Medina, Saudi Arabia: The International Islamic Liquidity Management Corporation (IILM), an international organisation that develops and issues short-term Shari’ah-compliant financial instruments, held its first Shari’ah Committee meeting for the year and its 20th since the organisation’s inception, on 17 March 2023 in Medina, Saudi Arabia.

The Shari’ah Committee meeting was chaired by the IILM’s Shari’ah Committee Chairman, Professor Dr. Muhamed Ali Elgari from Saudi Arabia, and attended by members of the Shari’ah Committee: Professor Dr. Abdul Aziz Al-Qassar (Kuwait), Professor Dr. Ashraf Hashim (Malaysia), Dr. Bashir Aliyu Umar (Nigeria), as well as the IILM’s CEO, Dr. Umar Oseni.

The meeting deliberated a few agendas tabled to the Shari’ah Committee members for their review and approval, as part of a wider effort to ensure Shari’ah-compliance of the IILM’s activities.

Prof. Dr. Elgari said: “With the growth of Islamic finance globally, it naturally means that there will be increasing demand for Shari’ah-compliant products in the market. I am pleased that the IILM’s cross-border short-term Sukuk have been able to meet the growing demands from Islamic investors while ensuring that the Shari’ah-compliant requirements are strictly adhered to without compromise. I am optimistic that being an integral part of the global infrastructure to support Shari’ah-compliant options, the IILM will continue to play an important role for the wider Islamic finance industry.”

Dr. Umar, meanwhile, noted: “The operating landscape is constantly evolving in line with current market conditions. Therefore, the IILM continuously strives to meet market expectations with its regular supply of high-quality liquidity management instruments for the global Islamic financial markets, while receiving guidance from our Shari’ah Committee members on the Shari’ah aspects of our Islamic papers.”

The Shari’ah Committee provides advice to the IILM’s Governing Board, Board Executive Committee, CEO and the staff of the IILM on matters related to Shari’ah aspects.

Members of the SC are nominated by the IILM’s Governing Board for a minimum period of three years, and they may be reappointed for further periods.

About the IILM

The International Islamic Liquidity Management Corporation (IILM) is an international organisation established on 25 October 2010 by central banks, monetary authorities and multilateral organisations to develop and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions that offer Islamic financial services (IIFS).

The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Kuwait, Malaysia, Mauritius, Nigeria, Qatar, Turkey, the United Arab Emirates, as well as the multilateral Islamic Corporation for the Development of the Private Sector.

Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies that have regulatory oversight of finance or trade and commerce, and multilateral organisations.

The IILM is hosted by Malaysia and headquartered in Kuala Lumpur.