IILM announces short-term sukuk plan

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.