Dr. Umar Oseni, Chief Executive Officer of the IILM, said: “We are pleased with the conclusion of today’s USD 1.1 billion auction, just before the Eid al-Adha holidays. The competitive demand and strong appetite from investors for high quality Islamic short-term papers reflects a continued positive market trend at the start of the second half of the year.”
The International Islamic Liquidity Management Corporation (IILM) has successfully completed its seventh auction for 2021 today, by reissuing a total of USD 1.1 billion short-term Ṣukūk which comprised of USD 400 million 1-month tenor priced at 0.27%, USD 500 million 3-month at 0.30% and USD 200 million 6-month at 0.36%.
Today’s Ṣukūk reissuance at the beginning of the third quarter of the year witnessed strong demand from Primary Dealers and investors, mainly across the GCC markets as well as Asia, with an encouraging orderbook in excess of USD 1.95 billion, representing an average oversubscription rate of 1.8 times.
Dr. Umar Oseni, Chief Executive Officer of the IILM, said: “We are pleased with the conclusion of today’s USD 1.1 billion auction, just before the Eid al-Adha holidays. The competitive demand and strong appetite from investors for high quality Islamic short-term papers reflects a continued positive market trend at the start of the second half of the year.”
“While the recent spike in Covid-19 infection rate globally due to the highly transmissible Delta variant has caused renewed lockdown in some countries, and the uncertain developments surrounding oil prices has kept markets on its toes, the IILM remains steadfast with our commitment and mandate to provide short-term liquidity instruments for the Shari’ah-compliant financial markets,” Dr. Umar added.
Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totaling USD 8.11 billion through 21 Ṣukūk series. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.
The total amount of IILM Ṣukūk outstanding is USD 3.51 billion. The IILM short-term Ṣukūk programme is rated “A-1” by S&P.
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About the IILM
The International Islamic Liquidity Management Corporation (IILM) is an international organisation established on 25 October 2010 by central banks, monetary authorities and multilateral organisations to develop and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions that offer Islamic financial services (IIFS).
The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey, the United Arab Emirates, as well as the multilateral Islamic Corporation for the Development of the Private Sector.
Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies that have regulatory oversight of finance or trade and commerce, and multilateral organisations.
The IILM is hosted by Malaysia and headquartered in Kuala Lumpur.
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Download the Arabic version of the press release here.
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