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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.
The IILM remains the only provider of Cross- Border Islamic Liquidity Management Solutions in the short-term space with the following characteristics:
- 9-year track record with 161 issuances, from 2-week to 7-month tenor, amounting to a total of more than USD 75.5 billion
- High credit quality instrument backed by a pool of Sovereign, Supranational and Sovereign-linked obligations
- Appropriate HQLA regulatory treatment in various jurisdictions
- Tradable (79% tangibility ratio) and supported by a robust primary/secondary market infrastructure based in GCC, Asia and Europe
- Widely acceptable under Shari’ah principles
The IILM Primary Dealers by alphabetic order are as follows:
- Abu Dhabi Islamic Bank;
- Al Baraka Turk;
- 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.