Board of the International Islamic Liquidity Management Corporation hails steady supply of short-term sukuk

Abu Dhabi: The International Islamic Liquidity Management Corporation (IILM) held the 28th meeting of its Board of Directors in Abu Dhabi today, chaired by HE Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates and President of the IILM. The meeting took place in the presence of Their Excellencies the governors of the central banks and the monetary authorities of the Member States.

During the meeting, the Board discussed reports from the chairs of other IILM committees covering executive management, audit, risk management and Shariah compliance issues. In addition, the Board discussed initiatives to fulfill its mandate to develop and issue regular Shariah-compliant financial instruments to facilitate effective liquidity management for institutions that offer Islamic financial services, despite global market volatility.

The company is an international organization established in 2010 by central banks, monetary authorities and multilateral organizations, regularly issuing short-term sukuk in varying terms and amounts to meet the liquidity needs of institutions offering Islamic financial services.

IILM has issued a total of USD 7.23 billion of short-term sukuk instruments in the market over the past six months, averaging more than USD 1 billion of short-term sukuk per month. Its regular offerings include 19 rounds of sukuk over different durations ranging from one to six months.

IILM’s 12th General Assembly followed the meeting of the Board of Directors to approve the Board’s audit proposals.

His Excellency Balama commented, “As Islamic finance attracts greater demand, IILM aims to solidify its position as a leading support center for international Islamic finance. We are proud to be an integral part of the infrastructure to support Sharia-compliant options for the global financial services market and our growing investor base.

His excellence added, “IILM will continue to provide its Shariah-compliant short-term liquidity instruments on a monthly basis as part of its mandate, objectives and future plans.”

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