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 960 million short-term Ṣukūk across three different tenors of one, three, and six months, respectively.
Competitive Pricing Across Tenors
The three series were priced competitively as follows:
4.30% for USD 260 million (1-month tenor)
4.20% for USD 550 million (3-month tenor)
4.12% for USD 150 million (6-month tenor)
This transaction marks the IILM’s sixteenth Ṣukūk auction year-to-date, bringing total issuances to USD 16.61 billion across 49 Ṣukūk series of varying maturities. Today’s issuance also follows closely on the heels of last week’s USD 1.285 billion offering.
Strong Investor Demand
The auction attracted robust demand from the IILM’s network of Primary Dealers and a diversified base of global investors, generating total bids of USD 2.3 billion and achieving a strong average bid-to-cover (BTC) ratio of 2.4 times. This underscores the continued role of the IILM Ṣukūk as a high-quality liquidity management instrument.
CEO’s Statement
Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, said:
As markets contend with heightened uncertainty from escalating geopolitical tensions alongside shifting monetary policy expectations, today’s successful issuance underscores both the resilience of the IILM Ṣukūk programme and the continued confidence of our global investor base.Our regular bi-monthly auctions, averaging between USD 1.5 and 1.8 billion, have become a dependable source of stability and liquidity for Islamic financial institutions navigating challenging global conditions.
He further emphasised:
The IILM’s consistent supply of high-quality, short-term Islamic papers despite challenging macroeconomic conditions is not only vital for supporting liquidity and risk management needs, but also reinforces our role as a trusted anchor in the global Islamic finance ecosystem, enabling institutions to manage volatility with greater confidence.”
Issuance Programme
This issuance forms part of the IILM’s USD 6 billion short-term Ṣukūk programme, rated “A-1” (S&P) and “F1” (Fitch Ratings).
The IILM’s short-term Ṣukūk is distributed through a diversified and growing network of primary dealers globally, namely:
Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank, Al Rayan 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 remains a regular issuer of short-term Ṣukūk across varying tenors and amounts to cater to the liquidity needs of Islamic financial institutions. The Corporation will continue to reissue its instruments monthly, as scheduled in its issuance calendar.
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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. Its mandate is to develop and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions offering 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 (ICD).
Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities, or government ministries/agencies with oversight of finance, trade, or commerce, and to multilateral organisations.
The IILM is hosted by Malaysia and headquartered in Kuala Lumpur.
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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: www.iilm.com
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