2021 proved to be another challenging year for global markets due to the continued disruption caused by Covid-19 and other forms of volatilities, yet the Primary Dealers and investors remained steadfast with the IILM’s Ṣukūk programme, which amounted to USD 14.12 billion across 36 Ṣukūk series during the year

Kuala Lumpur, Malaysia – 13 January 2022

The International Islamic Liquidity Management Corporation (“IILM”) is pleased to announce the top three most active Primary Dealers for the IILM Ṣukūk Programme for 2021.

Based on the total amount allocated at primary level as of end December 2021, namely a total of 36 Ṣukūk issued for a cumulative amount of USD 14.12 billion, the top three Primary Dealers are:

1. Kuwait Finance House
2. Standard Chartered Bank
3. Maybank Islamic Bank

For Primary Dealer activity and footprint in the secondary market, based on the total trading volume of USD 1.51 billion as of end December 2021, the top three Primary Dealers are:

1. Kuwait Finance House
2. First Abu Dhabi Bank
3. Standard Chartered Bank

Dr Umar Oseni, Chief Executive Officer of the IILM, said: “On behalf of the IILM, I would like to congratulate the top ranked Primary Dealers for their role in contributing to the growth and strength of the cross-border Islamic liquidity management framework. 2021 proved to be another challenging year for global markets due to the continued disruption caused by Covid-19 and other forms of volatilities, yet the Primary Dealers and investors remained steadfast with the IILM’s Ṣukūk programme, which amounted to USD 14.12 billion across 36 Ṣukūk series during the year. The recognition of the top ranked Primary Dealers is well deserved, and we look forward to another year of meaningful partnership with our supportive stakeholders.”

“Kuwait Finance House (“KFH”) is truly humbled and pleased to be recognised as the number one Primary Dealer for 2021 in the primary market rankings as well as the secondary market. KFH is the first Primary Dealer to achieve first spot for both markets, and we certainly feel honoured to be counted on to distribute the IILM’s ‘A-1’ rated Ṣukūk programme to a wide base of investors. We believe that the IILM plays a critical role in addressing the liquidity needs of Institutions offering Islamic Financial Services (“IIFS”), as reflected by the fact that 27% of total global USD Ṣukūk issuance in 2021 was supplied by the IILM, making the organisation as one of the top USD

Ṣukūk issuers globally. KFH will remain a dedicated strategic partner in fostering the development of the Islamic finance industry, via participation in the IILM’s Ṣukūk issuance programme,” said Ahmad Al-Sumait, General Manager Treasury Kuwait of KFH.

The ranking assessments take into account key aspects of Primary Dealers’ role in distributing the IILM Ṣukūk at primary level by reaching out to a broad investor base and to ensure liquidity of the short-term Islamic instruments in the secondary market. Primary market appraisal is based on successful bids realised at auctions during the the year, whereas secondary market activity is ranked based on turnover and percentage contribution in secondary market.

Since 2013, the IILM has published the league table of top three most active Primary Dealers at primary and since 2019 at secondary market.

The IILM Short term Ṣukūk programme is rated “A-1” by S&P. The total outstanding of the IILM Ṣukūk stands at USD 3.51 billion, with a Shari’ah tradability ratio of 79% tangible assets as of today.

For the full participation in auctions and primary allocations, the 2021 ranking of the Financial Institutions is as follows:

1. Kuwait Finance House
2. Standard Chartered Bank
3. Maybank Islamic Bank
4. First Abu Dhabi Bank
5. Boubyan Bank
6. CIMB Islamic Bank
7. Abu Dhabi Islamic Bank
8. Dukhan Bank
9. Qatar Islamic Bank
10. Al Baraka Turk