The COVID-19 pandemic exacerbated the already fragile global economy in a year where the world experienced the ‘Great Lockdown’. Though it appears Islamic financial institutions were able to weather the storm during the financial crisis, they, however, did not survive unscathed by the prolonged effect of the pandemic. In order to facilitate cross-border liquidity management for Islamic financial institutions, the International Islamic Liquidity Management Corporation (IILM) offers readily available tools such as high-quality assets dedicated to helping institutions manage their liquidity while complying with regulations.
The pandemic is a litmus test for cross-border liquidity management, showing the importance and relevance of the IILM. This was accentuated in jurisdictions where the IILM Sukuk benefit from regulatory treatment. As regulatory requirements became paramount in this context of uncertainty, the need for Sharī‘ah compliant securities classified as High Quality Liquid Assets of Level 1 became more obvious.
Moderator: Dr. Dalal Aassouli, Assistant Professor and Program Coordinator, CIS, HBKU
Speaker: Dr. Umar Oseni, CEO - International Islamic Liquidity Management Corporation (IILMC)
