IILM reshuffles Shariah board
The Malaysia-based International Islamic Liquidity Management Corp. (IILM) has reshuffled its Shariah board, losing four of its original six members. The IILM has been troubled by internal management upheaval, like the change of its chief executive late last year and the surprise pullout of Saudi Arabia’s central bank in April this year. The changes to the Shariah board, which monitors the IILM’s activities and instruments to ensure that they follow Islamic principles, could indicate further delays to the body’s plan to begin issuing sukuk. The IILM announced in April that it aimed to make an initial issue worth up to $500 million in the second quarter of this year but has not yet proceeded with the plan, and it has not given a new time frame for it. The body did not issue a statement on the changes to its Shariah board.