IILM reissues US$860 million sukuk, adds two partners

The International Islamic Liquidity Management Corporation (IILM) has reissued US$860 million worth of sukūk. The three-month tenor sukūk, priced at 0.63960% profit, marks the 20th series of short-term IILM sukūk.

The IILM has also disclosed that Qatar Islamic Bank and Boubyan Bank are now in the list of its primary dealers, extending IILM's distribution network to 11 primary dealers. The reissuance was fully subscribed by the following primary dealers, in alphabetical order:

Abu Dhabi Islamic Bank
Al Baraka Turk
Barwa Bank
Boubyan Bank
CIMB Islamic Bank
Kuwait Finance House
Maybank Islamic
National Bank of Abu Dhabi
Qatar Islamic Bank
Qatar National Bank; and
Standard Chartered Bank.

As at October 2015, the IILM sukūk that have been issued and reissued were worth US$12.69 billion.

Arab Monetary Fund and International Islamic Liquidit Management Corp to promote financial inclusion in the Arab world

The Arab Monetary Fund and International Islamic Liquidity Management Corporation (IILM) have agreed to cooperate with an MoU that will allow the two parties to launch joint activities and programmes that help support economic development, opportunities, as well as to promote financial inclusion in the Arab region.

The two institutions will work together to provide technical support services and to build capabilities to develop the Islamic finance industry. The Arab Monetary Fund will contribute its expertise on the region, while the IILM will facilitate liquidity management for institutions that offer Islamic financial services.

Professor Datuk Rifaat Ahmed Abdel Karim, Chief Executive Officer of the IILM said, “This collaboration is in line with the objectives of the IILM to facilitate liquidity management for Islamic financial services in the Arab region thereby enhancing their resilience and ability to meet future economic challenges. The development of a systemic shari’ah-compliant liquidity management infrastructure, accepted across multi - jurisdictions in which Islamic financial services operate, is instrumental towards ensuring sustainable financial stability.”

HE Dr Abdulrahman Al Hamidy, Director General Chairman of the Board, Arab Monetary Fund, said that that the signing of this memorandum is within the framework of the Fund's interest to develop its activities and programmes in the field of Islamic finance and financial inclusion. Furthermore the MoU attempts to consolidate relations with institutions and related bodies especially with the IILM and its role in supporting the opportunities of the development of Islamic industry.

The Arab Monetary Fund works to strengthen the foundations of monetary integration of the Arab economies, and provides financial and technical support for economic and financial reforms undertaken by the Arab countries to support the development and improvement of growth opportunities. On the other hand, the IILM aims to assist in the development of the Islamic finance industry by facilitating liquidity management for institutions that offer Islamic financial services.

IILM reissues US$490 million sukuk tranche

The International Islamic Liquidity Management Corporation (IILM) has successfully reissued a US$490 million tranche of sukuk with a three-month tenor priced at a 0.58100% profit rate. This marks the 16th tranche in a series of short-term sukuk issued and reissued by the IILM, rated A -1 by Standard and Poor’s Rating Services. The following primary dealers participated in the reissue, which was oversubscribed :

1. Abu Dhabi Islamic Bank
2. Al Baraka Turk
3. Barwa Bank
4. CIMB Islamic Bank
5. KBL Private Bankers
6. Kuwait Finance House
7. Maybank Islamic
8. National Bank of Abu Dhabi
9. Qatar National Bank and
10. Standard Chartered Bank.

As at May 2015, the IILM has issued and reissued US$9.98 billion of sukuk.