The International Islamic Liquidity Management Corporation (IILM) has reissued a total amount of US$960 million short-term sukuk in three tranches.
IILM said the sukuk, rated A-1 by Standard & Poor’s, were reissued in different sizes, namely US$200 million with one-month tenor at a profit rate of 2.69 per cent; US$400 million with three-month tenor at a profit rate of 2.82 per cent; and US$360 million with six-month tenor at a profit rate of 2.88 per cent.
“In terms of geographical distribution, the allocation of Gulf Cooperation Council-based Islamic Primary Dealers (PDs) stood at 70 per cent, 64 per cent and 96 per cent of the one-month, three-month and six-month sukuk, respectively,” it said in a statement.
For Asia-based PDs, they were allocated 30 per cent, 11 per cent and four per cent of the one-month, three-month and six-month sukuk, respectively.
Meanwhile, 25 per cent of the three-month sukuk was allocated to other regions.
The IILM is an international organisation established in October 2010, by central banks, monetary authorities and multilateral organisations to develop and issue short-term shariah compliant financial instruments.
Source The Edge Markets