Friday, October 19, 2012

IILM announces new CEO, no mention of current CEO's departure

Mysterious news released late on a Friday evening from the International Islamic Liquidity Management Corporation announcing new CEO, with no mention of their current CEO Mahmoud AbuShamma.  Requests for comment have, understandably, not been returned yet since it is Friday night local time in KL.

The International Islamic Liquidity Management Corporation (IILM) Governing Board wishes to announce the appointment of Dr. Rifaat Ahmed Abdel Karim as Chief Executive Officer of the IILM
effective today, 19 October 2012.

Dr. Rifaat, an international multi-award winning Islamic finance expert, was the founding Secretary General of the Islamic Financial Services Board and the inaugural Secretary General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). He has written and published extensively on Islamic finance.

Commenting on the appointment of the new CEO, Dr. Mohammad Y. Al-Hashel, Governor of the Central Bank of Kuwait and current Chairman of the IILM Governing Board said, “Dr. Rifaat has an
impressive career track record in Islamic finance and will certainly add value to the work of the IILM. The Governing Board wishes him every success”.

Dr. Rifaat said, “I would like to thank the members of the Governing Board for their confidence on me. It is indeed an honour to be given the opportunity to serve the IILM and assist in achieving its objective, which will certainly support the Islamic financial institutions in effectively managing their liquidity.”
 Drop any thoughts on the move in the comments.  If you have any specific information on the leadership change, please email me at

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