IILM did not disclose the reason for Saudi Arabia’s exit. Saudi Arabia’s share in IILM have been bought out by the central banks of Qatar and Malaysia.
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IILM has been preparing to launch its first long-delayed sukuk or Islamic bonds since its inception in 2010. However, the launch of the sukuk has been delayed twice, as IILM faced a major challenge to ensure compliance with laws in all of the 12 member countries situated across Asia and the Middle East.
The likely value of the sukuk said to be between US$300 million to US$500 million.
Malaysia’s central bank governor said the IILM was in the "final stages" issuing its first sukuk, and was identifying the underlying assets for the issue.
IILM members include monetary authorities in Indonesia, Iran, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Sudan, Turkey and the United Arab Emirates as well as the Islamic Development Bank and the Islamic Corporation for the Development of the Private Sector.
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By GlobalDataSukuk are Islamic bonds issued under sharia or Islamic law, and the charging of interest is prohibited.
