Islamic finance body IILM to issue $790m in sukuk next week

August 18, 2014 - 2:08:57 pm

KUALA LUMPUR: Malaysia-based International Islamic Liquidity Management Corp (IILM) will raise $790 million through its Islamic bond programme next week, according to a filing with the central bank.

The IILM, a consortium of central banks from Asia, the Middle East and Africa, will auction a three-month $390 million sukuk and a six-month $400 million sukuk on Monday Aug. 25.

IILM last went to the market in July to re-issue $890 million worth of three-month papers, in order to meet a shortage of highly liquid, investment-grade financial instruments which Islamic banks can trade to manage their short-term funding needs.

Shareholders of the IILM are the central banks of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey and the United Arab Emirates, as well as the Jeddah-based Islamic Development Bank. (Reuters)