The Inaugural Issuance

On 26 August 2013, the IILM achieved a significant milestone by issuing the first US Dollar-denominated, highly rated, short-term, tradable, Shari’ah-compliant Sukūk. The IILM inaugural Sukūk of USD490 million, rated A-1 by Standard & Poor’s Rating Services, were issued at a tenor of 3 months and were fully subscribed. The IILM Sukūk are distributed through a network of primary dealers that are nominated by members of the IILM.

The landmark inaugural issuance further represents the first money-market instrument backed by sovereign assets in the form of Sukūk. The IILM Sukūk are expected to complement the intermediate and long-term Sukūk currently available in the market.