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The IILM short-term Sukuk are issued monthly through a network of 10 Primary Dealers under a programme size of USD 4 billion rated “A-1” by S&P. The IILM has successfully stabilised its outstanding issuances in 2021 to USD 3.51 billion, the highest volume of Sukuk ever, addressing the higher and various demand for high quality assets from the Institutions offering Islamic Financial Services (IIFS).
The IILM has thrived to fulfil its mandate of providing liquidity management instruments to the market by supplying an excess of USD 14.12 billion across 36 Sukuk, the highest volume since inception. It became a frequent and stable issuer, constantly offering for the time 3 different tenors monthly, namely 1-month, 3-month and 6-month Sukuk. This accounted for 27% of the total global USD Sukuk issuances in 2021 and positioned the IILM as one of the top USD Sukuk issuers. The secondary market volume has raised to USD 1.4 billion representing circa 10% of the total issuance this year.
Looking ahead into the new year, the IILM will focus on developing its issuance programme with new features as well as addressing the demand for more high-quality liquidity assets (HQLA) and longer tenors depending on market conditions. The IILM looks forward to attracting new investors to diversify its investor base and thus enhancing the liquidity for its Ṣukūk on the secondary market.