MARKETS - IILM takes a step closer to becoming a reality

The International Islamic Liquidity Management Corporation (IILM), which was launched in Kuala Lumpur in October, took a step closer to becoming a reality when its governing board last week appointed Mahmoud AbuShamma as its inaugural chief executive officer (CEO), for a three-year tenure effective Feb. 1, 2011.

AbuShamma’s tenure is also subject to the adoption by the Malaysian Parliament, the Dewan Rakyat, of a Special Enabling Act which would accord the IILM a special diplomatic status and its attendant privileges.