Central banks to cooperate on Islamic liquidity management

Eleven central banks and two multilateral organisations establish the International Islamic Liquidity Management Corporation to absorb excess liquidity and facilitate greater investment flows within the Islamic financial services industry.

Taking advantage of the international audience at this year’s Global Islamic Finance Forum GIFF in Kuala Lumpur, Bank Negara on Monday hosted the launch of the International Islamic Liquidity Management Corporation IILM.

Although driven by Malaysia, this is a collaboration of 11 central banks from across the world, including Bank Negara, and two multilateral organisations.

The corporation’s aim is to assist institutions offering Islamic financial services in addressing their liquidity management in what was described as “an efficient and effective manner”. The initiative is expected to facilitate greater investment flows for the Islamic financial services industry.

Once it is fully operational, the IILM is expected to issue high-quality Shar'iah-compliant financial instruments...

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