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Islamic finance body International Islamic Liquidity Management auctions first four month sukuk

Previously, the International Islamic Liquidity Management has issued three-month and six-month paper, which were introduced to meet a shortage of liquid, investment-grade instruments Islamic banks could trade to manage short-term funding needs. 

The International Islamic Liquidity Management sold the four-month sukuk at a profit rate of 1.37389 percent, attracting 17 bids worth a combined $1.3 billion, the Malaysian central bank's website showed. 

It also sold $840 million of three-month sukuk at a profit rate of 1.24411 percent, attracting orders of $1.6 billion via 14 bids. The issues were bought by 11 primary dealer banks. 

The International Islamic Liquidity Management, a consortium of central banks from Asia, the Middle East and Africa, began issuing sukuk in 2013 under an issuance programme which permits maturities of up to one year.

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