Governor Godwin Emefiele Elected Head of World Islamic Bank

The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has emerge as the Chairman of the International Islamic Liquidity Management Corporation.

In a statement on Friday, the CBN said Emefiele was elected on Thursday in Jakarta, Indonesia.

According to Punch, The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, said that by this development, Emefiele had also become the head of the general assembly of the financial body comprising nine countries and the Islamic Development Bank, with headquarters in Kuala Lumpur, Malaysia.

The International Islamic Liquidity Management Corporation is a global institution established by central banks, monetary authorities and multilateral organisations to create and issue short-term Shariah-compliant financial instruments to facilitate effective cross-border Islamic liquidity management.

By creating more liquid Shariah-compliant financial markets for institutions offering Islamic financial services, 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 offer Islamic financial series.

The organisation is also charged with the responsibility of enabling a future global finance industry with greater connectivity, stability and sophistication.

The body, which was established in 2010, 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 current 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.