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