International Islamic Liquidity Management

What International Islamic Liquidity Management does

International Islamic Liquidity Management Corporation (IILM) is a Kuala Lumpur-headquartered international organisation established on 25 October 2010 by the central banks of Indonesia, Kuwait, Malaysia, Mauritius, Nigeria, Qatar, Türkiye, and the UAE, together with the Islamic Corporation for the Development of the Private Sector (ICD). It operates under the IILM Act 2011, which confers privileges and immunities similar to those of a multilateral diplomatic mission. Its mandate is to issue and manage Shari'ah-compliant short-term liquidity instruments for Islamic financial institutions globally, addressing the scarcity of authentic and commercially viable Islamic money market products.

IILM's core product is the Short-Term Sukuk Programme — described as the only Islamic Asset-Backed Commercial Paper (ABCP) programme offering money market instruments up to 364 days. The instruments are issued under a Wakala structure, denominated in US dollars, and backed by sovereign, supranational, and government-related assets rated A and above. Sukuk are auctioned on Bloomberg through competitive bidding across six tenors (2-week, 1-month, 3-month, 6-month, 9-month debut in November 2025, and 12-month), and distributed exclusively through a global network of 16 Primary Dealers. Supplementary offerings include a Debt Capital Markets Funding Platform for medium-to-long-term USD funding and a Membership Programme for central banks and monetary authorities.

IILM does not generate revenue from traditional commercial operations; sukuk issuance is conducted to fulfill its liquidity-management mandate rather than to raise operating capital. Since inception in 2013, IILM has issued over USD 137 billion across more than 345 issuances, with a record USD 22.9 billion issued in 2025 and an outstanding sukuk portfolio that reached USD 7.055 billion in May 2026. It commands approximately 36% of global sukuk issuance and holds A-1 (S&P, since 2013) and F1 (Fitch, since September 2022) short-term credit ratings. The sukuk programme size has expanded progressively from USD 490 million in 2013 to USD 8.5 billion as of October 2025.

Name

International Islamic Liquidity Management

Legal name

International Islamic Liquidity Management Corporation

Website

https://iilm.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

IILM is a Kuala Lumpur-based international organisation owned by eight central banks and ICD that issues short-term Shari'ah-compliant USD sukuk certificates for Islamic financial institutions globally, distributed through 16 Primary Dealers via Bloomberg auctions.

Ownership category

akta.pro rank

Product category

Islamic Liquidity Management / Sukuk Issuance

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Asset-Backed Securities (6189)

akta.pro primary industry

Islamic Treasury, Liquidity & Interbank (Commodity Murabaha, Sukuk Liquidity) (FSABAGAK)

akta.pro secondary industry

Islamic Investment Banking & Capital Markets Services (FSABAGAG)

Keywords

• Islamic liquidity management
• Short-term sukuk issuance
• Shari'ah-compliant instruments
• Cross-border Islamic finance
• Asset-backed commercial paper

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Sukuk Issuance Programme: The IILM issues short-term sukuk certificates to provide Shari'ah-compliant liquidity instruments to Islamic financial institutions. The proceeds of each issuance are invested in the IILM's asset pool, which comprises sovereign, sovereign-linked, and supranational sukuk assets. The IILM does not issue sukuk to raise cash for its operations but to fulfill its mandate of providing market liquidity instruments.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

The IILM issues short-term USD-denominated Shari'ah-compliant sukuk certificates (up to 364 days) based on the Wakala structure, backed by sovereign, supranational, and governmental assets, to provide cross-border Islamic liquidity management instruments for Islamic financial institutions globally. It is the only Islamic Asset-Backed Commercial Paper (ABCP) programme, with regular monthly auctions across tenors from 2-week to 12-month distributed through a global network of 16 Primary Dealers.

Product overview

IILM offers a suite of Shari'ah-compliant liquidity management products centered on its Short-Term Sukūk Programme—the only Islamic Asset-Backed Commercial Paper (ABCP) programme providing USD-denominated money market instruments up to 364 days. The core offering includes regular Sukūk issuances across multiple tenors (2-week to 12-month) backed by sovereign assets, distributed globally through a network of 16 Primary Dealers. Supplementary offerings include a Debt Capital Markets Funding Platform for medium-to-long-term USD funding, a Membership Programme for central banks and monetary authorities, and an Indicative Issuance Calendar for market transparency. All instruments operate under Wakala structure with approximately 57% Shari'ah tangibility ratio.

Differentiator

Problem solved

Functional benefit

Products and services

• IILM Short-Term Sukuk Programme A Shari'ah-compliant financing structure based on the Wakala structure that provides USD-denominated liquidity management instruments for Islamic financial institutions. It is the only Islamic Asset-Backed Commercial Paper (ABCP) programme issuing short-term money market instruments up to 364 days, backed by sovereign, supranational, and governmental assets.
• Short-Term Sukuk Issuances Regular issuance of short-term Shari'ah-compliant Sukuk across varying tenors (2-week, 1-month, 3-month, 6-month, 9-month, and 12-month) backed by sovereign, supranational, and governmental assets, distributed globally via a network of 16 Primary Dealers through Bloomberg competitive bidding auctions.
• Debt Capital Markets Funding Platform A funding platform providing medium to long-term USD-denominated funding (up to 15 years) for supranational organisations, sovereigns, and government-related entities through private placement Shari'ah-compliant structures.
• Primary Dealer Network A global network of authorized financial institutions (currently 16 Primary Dealers across GCC, Malaysia, Türkiye, and Africa) that participate in the distribution of IILM's Shari'ah-compliant financial instruments, provide market-making services, and offer non-competitive bids with financial incentives based on performance and minimum commitment.
• IILM Membership Programme Membership programme open to central banks, monetary authorities, financial regulatory authorities, government ministries or agencies, and multilateral organisations, providing access to IILM's liquidity management tools and participation in governance.
• Indicative Issuance Calendar A quarterly calendar providing indicative scheduling of upcoming Sukuk auctions, enabling investors and Primary Dealers to plan participation in IILM issuances.

Quantifiable outcome

• Total USD 137+ billion in sukuk issued since inception across 345 issuances
• +5 more outcomes

Named customers16 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

16 partnerships are on record, tiered core.

• Jaiz BankcoreChannel Partner/ Reseller/ Distributor · 6 December 2025Jaiz Bank, Nigeria's first and leading fully fledged non-interest (Islamic) bank, became Africa's first Primary Dealer in the IILM network. This partnership brings the total number of Primary Dealers to 16 and strengthens market reach in the African continent. Jaiz Bank gains access to Islamic short-term sukuk for liquidity management and balance sheet strengthening.
• AlRayan BankcoreChannel Partner/ Reseller/ Distributor · 23 June 2025AlRayan Bank joined as the IILM's 15th Primary Dealer and third Primary Dealer for 2025, enhancing the global distribution network.
• Kuwait International BankcoreChannel Partner/ Reseller/ Distributor · 20 February 2025Kuwait International Bank became the latest Primary Dealer from the GCC region, expanding the IILM's presence in the Gulf market.
• Golden Globe Investment BankcoreChannel Partner/ Reseller/ Distributor · 13 February 2025Golden Globe Investment Bank from Türkiye joined as the IILM's 13th Primary Dealer, signing ceremony held in Istanbul.
• Meethaq Islamic Banking (Bank Muscat)coreChannel Partner/ Reseller/ Distributor · 31 December 2024Meethaq Islamic Banking became the 12th Primary Dealer and first Oman-based global Primary Dealer, expanding distribution to the Omani market.
• Abu Dhabi Islamic BankcoreChannel Partner/ Reseller/ DistributorLeading UAE Islamic bank (4th largest globally by assets) serving as Primary Dealer for IILM sukuk distribution in the UAE and globally.
• Al Baraka TurkcoreChannel Partner/ Reseller/ DistributorMajor Turkish participation bank serving as Primary Dealer for distribution of IILM sukuk in the Turkish market.
• Affin Islamic Bank BerhadcoreChannel Partner/ Reseller/ DistributorMalaysian Islamic banking subsidiary serving as Primary Dealer for IILM sukuk distribution in Malaysia.
• Boubyan BankcoreChannel Partner/ Reseller/ DistributorMajor Kuwaiti Islamic bank serving as Primary Dealer for IILM sukuk distribution in the Kuwait market.
• CIMB Islamic Bank BerhadcoreChannel Partner/ Reseller/ DistributorLeading Malaysian Islamic bank serving as Primary Dealer for IILM sukuk distribution.
• Dukhan BankcoreChannel Partner/ Reseller/ DistributorQatari Islamic bank serving as Primary Dealer for IILM sukuk distribution in Qatar.
• First Abu Dhabi BankcoreChannel Partner/ Reseller/ DistributorLargest bank in UAE serving as Primary Dealer for IILM sukuk distribution.
• Kuwait Finance HousecoreChannel Partner/ Reseller/ DistributorMajor Kuwaiti Islamic financial institution serving as Primary Dealer for IILM sukuk distribution.
• Maybank Islamic BerhadcoreChannel Partner/ Reseller/ DistributorLargest Islamic bank in Malaysia serving as Primary Dealer for IILM sukuk distribution.
• Qatar Islamic BankcoreChannel Partner/ Reseller/ DistributorLeading Qatari Islamic bank serving as Primary Dealer for IILM sukuk distribution.
• Standard Chartered BankcoreChannel Partner/ Reseller/ DistributorInternational bank serving as Primary Dealer providing global distribution reach for IILM sukuk.

Scale indicators15 records

Recent moves13 records

Expansion highlights6 records

Direct peers

• Bank Negara Malaysia (BNM): Issues Islamic Monetary Notes (IMN) and other Shari'ah-compliant money market instruments for Malaysian liquidity management. While domestic in focus, BNM is IILM's host regulator and shareholder, providing a comparable central-bank-issued Islamic money market offering.
• Islamic Development Bank (IsDB): Multilateral Islamic financial institution that issues sukuk in capital markets to fund development projects. Shares the multilateral/sovereign-backing DNA with IILM and is a comparable sukuk issuer serving similar investor segments globally.
• Bahrain Monetary Agency (now Central Bank of Bahrain): Issues short-term Islamic sukuk al-Ijara (treasury bills) and longer-term sovereign sukuk from the Bahraini government. Closest direct sovereign-issued alternative to IILM's short-term Islamic money market offering.
• Islamic Corporation for the Development of the Private Sector (ICD): Private sector arm of the Islamic Development Bank Group and a founding shareholder of IILM. Issues sukuk and operates within the same multilateral Islamic finance ecosystem with overlapping investor and central bank stakeholder networks.

Broad incumbents

• Standard Chartered Saadiq: Islamic banking arm of Standard Chartered Bank and an IILM Primary Dealer with global distribution reach. Comparable as a global Islamic finance participant with treasury and capital markets capabilities.
• Kuwait Finance House (KFH): One of the largest Islamic banks globally and a longstanding IILM Primary Dealer. Issues its own sukuk programmes but operates a full Islamic banking franchise rather than specialising in liquidity management.
• CIMB Islamic Bank Berhad: Major Malaysian Islamic bank that issues its own sukuk and is an IILM Primary Dealer. Broader Islamic banking franchise but overlapping in sukuk issuance and distribution within the same investor ecosystem.
• Qatar Islamic Bank (QIB): Leading Qatari Islamic bank and IILM Primary Dealer. Participates in Islamic money markets and sukuk investment, representing a banking counterpart to IILM's specialised liquidity mandate.
• Abu Dhabi Islamic Bank (ADIB): Major UAE Islamic bank and one of the founding Primary Dealers of IILM. Comparable as a large Islamic bank engaged in sukuk issuance and Islamic treasury operations.
• Maybank Islamic Berhad: Largest Islamic bank in Malaysia by assets and IILM Primary Dealer. Engages in Islamic treasury and sukuk activity, providing a domestic banking peer comparison.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/InternationalIslamicLiquidityManagement
• LinkedInlinkedin.com/company/theiilm
• Xx.com/theIILM

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds8 records

Investors16 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about International Islamic Liquidity Management