Kuala Lumpur, Malaysia – The International Islamic Liquidity Management Corporation (IILM), the world’s leading issuer of Shari’ah-compliant short-term liquidity management instruments, is pleased to announce that it has successfully reissued a total of USD 1.365 billion short-term Ṣukūk across four tenors, in its final auction for 2025.

The issuance featured one, three, six, and nine-month tenors, priced competitively as follows:

  1. 4.00% for USD 330 million for 1-month tenor;
  2. 4.04% for USD 660 million for 3-month tenor;
  3. 3.90% for USD 325 million for 6-month tenor; and,
  4. 3.85% for USD 50 million for 9-month tenor.

The auction attracted strong demand from the IILM’s network of Primary Dealers and a broad base of institutional investors across multiple jurisdictions, registering total bids of USD 3.31 billion and an average bid-to-cover ratio of 2.43 times — signalling continued confidence in the IILM’s high-quality short-term liquidity tools.

This transaction marks the IILM’s twenty-first Ṣukūk auction year-to-date, bringing total issuances in 2025 to USD 22.9 billion across 69 series of varying tenors: the highest-ever annual cumulative issuance in the organisation’s history. This latest issuance is conducted under the IILM’s USD 8.5 billion short-term Ṣukūk Issuance Programme, which carries ratings of “A-1” from S&P Global Ratings and “F1” from Fitch Ratings.

Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, commented that 2025 has been nothing short of transformational for the IILM. It stands as our most successful year to date across multiple dimensions — scale, market reach, operational depth, investor engagement and strategic relevance. “This year, we recorded our highest-ever annual issuance volume at USD 22.9 billion, a 76% increase year-on-year, conducted the most auctions in a single calendar year, and maintained consistently strong bid-to-cover ratios across all tenors. These results reflect both the depth of liquidity within the Islamic financial system and the strengthening role of the IILM as a reliable provider of short-term Shari’ah-compliant instruments.”

One of the clearest indicators of our rapid expansion is the significant growth in our average monthly issuance size. In 2024, we averaged USD 1.1 billion per month. In 2025, that figure surged to USD 1.9 billion, a remarkable increase that underscores both robust market demand and the IILM’s enhanced capacity to meet the evolving liquidity needs of Islamic financial institutions.

Safri further highlighted that the IILM’s outstanding short-term Ṣukūk portfolio also reached a record high of USD 6.4 billion  an extraordinary 82% increase from just 18 months ago. “Islamic financial institutions are increasingly relying on the IILM’s Ṣukūk as their preferred high-quality liquid assets, which speaks volumes about the trust we have earned and the value we deliver to the global market.”

In addition to the surge in issuance activity, the IILM successfully upsized its Ṣukūk Programme to USD 8.5 billion, a milestone that enhances the organisation’s ability to respond swiftly to market developments while reflecting continued confidence from regulators, rating agencies and international stakeholders.

The introduction of the 9-month tenor this year also marked a notable product enhancement, providing a broader spectrum of high-quality instruments for Islamic financial institutions to manage liquidity with greater precision and confidence.

“Beyond issuance volumes, 2025 was a year in which our global distribution network expanded meaningfully,” Safri noted. “We welcomed four new Primary Dealers from diverse jurisdictions including the IILM’s first-ever Primary Dealer from the African continent, further broadening our geographic footprint. Alongside this, we deepened collaboration with our long-standing partners and continued to attract a wider pool of investors across the GCC, Asia and the other markets. These achievements underscore the IILM’s central role in supporting the stability, resilience and efficiency of the international Islamic financial system. We are extremely proud of the progress made, encouraged by the trust placed in us and committed to building on this momentum as we chart our path forward into 2026.”

The IILM’s short-term Sukῡk is distributed by a diversified and growing network of 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, 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)
T: +60(3) 2170 5000
F: +60(3) 2170 5111
E: corpcomm@iilm.com; info@iilm.com
Website: http://www.iilm.com