IILM issues $860m sukuk
January 21, 2014 - 10:25:25 am
DOHA/KUALA LUMPUR: The Malaysia-based International Islamic Liquidity Management Corporation (IILM) has successfully conducted its sukuk issuance programme by auctioning $860m of three-month Islamic bonds at a yield of 0.55635 percent. The issue was sold to nine primary dealers from Asia, the Middle East and Europe, including Qatar National Bank. The issue brings the total amount of the IILM’s outstanding sukuk to $1.35bn. The IILM is an international institution established in 2010 by central banks, monetary authorities and multilateral organisations to develop and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions that offer Islamic financial services (IIFS). The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey, the UAE and the Islamic Development Bank Group.