Godwin Emefiele chosen as IILM governing board chairman

CBN governor, Mr Godwin Emefiele is the new head of IILM

- Central Bank of Nigeria (CBN) governor, Mr Godwin Emefiele, has bagged an international appointment

- Emefiele has been elected as the chairman of the International Islamic Liquidity Management Corporation (IILM)

- This happened on Thursday, December 15, in Jakarta, Indonesia

The Central Bank of Nigeria (CBN) governor, Mr Godwin Emefiele, has been elected as the chairman of the International Islamic Liquidity Management Corporation (IILM).

This was disclosed by the CBN’s acting director, corporate communications, Mr Isaac Okorafor on the apex bank's website.

With his elevation, Emefiele is automatically the head of the General Assembly of IILM comprising nine countries and the Islamic Development Bank.

IILM 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 body’s major mandates include:

1. Developing a robust Islamic liquidity management as a catalyst for cross-border financial linkages

2. Facilitating effective cross-border liquidity management instruments for institutions that offers Islamic financial series and

3. Enabling a future global finance industry with greater connectivity, stability and sophistication.

Established in 2010, IILM is opened 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.

Emefiele's new position came a week after he got a Lifetime Award in Banking, Finance & National Development from the Institute for Service Excellence & Good Governance.