IslamicFinance.de

The Malaysia-based International Islamic Liquidity Management Corporation (IILM) successfully conducted an auction for a total issuance of $1.06bn short-term A-1 rated Sukuk in three series. The three series have been priced by the market as follows: USD400m of 1-month tenor at 0.33%; USD460m of 3-month tenor at 0.45%; and USD 200m of 7-month tenor at 0,58%, respectively. The tender resulted in significant demand from Middle Eastern, Asian and African investors, with an orderbook that closed in excess of USD1.72bn. ILM is an international organisation established by various central banks to develop and issue short-term Shari’ah-compliant financial instruments. The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Qatar, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Turkey, the UAE, as well as the multilateral Islamic Corporation for the Development of the Private Sector.