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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 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.
Looking ahead into 2024, 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.