28 November 2013
Malaysia-based International Islamic Liquidity Management Corp. (IILM) has increased its number of primary dealers who handle its Islamic bond programme to nine from seven in an attempt to take sukuk trading beyond borders, reports Reuters.
IILM had launched its first sukuk worth $490 million with a maturity period of 90 days in August this year, informed the news agency.
It also re-issued a fully subscribed sukuk recently on reaching maturity at a rate of 0.5571%. The issue was fully subscribed.
The sukuk was issued in order to meet a shortage of investment-grade and highly liquid financial instruments. It was designed in this way in order to meet the short-term funding needs and pave the way for the growth and development of Islamic finance.
The nine primary dealers selected by the IILM are Abu Dhabi Islamic Bank, AlBaraka Turk, KBL Private Bankers from Europe, CIMB Bank Bhd, Malayan Banking, Kuwait Finance House, Qatar National Bank, Qatar National Bank and National Bank of Abu Dhabi.
IILM is an international institution jointly formed by the central banks in Asia, Africa and the Middle East.
Please find below an article in Trends/Tendances reporting about the entry of Banque International de Luxembourg (BIL) onto the Belgian market. CEO Mommens explains how BIL decided to improve its client offer in Belgium by opening an office in Brussels that offers clients an international perspective and equivalent service.