Kuala Lumpur, Malaysia –The International Islamic Liquidity Management Corporation (IILM), the world’s top issuer of high-quality Sharīʿah-compliant short-term liquidity instruments, has successfully completed the reissuance of USD 1.329 billion of short-term Ṣukūk despite a challenging global market environment marked by renewed geopolitical tensions in the Middle East and growing concerns over regional security and global energy markets.

Against this backdrop of heightened uncertainty, the auction attracted strong demand from a diverse base of international investors, generating aggregate orders of USD 3.119 billion and achieving an oversubscription rate of 2.35 times. The robust outcome underscores the continued confidence of market participants in IILM’s highly rated, USD-denominated short-term Ṣukūk and reaffirms its role as a trusted and resilient Sharīʿah-compliant liquidity management instrument during periods of market volatility and uncertainty.

The reissuance comprised five tenors — two-week, one-month, three-month, six-month and twelve-month maturities — which were priced competitively as follows:

  1. 4.00% for USD 243 million (2-week);
  2. 4.00% for USD 355 million (1-month);
  3. 4.05% for USD 407 million (3-month);
  4. 4.25% for USD 254 million (6-month); and,
  5. 4.00% for USD 70 million (12-month).

The strong demand across all tenors reflects investors’ continued preference for high-quality, short-term Islamic instruments that provide liquidity, capital preservation, and portfolio flexibility amid evolving market conditions. The broad-based participation also demonstrates the market’s confidence in IILM’s regular issuance programme and its ability to provide a consistent supply of high-grade Sharīʿah-compliant assets to support cross-border liquidity management.

Today’s transaction marks IILM’s twelfth Ṣukūk auction in 2026, bringing cumulative issuance volume for the year to USD 14.595 billion across 58 Ṣukūk series of varying maturities. The achievement reflects the growing utilisation of IILM instruments by Islamic financial institutions, central banks, sovereign wealth funds, and other market participants seeking effective and efficient short-term liquidity management solutions.

Issued under IILM’s USD 8.5 billion Short-Term Ṣukūk Issuance Programme, which are rated “A-1” by S&P Global Ratings and “F1” by Fitch Ratings, IILM’s instruments continue to serve as a critical component of the global Islamic financial infrastructure, supporting liquidity management, market stability and greater financial integration across jurisdictions.

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.

IILM remains committed to providing regular issuances of high-quality short-term Ṣukūk across multiple tenors to support the liquidity management requirements of Islamic financial institutions globally. Consistent with its published issuance calendar, IILM will continue to conduct its scheduled auctions and reissuances to meet growing market demand for Shari'ah-compliant liquidity solutions.

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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