International Islamic Liquidity Management Corp., backed by a group of central banks located in Asia and the Middle East, is in the “final stages” of issuing its first sukuk or Islamic bond, Malaysian central bank governor Tan Sri Dr Zeti Akhtar Aziz said on Wednesday.
Kuala Lumpur-headquartered IILM, established in 2010, was entasked to issue short-term sukuk, or Islamic bonds, to help sharia-compliant banks manage liquidity and create a liquid cross-border market for Islamic instruments. “The shareholders (of IILM) are in the process of supplying the underlying assets for the sukuk,” Zeti told reporters in the Malaysian capital. “There will be an announcement on this in the near term, it would be correct to say that it is in the final stages.”……………………………………….Full Article: Source