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 925 million short-term Ṣukūk across five tenors: two-week, one-, three-, six-, and twelve-month.

The five series were competitively priced as follows:

  1. 3.80% for USD 220 million (2-week);
  2. 3.85% for USD 255 million (1-month);
  3. 3.88% for USD 350 million (3-month);
  4. 3.83% for USD 70 million (6-month); and,
  5. 3.78% for USD 30 million (12-month).

The auction attracted a strong participation from the IILM’s Primary Dealers and a broad base of institutional investors across multiple jurisdictions. Total bids reached USD 2.25 billion, translating into a robust average bid-to-cover ratio of 2.43 times, underscoring sustained confidence in the IILM’s high-quality, short-dated Islamic instruments despite challenging global market conditions.

Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, said: “In the face of escalating geopolitical tensions and persistent market uncertainty, today’s strong demand reflects a clear flight to quality. Investors are increasingly seeking high-quality, short-duration instruments that offer both resilience and liquidity. With inflation risks re-emerging and expectations for near-term rate cuts being repriced, the market environment remains challenging. IILM’s consistent access and strong demand signal the continued relevance of its instruments as a core liquidity management tool in times of stress.”

Today’s transaction marks IILM’s sixth Ṣukūk auction year-to-date, bringing total issuances in 2026 to USD 6.7 billion across 27 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)
T: +60(3) 2170 5000
F: +60(3) 2170 5111
E: corpcomm@iilm.com; info@iilm.com
Website: http://www.iilm.com