We are pleased that the IILM’s Ṣukūk issuance activities and overall mandate remain on solid footing, made possible by the strong relationship with the Primary Dealers and wider investor base, and continues unabated despite the difficulties posed by the pandemic

Kuala Lumpur, Malaysia – 2 September 2021.

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

Based on the total amount allocated at primary level as of June 2021, namely a total of 18 Ṣukūk issued for a cumulative amount of USD 7.01 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 737 million as of June 2021, the top three Primary Dealers are:

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

Dr Umar Oseni, Chief Executive Officer of the IILM, said: “The IILM would like to congratulate the top ranked Primary Dealers who have played a significant role in ensuring the growth of cross-border Islamic liquidity instruments. The first half of 2021 proved to be a challenging one for both Primary Dealers and investors, as the global Covid-19 pandemic that ravaged a large part of 2020 continued to pose uncertainties in the economic recovery across markets which has been further exacerbated with the emergence of new variants.”

“Therefore, we are pleased that the IILM’s Ṣukūk issuance activities and overall mandate remain on solid footing, made possible by the strong relationship with the Primary Dealers and wider investor base, and continues unabated despite the difficulties posed by the pandemic. As we carry on with our journey towards developing the Ṣukūk market in a sustainable manner, the IILM is optimistic with the prospects for the rest of year and we look forward to deeper collaborations with our supportive stakeholders,” Dr Umar added.
 
“Kuwait Finance House (“KFH”) is truly honoured to be recognised as the number one Primary Dealer for the first half of 2021 in the primary market rankings. The IILM plays a crucial role in the international Islamic financial system with sustained strong demand for its ‘A-1’ rated Ṣukūk programme. KFH is confident that the IILM’s high credit quality liquidity instrument will continue to benefit the Islamic finance industry as a whole and we look forward to continuing to support the IILM with its core mission as a committed strategic partner,” said Khalid Al Rukhayes, Executive Manager of Capital Markets, Kuwait Finance House.

“First Abu Dhabi Bank (“FAB”) greatly appreciates the recognition given by the IILM in our role as the top ranked Primary Dealer in secondary market for first half of the year, reflecting growth and activity of wider Islamic financial institutions. While markets have experienced significant volatility due to the pandemic, the IILM has carried on performing an important and leading role in addressing the liquidity needs of Islamic financial institutions globally. As a dedicated partner, FAB will continue to foster the development of the Islamic secondary markets further via participation in the IILM’s Ṣukūk issuance programme,” Nadine Windsor, Head of Credit Trading, FAB Global Markets said.

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 first half of 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 first half 2021 ranking of the Financial Institutions is as follows:

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