IslamicFinance.de

After a period of silence, International Islamic Liquidity Management Corporation (IILM) announced that it was 85% ready to use between $300m and $500m for the issuance of US dollar Ijara Sukuk. The corporation is backed up by sovereign assets of its member countries. The issuance is expected in the very near future. According to plan, it will not be just one singular Sukuk but there will rather be a continuous supply of it. Up to $2bn is the expected amount in issuance per year.

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The main demand now for the International Islamic Liquidity Management (IILM) Corporation is to find the most common denominator among the jurisdictions for the global Islamic finance market.
Chief Executive Officer Mahmoud AbuShamma stated that IILM would use the US dollar, an international currency which is widely used, but may look at other local currencies later depending on the requirements of the market.

International Islamic Financial Market wishes to announce the appointment of Mr. Mahmoud AbuShamma as its first Chief Executive Officer (CEO) for a three-year tenure effective 1 February 2011.
Mr. Mahmoud will lead a team of Islamic finance experts and professionals to operationalise the IILM's Mr. Mahmoud has served as the Global Head of HSBC Amanah Coverage at HSBC Bank Middle East Limited, Dubai in charge of critical HSBC Amanah relationships globally, including Governments, high networth individuals and top corporate clients.