Some firms are starting to combine sukuk, using portfolios of long-term issues to back short-term certificates. This lets them create liquidity programmes that address the persistent shortage of money market instruments needed by Islamic banks to manage their short-term funds. Such is the approach used by Bahrain-based Liquidity Management Centre (LMC). The programme is uses an SPV (special purpose vehicle) where all the sukuk are booked. The SPV is fully backed by sukuk of different tenors and rates. A similar format is to be used by the Malaysia-based International Islamic Liquidity Management Corp (IILM), where all of the assets will be either sovereign, sovereign-linked or supranational assets. If these programmes gain traction they could open the door to additional layers of securitisation.