Islamic banking services to get lift

Dubai

Islamic banking services would soon get a new boost as the Governor of the Central Bank Bank of Nige-ria (CBN), Godwin Emefiele, emerges Chairman of the International Islamic Liquidity Management Corporation (IILM). Elected in Jakarta, Indonesia, last week, the new executive will pursue the mandates of developing a robust Islamic liquidity management as a catalyst for cross-border financial linkages.
They would also facilitate effective cross-border liquidity management instruments for institutions that offer Is-lamic financial series. The are also charged to advance the organisation’s goal of enabling a future global finance industry with greater connectivity, stability and sophistication.
CBN’s Acting Director, Corporate Communications, Isaac Okorafor, affirmed that by the development, Emefiele is also the Head of the General Assembly of the financial body, which comprised nine countries and Islamic De-velopment Bank headquartered in Kuala Lumpur, Malaysia. IILM is an international institution established by central banks, monetary authorities and multilateral organisa-tions to create and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border Islamic liquidity management.—Agencies

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