With the conclusion of today’s successful issuance, the IILM has achieved year-to-date cumulative issuances totaling USD 11.52 billion across 36 US dollar-denominated short-term Ṣukūk series and crossing the USD 100 billion mark in total issuances since the organisation’s inception. Furthermore, the IILM’s Ṣukūk issuances during the year-to-date period accounts for approximately 20% of total global US dollar Ṣukūk issuances

Kuala Lumpur, Malaysia – 5 December 2023

The International Islamic Liquidity Management Corporation (IILM), an international organisation that develops and issues short-term Shari’ah-compliant financial instruments, has successfully reissued a total of USD 790 million short-term Ṣukūk across three different tenors of one, three, and six-month respectively.

The three series were priced competitively at:
i) 5.45% for USD 250 million for 1-month tenor;
ii) 5.61% for USD 290 million for 3-month tenor; and
iii) 5.54% for USD 250 million for 6-month tenor.

With today’s Ṣukūk reissuance, the IILM has successfully issued a total USD 100.94 billion through 234 series in total issuances since the organisation’s inception in 2010, and inaugural Ṣukūk issuance in 2013.

In its twelfth and final auction for 2023, the IILM’s Ṣukūk reissuance today witnessed a competitive tender among Islamic Primary Dealers and investors across the GCC markets as well as Asia, with a strong orderbook in excess of USD 1.99 billion, representing an average bid-to-cover ratio of 252%.

Dr. Umar Oseni, Chief Executive Officer of the IILM, said: “With the conclusion of today’s successful issuance, the IILM has achieved year-to-date cumulative issuances totaling USD 11.52 billion across 36 US dollar-denominated short-term Ṣukūk series and crossing the USD 100 billion mark in total issuances since the organisation’s inception. Furthermore, the IILM’s Ṣukūk issuances during the year-to-date period accounts for approximately 20% of total global US dollar Ṣukūk issuances.

Despite the prevailing volatile geopolitical climate and uncertainties in the market that we witnessed throughout the year, the IILM continues to explore innovative solutions to address the industry’s evolving Shari’ah-compliant liquidity management needs.”

The organisation also continued its momentum with the 12-month tenor that was introduced in 2022, with its third and fourth series issued in June and October respectively, this year, with a combined value of USD 540 million.

The IILM was also ranked fifth amongst the top Ṣukūk issuers globally and maintained its first position as a multilateral institution in the first half of 2023, according to global data provider LSEG, with the highest monthly issuance size reaching USD 1.2 billion in June this year.

The IILM recorded several new investors during the year, from different countries and regions in the Middle East, Asia, Africa, and Europe, as the IILM Ṣukūk gains traction among different types of investors across the globe, with banks leading the pack, followed by government entities, pension funds, asset managers, as well as private banks.

Looking ahead into 2024, the IILM will continue to focus on initiatives to enhance its issuance programme with new features, diversifying its investor base and thus, bolstering liquidity for the IILM Ṣukūk on the secondary market. The Issuance Calendar for 2024 will be released before the end of the year.

The IILM’s short-term Sukῡk is distributed by a diversified network of 10 primary dealers globally, namely Abu Dhabi Islamic Bank, Al Baraka Turk, Boubyan Bank, CIMB Islamic Bank Berhad, Dukhan Bank, First Abu Dhabi Bank, Kuwait Finance House, Maybank Islamic Berhad, Qatar Islamic Bank, and Standard Chartered Bank.

The IILM’s USD 4 billion short-term Ṣukūk programme is rated “A-1” by S&P and “F1” by Fitch Ratings.

The IILM’s various short-term Shari’ah-compliant instruments across varying amounts facilitate effective cross-border liquidity management among Institutions offering Islamic financial services. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.