IILM marks series of firsts in its latest landmark auction of USD 1.35 Billion

Kuala Lumpur, Malaysia – 17 November 2025.

The International Islamic Liquidity Management Corporation (IILM) is pleased to announce that it has successfully issued and reissued a total of USD 1.35 billion short-term Ṣukūk across five tenors — marking the first time the organisation has offered this breadth of maturity profiles within a single auction.
The landmark issuance featured one, two, three, six, and for the first time, nine-month tenors, priced competitively as follows:
i) 4.10% for USD 290 million for 1-month tenor;
ii) 4.15% for USD 385 million for 2-month tenor;
iii) 4.10% for USD 365 million for 3-month tenor;
iv) 4.12% for USD 210 million for 6-month tenor; and,
v) 4.05% for USD 100 million for the newly introduced 9-month tenor.

The debut of the nine-month tenor marks a significant first for the IILM and represents a strategic expansion of its short-term Ṣukūk suite, offering Islamic financial institutions enhanced optionality in managing Shari’ah-compliant liquidity needs. With today’s issuance, the IILM’s outstanding short-term Ṣukūk will reach a record-high USD 6.4 billion — another important milestone for the organisation.

The auction attracted strong demand from the IILM’s network of Primary Dealers and a broad base of institutional investors across multiple jurisdictions, registering total bids of USD 3.29 billion and a robust average bid-to-cover (BTC) ratio of 2.44 times. The outcome of this historic auction further reinforces the IILM’s position as the premier issuer of high-quality, cross-border Shari’ah-compliant liquidity instruments, reflecting the sustained trust of Islamic financial institutions worldwide.

Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, said: “Today’s issuance marks a series of important firsts for the IILM. It is the first time since the
establishment of our Ṣukūk Programme that investors have been able to access five short-term tenors in a single auction, demonstrating our ongoing commitment to innovation in Islamic liquidity management. The introduction of the new nine-month tenor fills a critical gap for institutions that require longer short-term placements aligned with the USD Asset Backed Commercial Papers (ABCPs), to better manage funding cycles, investment strategies, and regulatory requirements. Expanding our maturity spectrum further strengthens our value proposition by offering investors a more calibrated and efficient liquidity management toolkit.”

Cross-border Islamic liquidity remains central to the IILM’s mandate and surpassing USD 6.4 billion in outstanding Ṣukūk, supported by the addition of a highly rated asset reflects the deep trust that global institutions place in our framework, as well as the strength of our underlying asset pool. The continued growth of our asset base underscores our commitment to delivering high-quality, Shari’ah-compliant liquidity solutions that are internationally relevant and operationally robust. We will continue to enhance the breadth and depth of our offerings to support a more integrated and resilient global Islamic finance ecosystem.”

The transaction marks the IILM’s twentieth Ṣukūk auction year-to-date (YTD), bringing its total issuances in 2025 to USD 21.55 billion across 65 series of varying tenors. This latest issuance is conducted under the IILM’s USD 8.5 billion short-term Ṣukūk Issuance Programme, which are rated “A-1” from S&P Global Ratings and “F1” by Fitch Ratings, respectively.

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, AlRayan 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.