Abu Dhabi, June 9, 2022 (WAM)-The International Islamic Liquidity Management Authority (IILM) today convenes its 28th Board of Directors in Abu Dhabi, chaired by Khaled Mohamed Balama, President of the UAE Central Bank (CBUAE). .. President of IILM.

The meeting was attended by the Governor of the Central Bank and the financial authorities of the member countries.

During the meeting, the Board discussed reports from other IILM Committee Chairs covering business management, auditing, risk management, and Sharia Compliance issues. In addition, the Board’s mission is to develop and issue regular Shariah-compliant financial products to promote effective liquidity management of institutions providing Islamic financial services, despite changes in the global market. Discussed initiatives to fulfill.

Corporation, an international organization founded in 2010 by central banks, financial authorities and multilateral organizations, issues short-term sukuks on a regular basis over various periods to meet the liquidity needs of institutions providing Islamic financial services. Did.

IILM has issued a total of US $ 7.23 billion worth of short-term sukuk products to the market over the past six months, with an average of over US $ 1 billion in short-term sukuk per month. Its regular offerings include 19 series of sukuks over a variety of periods from 1 to 6 months.

The IILM’s 12th General Assembly approved the Board’s audit proposals following the Board’s meeting.

“As the demand for Islamic finance grows, IILM aims to solidify its position as a major support hub for international Islamic finance. We are on the infrastructure to support Shariah,” Barama said. We are proud to be an integral part. Compliance options for the global financial services market and expanding investor base. ”

He added that IILM will continue to supply Shariah-compliant short-term liquidity products every month to facilitate its mission, objectives, and future plans.

WAM / Khoder Nashar / Tariq alfaham

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