11 central banks, two multilaterals link in International Islamic Liquidity Management Corporation
Eleven central banks and two multilateral organisations signed the Articles of Agreement for the establishment of the International Islamic Liquidity Management Corporation (IILM) in Kuala Lumpur on 25 October 2010.
The collaboration is a landmark global initiative that is aimed to assist institutions offering Islamic financial services in addressing their liquidity management in an efficient and effective manner. In addition, the initiative should facilitate greater investment flows for the Islamic financial services industry.
The initial Memorandum of Participation for the IILM was signed on 7 October 2010 in Washington on the sidelines of the IMF-World Bank Annual Meetings. The signing of the Articles of Agreement today signifies the official establishment of the IILM.
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