IILM issues sukuk twice in a month for first time since debut sale

Malaysia-based International Islamic Liquidity Management Corp (IILM) yesterday auctioned a $550 million three-month sukuk, its second in October and the first time it has issued sukuk twice in a month since its debut sale in 2013. 

Prior to yesterday’s issue, IILM sold two sukuk on October 4. The first was a three-month sukuk worth $450 million and the second was a four-month $400 million issue, an IILM official told Salaam Gateway.

Yesterday’s sukuk was priced at 1.67742 percent profit rate and was distributed through IILM’s network of ten primary dealers of banks, the organisation said in a statement to the media.

The issue received a subscription coverage ratio of 165 percent, said the official.

IILM is a consortium of central banks, monetary authorities and multilateral organisations founded in October 2010 to develop and issue short-term Shariah-compliant financial instruments to address the shortage of highly liquid, investment-grade financial instruments in the Islamic finance industry.

It issued its first sukuk, a three-month $490 million issue, in August 2013.

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