​​​​​​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 a record-breaking reissuance of USD 1.475 billion in short-term Ṣukūk — the largest single auction since inception and the first-ever six-tenor offering in a single auction.

This dual milestone marks a significant step forward in the development of the short-term Islamic liquidity market. The reissuance, spanning two-week, one-, two-, three-, six-, and nine-month tenors, introduces an expanded maturity spectrum that enhances flexibility and precision in liquidity management for Islamic financial institutions.

The six series were competitively priced as follows:

  1. 3.80% for USD 280 million (2-week);
  2. 3.80% for USD 365 million (1-month);
  3. 3.90% for USD 210 million (2-month);
  4. 3.95% for USD 315 million (3-month);
  5. 3.98% for USD 240 million (6-month); and,
  6. 3.98% for USD 65 million (9-month).

Despite a backdrop of heightened geopolitical tensions and shifting global monetary expectations, the auction attracted robust global demand, with total bids reaching USD 3.05 billion — representing a strong 2.07x oversubscription. This underscores the continued appeal of IILM’s highly rated, USD-denominated short-term Ṣukūk as a resilient and reliable liquidity management instrument in times of uncertainty.

Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, said: “Today’s auction marks a groundbreaking and defining milestone for IILM on two fronts: our largest issuance since the inaugural auction in August 2013 and debuts a six-tenor structure for the first time. Together, these achievements significantly deepen market capacity, broaden flexibility across maturities, and enhance the overall effectiveness of the short-term Islamic liquidity landscape. These milestones also help strengthen price discovery, support more efficient liquidity management and reinforce IILM’s role as a cornerstone provider of high-quality, short-term Shari’ah-compliant instruments.”

“The strong demand we witnessed — even amid heightened geopolitical uncertainty and market volatility — reflects the market’s continued confidence in the IILM’s credit quality and the value proposition of our instruments as highly liquid, short-duration and Shari’ah-compliant assets.”

“As investors increasingly prioritise liquidity preservation and balance sheet agility in a data-dependent rate environment, the availability of multiple tenors within a single, high-quality programme provides a compelling solution. The sustained oversubscription further reinforces the role of IILM’s Ṣukūk as a core liquidity management tool for Islamic financial institutions globally,” Safri added.

The strong reception to this landmark issuance reaffirms IILM’s role in providing consistent access to high-quality, short-term Shari’ah-compliant USD assets across a diversified maturity profile. As global financial conditions remain uncertain, the IILM remains committed to further enhancing its offerings to support the evolving liquidity and asset-liability management needs of the Islamic finance industry.

Today’s transaction marks IILM’s ninth Ṣukūk auction year-to-date, bringing total issuances in 2026 to USD 10.795 billion across 43 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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