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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 and a newly received second rating of “F1” by Fitch in September 2022. The IILM has successfully stabilised its outstanding issuances in 2022 to USD 3.51 billion, addressing the rising 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 13.88 billion in 2022, across 37 USD Sukuk through 4 different tenors. The IILM stands out as one of the top USD Sukuk issuer as its Sukuk accounted for 39% of the total global USD Sukuk issuances in 2022. The IILM has consistently offered three different tenors every month, namely 1-month, 3-month and 6-month and launched the inaugural 12-month tenor to address the varying liquidity needs and thus completing its yield curve. The secondary market volume has reached USD 2.2 billion, the highest volume since inception, representing circa 16% of the total issuance in 2022.
As the IILM looks forward to scaling up in the year ahead, it will pursue more diversification strategies by exploring new developments of its issuance programme to address investors’ needs increase and enhance the accessibility to its high-quality and short term Sukuk. The IILM will continue to improve its issuance strategy and ease the liquidity of 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:
- 10-year track record with 207 issuances, from 2-week to 12-month tenor, amounting to a total of USD 92.21 billion Sukuk
- High credit quality instrument backed by a pool of Sovereign, Supranational and Sovereign-linked obligations rated
- 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.