EMEFIELE CHAIRS ISLAMIC LIQUIDITY MANAGEMENT BODY

Following in the heels of the formal take off of Islamic banking in Nigeria, Governor of the Central Bank of Nigeria Mr Godwin Emefiele has been elected to chair the governing coubcil of International Islamic Liquidity Management Corporation (IILMC) with headquarters in Malaysia 

According to a press release by the CBN acting director of corporate communications, Mr Isaac Okorafor, he was elected on Thursday at a meeting of the council held in Jakarta Indonesia.

By the same token he also becomes the head of the general assembly of the body which currently has central banks or monetary authorities of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey, United Arab Emirates and the Islamic Development bank as shareholders.

It was set in 2010, says Okorafor, to " create and issue short term shariah compliant financial instruments to facilitate effective cross border Islamic liquidity management "

It is open to all bodies with oversight functions over finance, trade and commerce and multilateral organisations.

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