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.
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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.
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