Posted by: islamicfinancingnews | October 21, 2012

The International Islamic Liquidity Management Corp (IILM) appoints new chief executive for Islamic finance

There’s ample evidence Islamic finance is making great strides in the business world and growing larger and more of a force to be reckoned with by the day. Recently, the Reuters news agency reported that the International Islamic Liquidity Management Corp (IILM), which is headquartered in Kuala Lumpur, appointed a new chief executive. This comes just ahead of the corporation’s first issuance which is to follow shortly.

Rifaat Ahmed Abdel Karim has been named to replace Mahmoud AbuShamma who is coming to the end of his three year tenure. Rifaat brings some impressive credentials from his previous jobs including some that were very important to this specific banking sector’s development.

The first sukuk worth up to $500 million is set to be launched soon by IILM. Dr Mohamed Y. Al-Hashel is the chairman of IILM’s governing board and he recently commented on the new appointment saying that Rifaat has a good record dealing in Islamic finance.

This news is part of the wider circle of larger firms and smaller companies that are adopting Islamic mortgages as a way of providing financing options to clients so they can avoid Riba and get financial products that are Sharia compliant at the same time.

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