Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totaling USD 9.36 billion through 24 Ṣukūk series.
The International Islamic Liquidity Management Corporation (IILM) has successfully reissued a total of USD 1.25 billion short-term “A-1” rated Ṣukūk across three different tenors of one, three, and six-month respectively.
The three series were priced competitively at:
i) 0.30% for USD 400 million for 1-month tenor
ii) 0.30% for USD 550 million for 3-month tenor;
iii) and 0.38% for USD 300 million for 6-month tenor.
Today’s Ṣukūk reissuance, which marks the IILM’s eighth Ṣukūk auction for 2021, garnered significant interest among the GCC-based Islamic Primary Dealers and investors despite the holiday season, as well as higher participation observed among Asian-based Primary Dealers and investors for the 3-month tenor.
The competitive tender witnessed a strong orderbook in excess of USD 2.04 billion, representing an average oversubscription rate of 1.6 times.
Further to today’s reissuance, the IILM has achieved year-to-date cumulative issuances totaling USD 9.36 billion through 24 Ṣukūk series. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.
The IILM is a regular issuer of short-term Ṣukūk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services. The total amount of IILM Ṣukūk outstanding is now USD 3.51 billion. The IILM short-term Ṣukūk programme is rated “A-1” by S&P.
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.
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.
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