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Eleven central banks and two multilateral organisations today signed the Articles of Agreement for the establishment of the International Islamic Liquidity Management Corporation (IILM) marking their collaboration in a landmark global initiative that is aimed to assist institutions offering Islamic financial services in addressing their liquidity management in an efficient and effective manner. In addition, the initiative would facilitate greater investment flows for the Islamic financial services industry. To this end, the IILM will issue high quality Shari`ah-compliant financial instruments at both the national level and across borders, in an integrated manner, thereby enhancing the soundness and stability of the jurisdictions in which they operate. The signatories of the IILM Articles...
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