New sharia-finance 'supra entity' formed
Monday 1 November 2010 - by Will Henley
The central banks of eleven countries have joined forces with two Islamic multilateral organisations to establish an international authority designed to boost investment flows between sharia-based financial services.
The IILM, which is backed by the Islamic Development Bank and the Islamic Corporation for the Development of the Private Sector, will be based in Malaysia.
Signatories include the central banks or monetary agencies of Indonesia, Iran, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Saudi Arabia, Sudan, Turkey and the United Arab Emirates.
The agreement was witnessed by Malaysian Prime Minister, Dato Sri Mohd Najib Tun Haji Abdul Razak; Crown Prince of Perak Darul Ridzuan; and Financial Ambassador to the Malaysia International Islamic Financial Centre, Raja Dr Nazrin Shah Ibni Sultan Azlan Muhibbudin Shah.
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