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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 increased the IILM Sukuk programme size in 2020, from USD 3 billion to USD 4 billion to address an increased 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 11.95 billion in 2020, across 35 USD Sukuk through 5 different tenors.  This accounted for 30% of the total global USD Sukuk issuances in 2020. A regular offer of tenors has been provided on a monthly basis, namely 1-month, 3-month and 6-month Sukuk which has been complemented by a 6-week and a 7-month tenor to address the market demand.

The IILM intends to stabilise the programme through 2021, subject to prevailing market conditions. Having increased the amount of outstanding IILM Sukuk from 1.96 to 3.51 billion by end of 2020 provides Financial Institutions with more high-quality liquid assets (HQLA) and improve secondary market liquidity. The IILM will continue to enhance its issuance strategy to facilitate an efficient and liquid secondary market.

The IILM Sukuk consist in liquidity management instruments with the following characteristics:

  • 8-year track record with 125 issuances, from 2-week to 7-month tenor, amounting to a total of more than USD 61 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 Primary Dealers by alphabetic order are as follows:

  1. Abu Dhabi Islamic Bank;
  2. Al Baraka Turk;
  3. Dukhan Bank (former Barwa Bank);
  4. Boubyan Bank;
  5. CIMB Islamic;
  6. First Abu Dhabi Bank;
  7. Kuwait Finance House;
  8. Maybank Islamic;
  9. Qatar Islamic Bank; and
  10. Standard Chartered Bank.

2021 IILM Indicative Sukuk Issuance Calendar

Announcement Date
Auction Date
Issuance Date
Tenor
Total Size (USD ‘Million)
New/Re-issuance
Maturity Date
Tue, 12 Jan, 2021
Tue, 19 Jan, 2021
Thu, 21 Jan, 2021
1-month
1,150
Re-issuance
Wed, 17 Feb, 2021
3-month
Re-issuance
Thu, 15 Apr, 2021
6-month
Re-issuance
Wed, 14 Jul, 2021
Mon, 8 Feb, 2021
Mon, 15 Feb, 2021
Wed, 17 Feb, 2021
1-month
1,350
Re-issuance
Thu, 18 Mar, 2021
3-month
Re-issuance
Thu, 6 May, 2021
6-month
Re-issuance
Thu, 19 Aug, 2021
Tue, 9 Mar, 2021
Tue, 16 Mar, 2021
Thu, 18 Mar, 2021
1-month
1,400
Re-issuance
Thu, 15 Apr, 2021
3-month
Re-issuance
Thu, 10 Jun, 2021
6-month
Re-issuance
Wed, 15 Sep, 2021
Tue, 6 Apr, 2021
Tue, 13 Apr, 2021
Thu, 15 Apr, 2021
1-month
1,100
Re-issuance
Thu, 6 May, 2021
3-month
Re-issuance
Wed, 14 Jul, 2021
6-month
Re-issuance
Wed, 13 Oct, 2021
Tue, 27 Apr, 2021
Tue, 4 May, 2021
Thu, 6 May, 2021
1-month
1,110
Re-issuance
Thu, 10 Jun, 2021
3-month
Re-issuance
Thu, 19 Aug, 2021
6-month
Re-issuance
Wed, 17 Nov, 2021
Tue, 1 Jun, 2021
Tue, 8 Jun, 2021
Thu, 10 Jun, 2021
1-month
900
Re-issuance
Wed, 14 Jul, 2021
3-month
Re-issuance
Wed, 15 Sep, 2021
6-month
Re-issuance
Thu, 9 Dec, 2021
Mon, 5 Jul, 2021
Mon, 12 Jul, 2021
Wed, 14 Jul, 2021
1-month
1,100
Re-issuance
Thu, 19 Aug, 2021
3-month
Re-issuance
Wed, 13 Oct, 2021
6-month
Re-issuance
Wed, 19 Jan, 2022
Tue, 10 Aug, 2021
Tue, 17 Aug, 2021
Thu, 19 Aug, 2021
1-month
1,250
Re-issuance
Wed, 15 Sep, 2021
3-month
Re-issuance
Wed, 17 Nov, 2021
6-month
Re-issuance
Thu, 10 Feb, 2022
Mon, 6 Sep, 2021
Mon, 13 Sep, 2021
Wed, 15 Sep, 2021
1-month
1,200
Re-issuance
Wed, 13 Oct, 2021
3-month
Re-issuance
Thu, 9 Dec, 2021
6-month
Re-issuance
Wed, 16 Mar, 2022
Mon, 4 Oct, 2021
Mon, 11 Oct, 2021
Wed, 13 Oct, 2021
1-month
1,150
Re-issuance
Wed, 17 Nov, 2021
3-month
Re-issuance
Wed, 19 Jan, 2022
6-month
Re-issuance
Wed, 20 Apr, 2022
Mon, 8 Nov, 2021
Mon, 15 Nov, 2021
Wed, 17 Nov, 2021
1-month
1,110
Re-issuance
Thu, 9 Dec, 2021
3-month
Re-issuance
Thu, 10 Feb, 2022
6-month
Re-issuance
Wed, 18 May, 2022
Tue, 30 Nov, 2021
Tue, 7 Dec, 2021
Thu, 9 Dec, 2021
1-month
1,000
Re-issuance
Wed, 19 Jan, 2022
3-month
Re-issuance
Wed, 16 Mar, 2022
6-month
Re-issuance
Thu, 16 Jun, 2022
Disclaimer: The information contained in the indicative issuance calendar is subject to change without notice. Neither the IILM nor any of its members, nor any of their directors, and employees accepts any liability for any loss or damage arising out of the use of any information contained therein.