Kuala Lumpur, Malaysia: The International Islamic Liquidity Management Corporation (IILM), a leading global issuer of Shari’ah-compliant short-term liquidity instruments, has successfully completed the reissuance of USD 1.335 billion short-term Ṣukūk across five tenors: two-week, one-, three-, six-, and nine-month.

The five series were competitively priced as follows:

  1. 3.90% for USD 251 million (2-week);
  2. 3.90% for USD 432 million (1-month);
  3. 3.95% for USD 379 million (3-month);
  4. 4.00% for USD 218 million (6-month); and,
  5. 3.95% for USD 55 million (9-month).

The auction drew robust demand from global investors, with bids reaching USD 3.061 billion — a strong 2.29x oversubscription, underscoring continued appetite for IILM’s high-quality, short-term Islamic instruments despite market volatility.

Chief Executive Officer of the IILM Mohamad Safri Shahul Hamid, said: “In today’s market, reliability is not just valued — it is scarce. IILM has stepped into that gap as the only consistent issuer of USD-denominated Ṣukūk during this period of heightened uncertainty.

Since the outbreak of the Middle East conflict, IILM has delivered USD 3.55 billion across three auctions, at a time when primary issuance has effectively stalled. This has positioned IILM not just as a participant, but as a critical anchor for the global Islamic liquidity market.

As institutions prioritise liquidity resilience, IILM’s role in facilitating cross-border liquidity flows has become even more pronounced. At the same time, strong cash positions and sustained demand for carry strategies have kept pricing firm.

With supply largely absent and alternatives limited, demand for IILM Ṣukūk remains consistently strong, reinforcing the importance of our regular issuance in supporting market stability and investor confidence.

“We will continue to issue with discipline and consistency, particularly when markets need certainty the most,” Safri added.

Today’s transaction marks IILM’s seventh Ṣukūk auction year-to-date, bringing total issuances in 2026 to USD 8.035 billion across 32 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.

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Website: http://www.iilm.com

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