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FINANCIAL NEWS
Saudi CB sells IILM stake
06 Apr 2013
(MENAFN) The International Islamic Liquidity Management Corp (IILM) stated that the Saudi central bank has sold its stake in the Kuala Lumpur-based corporation, reported The Peninsula.
The IILM didn’t reveal the reason behind the sale; however, it said that the central banks of Qatar and Malaysia bought the Saudi shareholding.
The move lowers shareholders of IILM, which was established in October 2010 and aims at creating a liquid cross-border market for Islamic financial instruments, to 10.
The IILM was founded to tackle the Islamic finance industry’s lack of liquid financial instruments that banks and other firms could use to manage their funds.
IILM plans to issue short-term sukuk in reserve currencies that can be held and traded by Islamic investors globally.
Last month, the governor of Malaysia’s central bank stated that the IILM was in the final stages of issuing its maiden sukuk, and was identifying underlying assets for the issue, furthermore, the expected value of the sukuk ranged between USD300 million and USD500 million.
It is worth noting that IILM shareholders are the central banks of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey and the UAE, in addition to the Islamic Development Bank Group.
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