Kuala Lumpur, Malaysia – 5 August 2025.

The International Islamic Liquidity Management Corporation (IILM), an international organisation that develops and issues short-term Shari’ah-compliant financial instruments, has successfully completed the reissuance of an aggregate USD 1.215 billion short-term Ṣukūk across three different tenors of one-month, three-month, and six-month respectively.

The three series were priced competitively at:
i) 4.40% for USD 560 million for 1-month tenor;
ii) 4.46% for USD 420 million for 3-month tenor; and,
iii) 4.35% for USD 235 million for 6-month tenor.

Today’s successful completion of the short-term Ṣukūk transaction marks the IILM’s fourteenth auction year-to-date (YTD) with a cumulative issuance of USD 14.37 billion, across 42 Ṣukūk series of varying tenors.

The auction attracted robust participation from the IILM’s network of Primary Dealers and global investors, generating total bids of USD 2.7 billion and achieving a strong average bid-to-cover (BTC) ratio of 2.2 times.

Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, commented:

“As we reach the mid-point of Q3 2025, the IILM is pleased to report a cumulative YTD issuance of USD14.37 billion, representing approximately 70% of our 2025 full-year forecast and already surpassing the total issuance for 2024 (USD 13.01 billion) by about 13%. Following today's auction, the IILM issuances now account for roughly 24% of global Ṣukūk issuance YTD in 2025, underscoring our central role in the international Islamic capital market.

Despite continued uncertainty over the US Federal Reserve's policy trajectory and broader global economic headwinds, including rising impact of tariffs, investor demand for our short-term papers remains unabated. Today's issuance maintained a robust BTC ratio of over 220%, further reinforcing the IILM's pivotal role in enhancing the resilience and development of sound Islamic liquidity management propositions globally.”

The issuance forms part of the IILM’s “A-1” (S&P) and “F1” (Fitch Ratings) rated USD 6 billion short-term Ṣukūk issuance programme.

The IILM’s short-term Sukῡk is distributed by a diversified and growing network of 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, Kuwait Finance House, Kuwait International Bank, Maybank Islamic Berhad, Meethaq Islamic Banking from Bank Muscat, Qatar Islamic Bank, and Standard Chartered Bank.

The IILM is a regular issuer of short-term Ṣukūk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar.

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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.

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.

Media Enquiries:
The International Islamic Liquidity Management Corporation (IILM)
T: +60(3) 2170 5000
F: +60(3) 2170 5111
E: corpcomm@iilm.com; info@iilm.com
Website: http://www.iilm.com

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