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The IILM short-term Sukuk are issued monthly through a network of 11 Primary Dealers under a programme size of USD 6 billion rated “A-1” by S&P and “F1” by Fitch Ratings. The total amount of IILM Sukuk outstanding is now USD 4 billion, addressing the rising demand for high quality assets from the Institutions offering Islamic Financial Services (IIFS).
The IILM has continued to fulfil its mandate of providing liquidity management instruments to the market by supplying USD 11.52 billion in 2023, across 36 USD Sukuk through 4 different tenors (1, 3, 6, and 12-month). As of end November 2023, the secondary market volume has reached USD 3.03 billion, the highest volume since inception, representing circa 26% of the total issuance this year.
In 2023, the IILM accomplished a monumental milestone, as the cumulative issuance since its first issuance crossed the remarkable 100 billion USD IILM Sukuk mark. This achievement is a testament of the IILM commitment to serve the Islamic Finance sector by providing high-quality liquid instruments.
The IILM will continue to focus on initiatives to enhance its issuance programme with new features, diversifying its investor base and thus bolstering liquidity for the IILM Sukuk on the secondary market.
The IILM Sukuk consist of liquidity management instruments with the following characteristics:
- 11-year track record with 258 issuances, from 2-week to 12-month tenor, amounting to a total of USD 108.83 billion Sukuk
- High credit quality instrument backed by a pool of Sovereign, Supranational and Sovereign-linked assets rated “A’ and above
- Appropriate HQLA regulatory treatment in various jurisdictions
- Tradable and supported by a robust primary/secondary market infrastructure based in GCC, Asia and Europe
- Widely acceptable under Shari’ah principles (~80% tangibility ratio under Wakala Structure)
The IILM Primary Dealers by alphabetic order are as follows:
- Abu Dhabi Islamic Bank;
- Al Baraka Turk;
- Affin Islamic Bank;
- Dukhan Bank (former Barwa Bank);
- Boubyan Bank;
- CIMB Islamic;
- First Abu Dhabi Bank;
- Kuwait Finance House;
- Maybank Islamic;
- Qatar Islamic Bank; and
- Standard Chartered Bank.