• Governor of the Central Bank of the Republic of Turkey to assume Deputy Chairmanship
  • Dr. Umar Oseni to continue as CEO for a new term 

Kuala Lumpur, Malaysia: The International Islamic Liquidity Management Corporation (“IILM”) has appointed H.E. Khaled Mohamed Balama as the Chairman of its Governing Board (“GB”), effective 1 January 2022, for a one-year tenure.

H.E. Balama, who is the Governor of the Central Bank of the United Arab Emirates (CBUAE), was previously the Deputy Chairman of the IILM’s GB, and succeeds H.E. Sheikh Bandar bin Mohammed bin Saoud Al-Thani, Governor of the Qatar Central Bank, for the Chairmanship role.

H.E. Balama, said: “It is indeed an honour for me to assume the role as Chairman of the IILM’s Governing Board, a responsibility that I strongly uphold in meeting the overall mandate of the organisation. The IILM was established in 2010 to facilitate cross-border liquidity management among Institutions offering Islamic Financial Services (IIFS), and since then, it has issued more than USD 75 billion worth of highly rated short-term Ṣukūk instruments to the market.” 

The IILM achieved a number of milestones in 2021, such as a full year of issuing 1-month, 3-month, and 6-month short-term Ṣukūk on a consistent monthly basis, the largest monthly issuance size of USD 1.4 billion, and being ranked as the top US dollar-denominated Ṣukūk issuer in the first half of 2021. 

H.E. added: “I commend the IILM for its excellent work over the years, and on behalf of the IILM members, we look forward to the organisation’s mandates in 2022 to further enhance financial stability of IIFS through Ṣukūk issuances as well as initiatives to promote cross-border liquidity management infrastructure and to further strengthen co-operation among the IILM members.”

H.E. Balama has more than 30 years' experience in banking, financial services, asset management and investments. He was appointed Governor of the CBUAE in April 2021, and prior to this, he was the Vice Governor. He has worked in public and government entities and has been a board member of the central bank since 2008.

His Excellency graduated in 1990 with a Bachelor's degree in Finance from Indiana University in the US and has held the Chartered Financial Analyst professional credential since 1995.

The seat of the Deputy Chairman of the IILM’s GB will now be assumed by H.E. Prof. Sahap Kavcioglu, Governor of the Central Bank of the Republic of Turkey. His Excellency was appointed Governor of the Turkish Central Bank in March 2021, and holds a Master’s degree and Ph.D. from Marmara University Banking and Insurance Institute.

In addition, the IILM is also pleased to announce the renewal of contract of its CEO, Dr. Umar Aimhanosi Oseni, for a further two-year term from 1 January 2022 to 31 December 2023. Dr. Umar assumed the role of CEO of the IILM on 1 January 2020, and prior to this, was the acting CEO since 15 September 2018.

“It is a great privilege for me to continue serving the IILM in my capacity as CEO of a unique international organisation. Since stepping up as the Acting CEO and subsequently CEO of the IILM, the organisation has grown and achieved a number of key landmarks that ensure IIFS are able to manage its liquidity effectively and efficiently. While the last two years have without a doubt been challenging due to the Covid-19 pandemic, I am optimistic that the IILM will continue to deliver on its policy mandate that will support and enhance the financial stability and efficiency of the Islamic financial markets,” Dr. Umar said.

Dr. Umar joined the IILM as the Executive Director, Legal & Compliance and General Counsel in 2016.  Before joining the IILM, he was an Associate Professor at the International Islamic University Malaysia (IIUM). Dr. Umar, who is a former Harvard visiting fellow, has diverse experience and has previously consulted for law firms, banks, and international organisations in the areas of law and regulation of Islamic finance, including on legal aspects of Ṣukūk structuring.

The appointments were announced by the GB in its 27th meeting held on 7 December 2021.

The GB is the strategy and policy-making body of the IILM, and current members are Central Bank of the UAE, Bank Indonesia, Central Bank of Kuwait, Banque centrale du Luxembourg, Bank Negara Malaysia, Bank of Mauritius, Central Bank of Nigeria, Qatar Central Bank, Central Bank of the Republic of Turkey, and the Islamic Corporation for the Development of the Private Sector.

The IILM is a regular issuer of short-term Ṣukūk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services. The total amount of IILM Ṣukūk outstanding is now USD 3.51 billion. The IILM short-term Ṣukūk programme is rated “A-1” by S&P.

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, Luxembourg, 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.

Media Enquiries:
The International Islamic Liquidity Management Corporation (IILM)
T: +60(3) 2170 5000
F: +60(3) 2170 5111
E: corpcomm@iilm.com; info@iilm.com
Website: http://www.iilm.com 

Please follow us on social media for up-to-date information on the IILM:
Twitter : https://twitter.com/theiilm
Linked in : https://www.linkedin.com/company/theiilm 

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.