Islamic finance body IILM eyes wider membership -CEO

Malaysia-based International Islamic Liquidity Management Corp (IILM) hopes to widen its membership base as it seeks feedback from the market on its Islamic bond issuance programme. The IILM's short-term sukuk programme now has $1.65 billion of sukuk outstanding and could eventually grow to more than $2 billion; nine countries are directly represented in the IILM and it is keen to add more. A wider membership would boost demand for the IILM's sukuk, since Islamic banks in certain countries cannot hold IILM sukuk without permission from their local regulator. One potential new member is Oman; that country's central bank governor told Reuters last October that it was considering whether to join the IILM or allow its banks to hold IILM sukuk.