ASEAN KEY DESTINATIONS
Malaysia To Host Islamic Liquidity Body
In a statement, the Islamic Financial Services Board (IFSB) said the board's members signed a memorandum of participation to establish the corporation on the sidelines of the International Monetary Fund-World Bank meetings in Washington Friday.
"The official establishment of the IILM is set to take place on October 25 in Kuala Lumpur," it said.
IFSB said the primary objective of the corporation was to issue syariah-compliant financial instruments in order to facilitate more efficient and effective liquidity management solutions for institutions offering Islamic financial services.
It also aimed to facilitate greater investment flows of syariah-compliant instruments across borders, it said.
"This initiative is in line with the IFSB mandates to enhance and coordinate initiatives to develop instruments and procedures for the efficient operations and risk management and encourage cooperation among members in developing the Islamic financial services industry," it said.
It said the establishment of the IILM was a major breakthrough in the Islamic financial industry development.
"It will provide liquid short-term syariah-compliant instruments that would promote further the competitiveness and resilience of Islamic financial services globally," it said.
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