Today’s issuance also signifies the IILM crossing the USD 100 billion mark in total issuances since the organisation’s inception, demonstrating our commitment in providing Islamic financial institutions with access to high-quality liquid assets (HQLA) via our short-term Ṣukūk instruments on a consistent and regular basis
Kuala Lumpur, Malaysia – 7 November 2023.
The International Islamic Liquidity Management Corporation (IILM), an international organisation that develops and issues short-term Shari’ah-compliant financial instruments, has successfully reissued a total of USD 1.1 billion short-term Ṣukūk across three different tenors of one, three, and six-month respectively.
The three series were priced competitively at:
i) 5.43% for USD 350 million for 1-month tenor;
ii) 5.66% for USD 400 million for 3-month tenor; and
iii) 5.70% for USD 350 million for 6-month tenor.
With today’s Ṣukūk reissuance, the IILM has successfully crossed USD 100 billion in total issuances since the organisation’s inception in 2010, and inaugural Ṣukūk issuance in 2013.
The IILM’s eleventh auction for the year garnered a strong demand from both Primary Dealers and investors with a combined orderbook of USD 2.79 billion, representing an average bid-to-cover ratio of 254%.
Dr. Umar Oseni, Chief Executive Officer of the IILM, said: “We are very pleased with today’s incredibly successful auction, where we witnessed a healthy coverage ratio above 200% for all three tenors. Today’s issuance also signifies the IILM crossing the USD 100 billion mark in total issuances since the organisation’s inception, demonstrating our commitment in providing Islamic financial institutions with access to high-quality liquid assets (HQLA) via our short-term Ṣukūk instruments on a consistent and regular basis.”
The issuance forms part of the IILM’s “A-1” (S&P) and “F1” (Fitch Ratings) rated USD 4 billion short-term Ṣukūk issuance programme.
Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totaling USD 10.73 billion through 33 Ṣukūk series.
The IILM’s various short-term Shari’ah-compliant instruments across varying amounts facilitate effective cross-border liquidity management among Institutions offering Islamic financial services. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.
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, Malaysia, Mauritius, Nigeria, Qatar, Türkiye, 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.
The International Islamic Liquidity Management Corporation (IILM)
T: +60(3) 2170 5000
F: +60(3) 2170 5111
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Download the Arabic version of the press release here.