FOR IMMEDIATE RELEASE
IILM Successfully Reissues USD 1.261 Billion Sukuk Amid Highly Challenging Market Conditions
Strong 2.38x Oversubscription Underscores Resilient Investor Demand Despite Heightened Geopolitical and Market Uncertainty
Kuala Lumpur, Malaysia – 15 September 2026
The International Islamic Liquidity Management Corporation (IILM) today successfully completed its latest USD 1.261 billion short-term Sukuk reissuance, achieving a strong 2.38x oversubscription despite exceptionally challenging and volatile market conditions.
The outcome underscores the resilience and depth of IILM’s investor base and continued demand for its highly rated short-term Sukuk as a high-quality Islamic liquidity management instrument. The strong orderbook is particularly notable against a backdrop of heightened geopolitical tensions across the GCC and wider Middle East, significant energy-price volatility, renewed inflationary pressures and sharply higher global yields.
This reissuance spanned six tenors — two-week, one-month, two-month, three-month, six-month and twelve-month — priced as follows:
- 4.15% for USD 220 million (2-week);
- 4.30% for USD 356 million (1-month);
- 4.50% for USD 240 million (2-month);
- 4.25% for USD 226 million (3-month);
- 4.35% for USD 166 million (6-month);
- 4.00% for USD 53 million (12-month).
Total orders received across the auction reached approximately USD 2.999 billion, an oversubscription rate of 2.38 times the amount on offer. The strength of demand points to enduring market confidence in IILM's highly rated short-term instruments, and in the wider role IILM plays in facilitating cross-border liquidity for the Islamic finance industry
Mohamad Safri Shahul Hamid, Chief Executive Officer of IILM, said: “The successful USD 1.261 billion reissuance and strong 2.38x oversubscription, achieved in exceptionally challenging and volatile market conditions, is a powerful affirmation of investor confidence in IILM. At a time of heightened geopolitical tensions, significant energy-price volatility, renewed inflationary concerns and sharply higher global yields, the depth of demand for our Sukuk is particularly encouraging.”
“With markets facing considerable uncertainty ahead of the US Federal Reserve’s policy decision tomorrow, investors are carefully assessing the outlook for interest rates and global liquidity. Against this backdrop, today’s strong orderbook demonstrates that investors continue to place significant value on the quality, liquidity and reliability of IILM’s Sukuk.”
“This transaction reinforces the resilience of IILM’s issuance programme and the defensive qualities of our Sukuk. Even in highly uncertain markets, investors continue to recognise IILM as a reliable and high-quality source of short-term Islamic liquidity.”
Today’s transaction marks the IILM’s eighteenth Sukuk auction of 2026, bringing total issuances for the year to USD 22.112 billion across 88 Sukuk series of varying maturities. All issuances were conducted under the IILM’s USD 8.5 billion Short-Term Sukuk Issuance Programme, rated “A-1” by S&P Global Ratings and “F1” by Fitch Ratings.
The IILM’s short-term Sukuk 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, 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 Sukuk across multiple tenors, ranging from 2 weeks to 12 months, 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.
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 Sukuk issuers, representing a 32% share of the global Sukuk market year-to-date.
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