The IILM reissues USD 1.21bln short-term Sukūk
Kuala Lumpur, Malaysia: The International Islamic Liquidity Management Corporation (IILM),an international organisation that develops and issues short-term Shari'ah-compliant financial instruments, has successfully completed the reissuance of an aggregate USD 1.21 billion short-term Ṣukūk across three different tenors of one, three, and six-month respectively.
The three series were priced competitively at:
4.40% for USD 350 million for 1-month tenor;
4.40% for USD 550 million for 3-month tenor; and,
4.35% for USD 310 million for 6-month tenor.
The short-term Ṣukūk transaction today marks the IILM's fourth auction year-to-date, with cumulative issuances totalling USD 4.24 billion across 11 Ṣukūk series of varying tenors.
The auction saw a competitive tender amongst the Primary Dealers and Investors globally, with a strong orderbook of USD 2.813 billion, representing an impressive average bid-to-cover ratio 232.5%.
Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, said: "Against a backdrop of ongoing macroeconomic volatility, amplified by global trade tensions and evolving expectations surrounding the Federal Reserve's interest rates, IILM's USD 1.21 billion Sukūk issuance reaffirms our commitment to supporting stability in the Islamic financial markets. The strong demand—reflected in a solid average bid-to-cover ratio of 232.5% — underscores the continued and growing investors' confidence in the IILM's 'A-1' and 'F1' rated short-term instruments. IILM's Sukūk serves as reliable and secure liquidity management tools, positioning it as a safe haven for investors seeking stability amidst uncertainty, especially during these turbulent times.
"Amidst a global market environment marked by the sell-off of risky assets, institutions are increasingly prioritising flexible short-term liquidity solutions and high-quality assets. IILM remains committed to consistently issuing and offering an increased volume of Sukūk, at least once a month to meet the growing needs of Islamic investors in particular, backed by the prolific group of global Primary Dealers. With a proven track record in navigating market-averse conditions, our regular issuances, supported by a strong global network, reinforces the IILM's dedication to providing essential liquidity management tools while ensuring a reliable distribution framework that serves both investors and the broader Islamic finance ecosystem."
The issuance forms part of the IILM's 'A-1' (S&P) and 'F1' (Fitch Ratings) rated USD 6 billion short-term Ṣukūk issuance programme. The total amount of IILM Ṣukūk outstanding currently stands at USD 4.19 billion.
The IILM's short-term Sukῡk is distributed by a diversified and growing network of primary dealers globally, namely Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank, Boubyan Bank, CIMB Islamic Bank Berhad, Dukhan Bank, First Abu Dhabi Bank, Golden Global Investment Bank, Kuwait Finance House, Kuwait International Bank, Maybank Islamic Berhad, Meethaq Islamic Banking from Bank Muscat, Qatar Islamic Bank, and Standard Chartered Bank.
The IILM is a regular issuer of short-term Ṣukūk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.
About the IILM
The International Islamic Liquidity Management Corporation (IILM) is an international organisation established on 25 October 2010 by central banks, monetary authorities and multilateral organisations to develop and issue short-term Shari'ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions that offer Islamic financial services (IIFS).
The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Kuwait, Malaysia, Mauritius, Nigeria, Qatar, Türkiye, the United Arab Emirates, as well as the multilateral Islamic Corporation for the Development of the Private Sector.
Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies that have regulatory oversight of finance or trade and commerce, and multilateral organisations.
The IILM is hosted by Malaysia and headquartered in Kuala Lumpur.
Media Enquiries:
The International Islamic Liquidity Management Corporation (IILM)
T: +60(3) 2170 5000
F: +60(3) 2170 5111
E: corpcomm@iilm.com; info@iilm.com
Website: http://www.iilm.com
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