Malaysia-based IILM appoints new Acting CEO


Companies that provide short-term consumer loans at high interest rates are on the increase in countries like Indonesia and the Philippines as many people struggle to get advances through traditional channels such as banks.

KUALA LUMPUR: The International Islamic Liquidity Management Corp (IILM) has appointed Umar Oseni as its acting chief executive after the resignation of Abdoul Aziz Ba, the Malaysia-based organisation said on Wednesday.

The IILM did not give a reason for the departure of Ba, who joined in 2011, saying only that Oseni would lead the organisation until the appointment of a permanent CEO.

Oseni previously served as executive director of legal and compliance and general counsel of the IILM since 2016.

The IILM is a consortium of central banks and monetary agencies from Indonesia, Kuwait, Luxembourg, Mauritius, Qatar, Malaysia, Nigeria, Turkey and the United Arab Emirates, as well as the private sector arm of the Islamic Development Bank.

The IILM launched a short-term sukuk issuance programme in 2013 and it had been considering establishing a medium-term programme to offer a wider range of highly liquid, investment-grade debt instruments for use by Islamic banks. - Reuters

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