Kuala Lumpur, Malaysia – 8 July 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 880 million short-term Ṣukūk across three different tenors of one, three, and six-month respectively.

The three series were priced competitively at:
i) 4.45% for USD 350 million for 1-month tenor;
ii) 4.45% for USD 310 million for 3-month tenor; and,
iii) 4.30% for USD 220 million for 6-month tenor

Today’s successful completion of the short-term Ṣukūk transaction brings the IILM’s year-to-date cumulative issuance to USD 12.35 billion, across 36 Ṣukūk series of varying tenors. This marks 95% of the IILM’s total cumulative issuance for the whole of 2024, and 60% of the expected total for 2025.

The auction attracted robust participation from the IILM’s network of Primary Dealers and global investors, generating total bids of USD 2.251 billion and achieving a strong average bid-to-cover ratio of 2.56 times — the highest recorded so far in 2025.

Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, commented: “The exceptionally strong outcome of today’s auction – amid ongoing global tensions, heightened geopolitical risks in parts of the Middle East, and divergent liquidity conditions across markets – underscores the resilience and continued relevance of the IILM short-term Ṣukūk growth in addressing cross-border Islamic liquidity needs.”

“We are particularly encouraged by the solid demand across all three tenors, which were fully subscribed shortly after the book opened. This reflects deep and overwhelming liquidity appetite and reinforces investor confidence in the IILM’s issuance programme. It also reaffirms the role of our instruments as reliable tools for financial institutions navigating today’s uncertain macroeconomic landscape.”

“The IILM remains firmly committed to supporting stability in the Islamic money markets through regular, high-quality issuance that aligns with the evolving needs of our global investor base.”
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, 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.