The International Islamic Liquidity Management Corporation (IILM) has issued and reissued a total of US$1.35 billion (US$1 = RM4.15) in short-term sukuk across five different tenors — marking its broadest range of maturities offered in a single auction to date.
In a statement, the IILM said the sukuk were priced at 4.10% for US$290 million (one-month), 4.15% for US$385 million (two-month), 4.10% for US$365 million (three-month), 4.12% for US$210 million (six-month), and 4.05% for US$100 million for its newly introduced nine-month note.
The addition of the nine-month tenor expands the IILM’s liquidity management tools and provides Islamic financial institutions with greater flexibility in managing Shariah-compliant funding requirements.
With the latest issuance, the IILM’s outstanding sukuk will rise to a record US$6.4 billion.
The auction attracted US$3.29 billion in bids, achieving an average bid-to-cover ratio of 2.44 times.
IILM chief executive officer Mohamad Safri Shahul Hamid said the new tenor addresses market demand for longer-dated short-term placements comparable to US dollar asset-backed commercial paper. “Broadening our maturity spectrum enhances our value proposition and delivers a more calibrated and efficient liquidity management toolkit to investors,” he said.
This marks the IILM’s 20th auction of the year, bringing its total 2025 issuances to US$21.55 billion across 65 series under its US$8.5 billion programme, which carries an “A-1” rating from S&P Global Ratings and “F1” from Fitch Ratings.
Primary dealers participating in the issuance include Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank, Al Rayan Bank, Boubyan Bank, CIMB Islamic Bank Bhd, Dukhan Bank, First Abu Dhabi Bank, Golden Global Investment Bank, Kuwait Finance House, Kuwait International Bank, Maybank Islamic Bhd, Meethaq Islamic Banking of Bank Muscat, Qatar Islamic Bank and Standard Chartered Bank.
