International Islamic Liquidity Management Corporation Issues USD 490 Million Sukuk

Malaysia-based International Islamic Liquidity Management Corporation (IILM) has successfully issued a short-term A-1 rated Sukuk worth USD 490 million, for a six-month tenor.

The Sukuk, which was issued to fund the purchase of a new high credit quality asset, was priced by the market at 0.60%, with the order book reaching USD 537 million. The issuance of the USD 490 million Sukuk will raise IILM’s cash-flow generating assets from USD 2.51 billion to USD 3 billion, which is the maximum capacity, according to a statement released by IILM.

Dr Umar Oseni, Chief Executive Officer of IILM added that the IILM will continue to offer ample supply of high-quality Shariah-compliant in...