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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.

The International Islamic Liquidity Management Corporation (IILM) has issued three short-term A-1 rated sukuk for a total amount of USD1.06 billion. The auction drew more than USD1.85 billion in demand. With over 60 orders from diversified investors, the Islamic Primary Dealers got allocations across all tenors of up to 90% of the total issuances. The USD300 million 1-month sukuk were offered at 1.15%, while the USD460 million 3-month and USD300 million 6-month series were offered at 1.55% and 1.73%, respectively. With today’s auction, the IILM successfully crossed the 100th mark in sukuk issued since 2013, which amounts to a cumulative issuances of over USD53 billion.

Malaysia-based International Islamic Liquidity Management Corporation (IILM) has reissued A-1 short term sukuk worth $600 million in two series. The reissuance came in the form of $300 million with 1-month tenor at a profit rate of 1.85% and $300 million with 3-month tenor at a profit rate of 1.91%. Primary dealers include Abu Dhabi Islamic Bank, First Abu Dhabi Bank, Barwa Bank, Boubyan Bank, Kuwait Finance House and Qatar Islamic Bank. The non-GCC banks that participated in the reissuance include Maybank Islamic, Standard Chartered Bank, Al Baraka Turk and CIMB Bank. The demand for the 1-month and 3-month Sukuk series reached a bid-to-cover ratio of 208%, and 255%, respectively.

The International Islamic Liquidity Management Corporation (IILM) has conducted an auction of US$1.11bil (RM4.63bil) three-month tenor sukuk priced at 1.35389% profit rate. The IILM said the 11 primary dealers that participated in the Sukuk offering were Abu Dhabi Islamic Bank, Al Baraka Turk, Barwa Bank, Boubyan Bank, CIMB Islamic Bank, Kuwait Finance House, Maybank Islamic, National Bank of Abu Dhabi, Qatar Islamic Bank, Qatar National Bank and Standard Chartered Bank. The IILM Sukuk is rated A-1 by Standard & Poor's Rating Services and the 29th series brings the total cumulative amount of the IILM Sukuk that were issued and reissued to US$21.14bil (RM88.14bil).

The International Islamic Liquidity Management Corporation (IILM) has conducted an auction of US$1.11bil (RM4.63bil) three-month tenor sukuk priced at 1.35389% profit rate. The IILM said the 11 primary dealers that participated in the Sukuk offering were Abu Dhabi Islamic Bank, Al Baraka Turk, Barwa Bank, Boubyan Bank, CIMB Islamic Bank, Kuwait Finance House, Maybank Islamic, National Bank of Abu Dhabi, Qatar Islamic Bank, Qatar National Bank and Standard Chartered Bank. The IILM Sukuk is rated A-1 by Standard & Poor's Rating Services and the 29th series brings the total cumulative amount of the IILM Sukuk that were issued and reissued to US$21.14bil (RM88.14bil).

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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Mushtak Parker gave an interview on a series of topics, among wich the International Islamic Liquidity Management Corporation (IILM), education in Islamic finance, moving the industry to US$2 trillion (RM6.22 trillion), scholars on multiple boards, and the late Dr Zaki Badawi. Parker expressed his opinion that even though the establishment and goals of IILM are highly commendable, it lacks transparency. This leads to problems in its process of its conception and imediate operation. He fears that IILM will not adress liquidity management leaving thus the gap open.

The contribution of a membership fee of N875 million to the International Islamic Liquidity Management Corporation (IILM) by the Central Bank of Nigeria (CBN) as a founding member, is raising suspicions about the apex bank’s resolve on accountability and transparency in it’s operations.
It seems that there are complaints by worried Nigerians that the CBN was forcefully gathering the country into the membership of the Corporation, a supranational entity, organized to float financial instruments to facilitate liquidity management.

The International Islamic Liquidity Management Corporation (IILM) is expected to issue the first Shariah-compliant financial instruments by year-end.
The minimum size of the instruments could be US$300 million depending on the market demand.
The IILM was established on October 2010 with 14 founding shareholders, comprising the 12 central banks of Indonesia, Iran, Kuwait, Luxembourg, Malaysia,Mauritius, Nigeria, Qatar, Saudi Arabia, Sudan, Turkey, and the United Arab Emirates (UAE), as well as two multi-lateral institutions, the Islamic Development Bank and the Islamic Corporation for the Development of the Private Sector.