Zeti Akhtar Aziz: Financial stability – regional and global cooperation
"The creation of IILM with the mandate to issue Shari’ah compliant liquid instruments is an important step forward in promoting more efficient cross-border liquidity management by Islamic financial institutions. The IILM will also be well-equipped to serve as a platform of global engagement on liquidity management in the Islamic financial system and on addressing cross-border systemic liquidity issues.”
Durmus Yilmaz: Managing liquidity in the Islamic financial services industry
"As a major effort, the International Islamic Liquidity Management Corporation (IILM) has been established to assist institutions offering Islamic financial services in addressing their liquidity management issues in an efficient and effective manner. This institution addresses one of the fundamental problems of Islamic financial institutions: the provision of adequate liquidity in times of stress.”
The CBN’s membership and participation in the IILM initiative provides a veritable platform for addressing the anticipated liquidity management challenge for Islamic banks in Nigeria
In October 2010, the CBN joined 11 other Central Banks and 2 multilateral organisations to form the International Islamic Liquidity Management Corporation (IILM), to be based in Malaysia. The aim of the IILM is provide treasury instruments that are Shariah compliant to address the liquidity management issue of Islamic banks and serve as instruments for open market operations involving Islamic financial institutions.