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What is IILM?

International Islamic Liquidity Management Corporation (the IILM) is an international organisation established by central banks, monetary authorities and multilateral organisations to create and issue Shari’ah-compliant financial instruments to facilitate effective cross-border Islamic liquidity management.

When was the IILM established?

The IILM was established on 25 October 2010.

What are the primary objectives of the IILM?

The IILM’s primary objectives are to:

  1. facilitate cross-border liquidity management among the Institutions offering Islamic Financial Services (IIFS) by making available a variety of Shari’ah-compliant instruments, on commercial terms, to suit the varying liquidity needs of the IIFS; and
  2. foster regional and international co-operation to build robust liquidity management infrastructure at national, regional and international levels.

Who are the shareholders of the IILM?

The current member shareholders are the central banks of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey, the United Arab Emirates and a member of the Islamic Development Bank Group, the Islamic Corporation for the Development of the Private Sector.

Where are the Headquarters and Offices of the IILM located?

The IILM’s Headquarters and Offices are in Kuala Lumpur, Malaysia.

Does the IILM has other offices outside Malaysia?

Currently, the IILM does not have any offices outside Malaysia but it can be reached easily through the contact details provided below.

What is the IILM’s main business?

The IILM’s main business is issuing short-term highly rated Sukuk with multiple tenors from 1 day up to 364 days.

What are the features of the IILM Sukūk?

The IILM Sukūk have several important features that are unique in the market.  They:

  1. are tradable Shari’ah-compliant US Dollar-denominated short-term financial instruments issued at maturities of up to one year;
  1. are money-market instruments backed by sovereign assets;
  2. are distributed and tradable globally via a multi-jurisdictional primary dealer network; and
  3. have strong global support as they represent a unique collaboration between several central banks and a multilateral development organisation with the aim of enhancing the financial stability and the efficient functioning of Islamic financial markets.

Is the IILM governed by any regulators?

As an international organization, the IILM is not governed by any regulators. However, the IILM is governed under its own its Articles of Agreement, By-Laws, and resolutions issued by its Governing Board, The IILM is hosted in Malaysia pursuant to the International Islamic Liquidity Management Act 2011 (Act 721).

Is the IILM opened for membership?

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.

What is the highest decision-making body in IILM?

For policies and all strategic matters, the Governing Board is the highest decision-making body and it comprises the Governors of central banks of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey, the United Arab Emirates and the Chief Executive Officer of Islamic Corporation for the Development of the Private Sector.

How to contact the IILM?

For any enquiries, the IILM can be contacted at +603 – 2170 5000 or info@iilm.com