October 20, 2014 / 11:47 AM / 3 years ago

Islamic finance body IILM adds Barwa Bank as sukuk primary dealer

Oct 20 (Reuters) - The Malaysia-based International Islamic Liquidity Management Corp (IILM) has added Qatar’s Barwa Bank (IPO-BABK.QA) as the tenth primary dealer handling its Islamic bond programme, the organisation said on Monday.

The IILM, a consortium of central banks from Asia, the Middle East and Africa, launched the programme last year to meet a shortage of investment-grade financial instruments which Islamic banks can use for their short-term funding needs.

    Barwa joins Abu Dhabi Islamic Bank, AlBaraka Turk, CIMB Islamic Bank Bhd, Luxembourg’s KBL Private Bankers, Kuwait Finance House, Maybank Islamic Bhd, National Bank of Abu Dhabi, Qatar National Bank and Standard Chartered Bank as IILM primary dealers.

    The IILM auctioned on Monday $860 million worth of three-month sukuk carrying a profit rate of 5.11 percent, attracting a combined $1.2 billion from 11 bids, a regulatory filing showed. The issue rolls over expiring sukuk; in August, the IILM increased its total sukuk outstanding to $1.65 billion. (Reporting by Bernardo Vizcaino; Editing by Andrew Torchia)

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