IslamicFinance.de

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.

Rifaat Ahmed Abdel Karim, secretary-general of the Islamic Financial Services Board, has said the board will revise its rules next year to enhance Shari'ah-compliant banks' capital in line with Basel III reforms.
The purpose is "not to put the Islamic financial services industry at a disadvantage and to provide them with a level playing field" . The IFSB would seek its council's approval in December to begin work next year on amending the regulations