IslamicFinance.de

International Islamic Liquidity Management Corp (IILM) plans to sell US$1.34bil (RM5.54bil) of three-month bills, its biggest offering since being set up in 2010 to support syariah-compliant financial activity. The Kuala Lumpur-based institution would auction the Islamic notes on Feb 18, it said in a statement. IILM has a short-term issuer rating of A-1 from Standard & Poor’s, and has sold a total US$14bil of debt denominated in the US currency. While IILM has increased issuance of short-term paper each year since its debut offering in 2013, the supply is far short of the US$400bil that Ernst & Young LLP estimates is needed to help Islamic banks manage their liquidity.