Kuala Lumpur, Malaysia – The International Islamic Liquidity Management Corporation (IILM), the world’s leading issuer of Shari’ah-compliant short-term liquidity management instruments, has successfully completed the reissuance of USD 1.185 billion and new issuance of USD 105 million short-term Ṣukūk across five different tenors: two-week, one-, three-, six-, and twelve-months.

The five series were competitively priced as follows:

  1. 3.80% for USD 130 million (2-week);
  2. 3.85% for USD 310 million (1-month);
  3. 3.91% for USD 560 million (3-month);
  4. 3.85% for USD 250 million (6-month); and,
  5. 3.50% for USD 40 million (12-month).

The auction saw a robust participation from the IILM’s network of Primary Dealers alongside a diverse range of institutional investors across multiple jurisdictions. Total bids reached USD 3.086 billion, translating into an average bid-to-cover ratio of 2.39 times, reflecting continued investor confidence in the IILM’s hiqh-quality short-dated Islamic instruments amid evolving global market conditions.

Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, said: “The recent developments in the Middle East have materially heightened geopolitical risks and injected a renewed layer of uncertainty across global financial markets. The immediate impact has been reflected in increased volatility across funding markets, currency movements and energy prices, with risk sentiment turning more cautious as investors reassess exposures and rebalance portfolios.

Against this backdrop, the IILM has continued to navigate global market turbulence by successfully executing its latest issuance in an otherwise subdued global Ṣukūk and bond market. IILM’s uninterrupted market access and consistent issuance of short-term USD-denominated Ṣukūk, notwithstanding the current geopolitical tensions, continue to play a vital stabilising role.

The latest auction of USD 1.29 billion, including USD 105 million in new fundraising, was well received by investors, reflecting sustained confidence in the IILM’s offerings. Our instruments are specifically structured to support Islamic banks in maintaining resilient liquidity buffers under Basel III requirements, particularly in meeting Liquidity Coverage Ratio (LCR) standards while preserving high credit quality and active secondary market tradability.

The IILM remains steadfast in its mandate to provide high-quality, internationally recognised liquidity management solutions across jurisdictions. We will continue to work closely with our member central banks and primary dealers to ensure consistency of issuance, market depth and investor confidence — especially during periods when stability, predictability and market reassurance are most needed.”

Today’s transaction marks the IILM’s fifth Ṣukūk auction year-to-date, bringing total issuances in 2026 to USD 5.775 billion across 22 Ṣukūk series of varying maturities. All issuances were conducted under the IILM’s USD 8.5 billion short-term Ṣukūk Issuance Programme, rated “A-1” by S&P Global Ratings and “F1” by Fitch Ratings.

The IILM’s short-term Sukῡk is distributed by a diversified and growing network of 16 primary dealers globally, namely Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank, AlRayan Bank, Boubyan Bank, CIMB Islamic Bank Berhad, Dukhan Bank, First Abu Dhabi Bank, Golden Global Investment Bank, Jaiz Bank, Kuwait Finance House, Kuwait International Bank, Maybank Islamic Berhad, Meethaq Islamic Banking from Bank Muscat, Qatar Islamic Bank, and Standard Chartered Bank.

The IILM is a regular issuer of short-term Ṣukūk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.

About the IILM

The International Islamic Liquidity Management Corporation (IILM) is an international organisation established on 25 October 2010 by central banks, monetary authorities and multilateral organisations to develop and issue short-term Shari’ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions that offer Islamic financial services (IIFS).

The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Kuwait, Malaysia, Mauritius, Nigeria, Qatar, Türkiye, the United Arab Emirates, as well as the multilateral Islamic Corporation for the Development of the Private Sector.

Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies that have regulatory oversight of finance or trade and commerce, and multilateral organisations.

The IILM is hosted by Malaysia and headquartered in Kuala Lumpur.

Media Enquiries:
The International Islamic Liquidity Management Corporation (IILM)
E: corpcomm@iilm.com; info@iilm.com
Website: http://www.iilm.com

Please follow us on social media for up-to-date information on the IILM:
Twitter : https://twitter.com/theiilm
Linked in : https://www.linkedin.com/company/theiilm