Kuwait – 20 February 2025

The International Islamic Liquidity Management Corporation (IILM) is pleased to welcome Kuwait International Bank (KIB) as the latest banking institution from the GCC region to become the IILM’s Primary Dealer that will distribute the IILM’s short-term Sukūk to qualified investors in Kuwait and globally.

The inclusion of KIB in the IILM’s esteemed global network of Primary Dealers highlights the growing significance of the IILM’s short-term Sukūk as an innovative and effective Shari’ah-compliant liquidity management solution. It also reflects the increasing demand among global investors for high-quality, low-risk, and secure Islamic investment instruments.
The signing ceremony took place at KIB’s headquarters in Kuwait, in the presence of the IILM’s Chief Executive Officer, Mohamad Safri Shahul Hamid, and KIB’s General Manager of Treasury, Mohammed Al-Duwailah.

Mohamad Safri Shahul Hamid said: “We are delighted to welcome KIB to the IILM’s global network of esteemed Primary Dealers. Kuwait has long been a key player in the Islamic finance industry, with its well-established banking sector and strong regulatory support for Shari’ah-compliant financial instruments. As a new Primary Dealer, KIB’s participation reinforces the increasing demand for high-quality short-term Sukūk in Kuwait and the region, underscoring the vital role that the Kuwaiti financial institutions have been playing in deepening the Islamic liquidity management solutions.”

“As Kuwait’s Islamic banking sector continues to grow and evolve, KIB’s participation in the IILM’s highly rated short-term Sukūk programme will open new frontiers and enhance liquidity options for the Islamic market participants locally, regionally, and globally. We look forward to an enduring partnership with KIB, in strengthening cross-border liquidity management and advancing the Islamic financial ecosystem globally,” Safri added.

Mohammed Al-Duwailah, said: “It is an honour to be part of the IILM’s global network of esteemed Primary Dealers whose efforts and commitment continue to develop the Islamic banking sector and add to its regional and global competitiveness. As a Primary Dealer, we are delighted to offer to domestic and regional banks, the leading high-quality, low-risk short-term IILM Sukūk, enhancing our role in meeting the liquidity requirements of institutions that provide Islamic financial services.”

Al-Duwailah also added: “With our new role as a Primary Dealer, KIB is presented with a valuable opportunity to not only promote Islamic financial instruments, such as the competitive IILM short-term Sukūk, but also to further strengthen the stability and growth of the Islamic finance ecosystem. Alongside other Primary Dealers worldwide, we are excited to embark on this new chapter of regional and global exposure as we pursue shared success for KIB and IILM.”

In committing to its new responsibilities as a Primary Dealer of the IILM, KIB joins a cohort of the finest global Islamic banks in distributing the IILM’s short-term Sukῡk, including Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank, Boubyan Bank, CIMB Islamic Bank Berhad, Dukhan Bank, First Abu Dhabi Bank, Golden Global Investment Bank, Kuwait Finance House, Maybank Islamic Berhad, Meethaq Islamic Banking from Bank Muscat, Qatar Islamic Bank, and Standard Chartered Bank.

The IILM’s USD 6 billion short-term Ṣukūk programme is rated “A-1” by S&P Global and “F1” by Fitch Ratings, and the total amount of IILM Ṣukūk outstanding currently stands at USD 4.14 billion.