IILM set to re-issue 3 and 6-month sukuk

  • Business
  • Thursday, 19 Feb 2015

DUBAI: Malaysia-based International Islamic Liquidity Management Corp (IILM) will hold two auctions next week to issue a combined US$990mil (RM3.6bil) worth of sukuk, under a programme that is now authorised to issue US$3bil (RM10.9bil) in short-term paper.

The IILM would auction US$490mil (RM1.8bil) worth of three-month sukuk and US$500mil of six-month sukuk on Tuesday, it said in a central bank filing.

It is only the second time IILM has issued six-month paper. The IILM programme, rated A-1 by Standard and Poor’s, has US$1.85bil (RM6.7bil) worth of sukuk currently outstanding.

IILM, a consortium of central banks from Asia, the Middle East and Africa, began the programme in 2013 to address a shortage of instruments that Islamic banks can use to manage short-term liquidity. — Reuters

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