Kuala Lumpur, Malaysia – 3 June 2025

The International Islamic Liquidity Management Corporation (IILM), an international organisation that develops and issues short-term Shari’ah-compliant financial instruments, has successfully completed the reissuance of an aggregate USD 955 million short-term Ṣukūk across three different tenors of one, three, and twelve-month respectively.

The three series were priced competitively at:
i) 4.60% for USD 290 million for 1-month tenor;
ii) 4.75% for USD 465 million for 3-month tenor; and,
iii) 4.55% for USD 200 million for 12-month tenor.

This marks the IILM’s tenth auction year-to-date. Year-to-date, cumulative issuances have reached USD 10.45 billion across 30 Ṣukūk series of varying tenors.

The auction attracted strong demand from the IILM’s network of Primary Dealers and global investors, resulting in a healthy orderbook of USD 2.11 billion and a robust average bid-to-cover ratio of 221%, reflecting continued confidence in the IILM’s short-term Ṣukūk programme.

Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, said: “With today’s USD 955 million Ṣukūk reissuance — our tenth auction for the year — the IILM’s year-to-date issuance has reached USD 10.45 billion. We remain on-track to meeting our full year issuance target for 2025 of approximately USD 20 billion, which is set to be an all-time high for the IILM (2023: USD 11.52 billion; 2024: USD 13.01 billion)”.
The latest auction was conducted in a volatile market environment marked by heightened uncertainty. Timing-wise, it took place just ahead of the Eid break and against the backdrop of a surge in global Ṣukūk issuances over the past two weeks, totaling USD 4.8 billion.

“Despite all these headwinds, the robust bid-to-cover ratio of over two times achieved for today’s auction, exactly a week after our last issuance (of USD 1.28 billion), clearly reinforces the market’s growing interest and confidence in the IILM’s Ṣukūk as one of the most sought-after instruments for short-term Islamic liquidity management globally,” Safri added.

The issuance forms part of the IILM’s “A-1” (S&P) and “F1” (Fitch Ratings) rated USD 6 billion short-term Ṣukūk issuance programme.

The IILM’s short-term Sukῡk is distributed by a diversified and growing network of primary dealers globally, namely Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank, Boubyan Bank, CIMB Islamic Bank Berhad, Dukhan Bank, First Abu Dhabi Bank, Golden Global Investment Bank, Kuwait Finance House, Kuwait International Bank, Maybank Islamic Berhad, Meethaq Islamic Banking from Bank Muscat, Qatar Islamic Bank, and Standard Chartered Bank.

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 IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.