FOR IMMEDIATE RELEASE
IILM Prices USD 1.219 Billion Short-Term Ṣukūk, Lifting Outstanding Portfolio to Record USD 7.5 Billion
Fourth consecutive increase underscores IILM’s pivotal role as a backbone of global Islamic liquidity management
Kuala Lumpur, Malaysia – 18 August 2026
The International Islamic Liquidity Management Corporation (IILM) has successfully priced a USD 1.219 billion issuance and reissuance of short-term Ṣukūk, supported by robust and broad-based investor demand. The transaction brings IILM’s outstanding Ṣukūk portfolio to a new all-time high of USD 7.5 billion, marking the fourth consecutive increase in its outstanding portfolio.
This milestone is more than a balance-sheet figure. It reflects the indispensable role IILM plays in the global Islamic financial architecture: providing Islamic financial institutions with a reliable, cross-border instrument to manage liquidity efficiently, in full compliance with Sharīʿah principles — a function conventional money markets cannot serve. In an environment of persistent macroeconomic uncertainty and shifting geopolitical dynamics, the ability of IILM to consistently deliver highly rated, short-dated paper at scale is a stabilizing force for the industry.
The issuance and reissuance comprised five tenors, namely one-month, three-month, six-month, nine-month and 12-month maturities, which were priced competitively as follows:
- 3.95% for USD 355 million (1-month);
- 4.00% for USD 556 million (3-month);
- 4.10% for USD 115 million (6-month);
- 4.40% for USD 89 million (9-month); and,
- 4.60% for USD 104 million (12-month).
Today’s auction generated aggregate orders of approximately USD 2.767 billion, representing an oversubscription rate of 2.27 times. The strong outcome reflects the continued confidence in IILM’s highly rated short-term Islamic instruments and its role in supporting cross-border liquidity management.
Chief Executive Officer of the IILM, Mohamad Safri Shahul Hamid, said: “The continued growth of our outstanding Ṣukūk portfolio to a record USD 7.5 billion - the fourth consecutive increase across our last four auctions, is a strong affirmation of sustained investor confidence in IILM and the quality and relevance of our Ṣukūk programme.
“Despite continued volatility across global markets, investors continue to value the combination of IILM’s strong credit quality, disciplined issuance programme and the liquidity provided by our short-term Ṣukūk. This sustained demand reflects not only confidence in IILM, but also the growing depth, maturity and interconnectedness of the global Islamic finance industry.
“Reaching USD 7.5 billion in outstanding Ṣukūk is an important milestone for IILM. More importantly, it demonstrates our continued ability to fulfil our mandate by providing Islamic financial institutions with reliable, high-quality liquidity instruments across market cycles.”
The latest auction also marked the onboarding of Bank Nizwa of Oman as IILM’s 17th Primary Dealer, further strengthening IILM’s distribution network across the Gulf and expanding access to its Ṣukūk among Islamic financial institutions and investors.
The addition of Bank Nizwa further reinforces IILM’s role as a key market infrastructure institution connecting Islamic financial institutions across jurisdictions and supporting the development of deeper and more integrated Islamic liquidity markets.
Today’s transaction marks the IILM’s sixteenth Ṣukūk auction of 2026, bringing total issuances for the year to USD 19.498 billion across 76 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 Ṣukūk is distributed by a diversified and growing network of 17 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, Standard Chartered Bank, and Bank Nizwa.
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 Sharīʿah-compliant liquidity management solutions.
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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.
IILM remains one of the world's most prolific global Ṣukūk issuers, having offered 71 short-term Ṣukūk year-to-date across tenors ranging from 2 weeks to 12 months. Through 16 auctions, IILM has issued a total of USD 18.3 billion, representing a 32% share of the global Ṣukūk market year-to-date.
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