International Islamic Liquidity Management (IILM), a Malaysia-based consortium of central banks from Asia, the Middle East and Africa, has expanded the number of primary dealers handling its Islamic bond programme from seven to nine.
The IILM conducted its first sukuk issue in August this year and sold US$490 million of three-month paper, according to Reuters.
IILM designed the issue to meet a shortage of highly liquid, investment-grade financial instruments which Islamic banks can trade to manage their short-term funding needs.
According to Reuters’ report, IILM had recently conducted an auction to resissue the sukuk as they matured, at an average yield of 0.5571%. The reissue was fully subscribed.
Abu Dhabi Islamic Bank, AlBaraka Turk, CIMB Bank Bhd, Europe’s KBL Private Bankers, Kuwait Finance House, Malayan Banking Bhd (Maybank) , National Bank of Abu Dhabi, Qatar National Bank and Standard Chartered Bank acted as primary dealers in the auction.