Malaysia-based International Islamic Liquidity Management Corp (IILM) is planning to expand its Islamic bond programme by $370 million to $860 million in the coming week.
Through this expansion, the company will increase its issuance of short-term sukuk for the first time since its launch last year.
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The IILM sukuk has been developed to meet a shortfall of highly liquid, investment-grade financial instruments which Islamic banks can trade to accomodate their short-term funding needs.
IILM said that it will carry out an auction of three-month sukuk on 20 January 2014.
In November last year, IILM, a 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 has conducted separate auctions in August and November this year and sold US$490 million of three-month paper.
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By GlobalDataThe central banks of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey and the United Arab Emirates, as well as the Jeddah-based Islamic Development Banka are listed as the major shareholders of IILM.
