Eleven central banks and two multilateral organisations signed the Articles of Agreement for the establishment of the International Islamic Liquidity Management Corporation (IILM) on 25 October 2010 in Kuala Lumpur, Malaysia. This global initiative is aimed to assist institutions offering Islamic financial services in addressing their liquidity management efficiently and effectively. In addition, the initiative would facilitate greater investment flows for the Islamic financial service industry. To this end, the IILM will issue, in an integrated manner, high quality Shariah -compliant financial instruments at both the national level and across borders, thereby enhancing the soundness and stability of the jurisdictions in which they operate.
The signatories of the IILM Articles of Agreement are governors and representatives from the central banks or monetary agencies of the OIC Member Countries including Indonesia, Iran, Malaysia, Nigeria, Qatar, Saudi Arabia, Sudan, Turkey and United Arab Emirates. The Islamic Development Bank and the Islamic Corporation for the Development of the Private Sector are the multilateral organisations participating in this initiative. Luxembourg and Mauritius, as two non-OIC Member Countries, have also signed the IILM Articles of Agreement.
The Memorandum of Participation for the IILM was signed on 7th October 2010 in Washington on the sidelines of the IMF-World Bank Annual Meetings. The signing of the Articles of Agreement signifies the official establishment of the IILM.
To find more about the establishment of the IILM, please click here.