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Islamic finance body IILM re-issues $490 mln sukuk
May 22, 2014 / 11:13 AM / 4 years ago

Islamic finance body IILM re-issues $490 mln sukuk

KUALA LUMPUR, May 22 (Reuters) - Malaysia-based International Islamic Liquidity Management Corp (IILM) has re-issued a $490 million Islamic bond, according to a media release on Thursday.

The three-month sukuk was priced at 0.52 percent. It was auctioned to eight primary dealers, with KBL Private Bankers not participating as it did in IILM’s previous auctions.

IILM last went to the market to re-issue an $890 million sukuk in April. In February, it sold $490 million worth of sukuk, designed to meet a shortage of highly liquid, investment-grade financial instruments that Islamic banks can trade to manage short-term funding needs.

The IILM’s shareholders are the central banks of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey and the United Arab Emirates, as well as the Jeddah-based Islamic Development Bank. (Reporting by Al-Zaquan Amer Hamzah; Editing by Ruth Pitchford)

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