Kuala Lumpur, Malaysia – The International Islamic Liquidity Management Corporation (IILM), the world’s leading issuer of Shari’ah-compliant short-term liquidity management instruments, announced that its outstanding short-term Ṣukūk portfolio has risen to a new record of USD 6.795 billion, representing a 64% year-on-year increase (February 2025: USD 4.14 billion).

The increase follows the IILM’s latest auction, which saw the successful issuance and reissuance of an aggregate USD 1.01 billion in short-term Ṣukūk across one-, three-, six- and twelve-month tenors, underscoring sustained global demand for high-quality Islamic liquidity instruments.

The four series were priced competitively at:

  1. 3.85% for USD 290 million for 1-month tenor;
  2. 3.87% for USD 480 million for 3-month tenor;
  3. 3.85% for USD 210 million for 6-month tenor; and,
  4. 3.45% for USD 30 million for 12-month tenor.

Demand was strong and broad-based, with participation from the IILM’s network of Primary Dealers and a wide range of institutional investors across multiple jurisdictions. Total bids reached USD 2.67 billion, translating into an average bid-to-cover ratio of 2.6 times, reflecting continued investor confidence in the IILM’s short-dated Islamic instruments amid evolving market conditions.

The transaction represents the IILM’s third Ṣukūk auction year-to-date, lifting total issuances in 2026 to USD 3.275 billion across 12 Ṣukūk series of varying maturities. 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.

Commenting on the milestone issuance, Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, said: “Reaching USD 6.795 billion in outstanding short-term Ṣukūk reflects not only strong demand, but the speed and consistency with which investors are deploying liquidity into the IILM’s Ṣukūk Programme. Achieving this level within just a week of outstanding issuances rising from USD 6.4 billion to USD 6.65 billion, underscores the depth of confidence in the IILM’s role as one of the most trusted anchors and providers of Islamic liquidity solutions globally.”

Safri added, “This increase was supported by the onboarding of a high-quality short-term asset under a new asset funding format introduced in 2025. While outstanding levels will naturally fluctuate with maturities, the IILM’s Ṣukūk Programme provides issuance capacity of up to USD 8.5 billion, offering flexible and scalable funding avenues for sovereign, sovereign-linked and supranational issuers. Through continued asset diversification, the IILM remains focused on strengthening the resilience and effectiveness of the global Islamic liquidity infrastructure.”

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

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