Tagged: International Islamic Liquidity Management Corporation
Bankers have long past expressed their disappointment in the seeming inability of the International Islamic Liquidity Management Corporation (IILM) to issue its debut sukuk. After much speculation and expectation about a debut sukuk launch last April 6, IILM will eventually issue the Islamic bond in the third quarter of 2013 – a $500 million issuance. However, the Saudi Arabian Monetary Agency (SAMA) abruptly divested the IILM’s equity subscription last Friday. But what impact the Kingdom’s departure will have on the future of the IILM remains unclear. IILM also signed signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) in Doha on Saturday to strengthen cooperation between the two organizations.
Kuala Lumpur-based International Islamic Liquidity Management Corporation (IILM) announced its inaugural short-term sukuk programme aimed at addressing liquidity challenges faced by Institutions that offer Islamic Financial Services. The launch of the programme is pursuant to the granting of an A-1 public rating by Standard & Poor’s Rating Services. The completion of this phase of the programme paves the way for the issuance of the IILM inaugural sukuk which is expected to take place in the second quarter 2013. The sukuk programme will be the first Shariah-compliant US dollar denominated financial instrument in the market to be issued at maturities of up to one year.
A new global Islamic liquidity management corporation backed by central banks will start issuing Islamic bonds next year to help Islamic banks manage their liquidity.
The Islamic Financial Services Board (IFSB) said in October it would set up the Inter…
Eleven central banks and two multilateral organisations signed the Articles of Agreement for the establishment of the International Islamic Liquidity Management Corporation (IILM) in Kuala Lumpur on 25 October 2010.
The collaboration is a landmark glob…
The Islamic Financial Services Board today facilitated the signing of the Memorandum of Participation for the establishment of the International Islamic Liquidity Management Corporation (IILM). The primary objective of the IILM is to issue Shari`ah-com…
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