IILM welcomes AlRayan Bank as its 15th Primary Dealer, the third for 2025
AlRayan Bank is recognised as one of Qatar's largest and most stable Islamic banks, with a long-standing reputation for sound financial performance and innovation. Its inclusion in the IILM's Primary Dealer network not only enhances GCC representation but also supports the IILM's broader ambition to extend its reach to the other key Islamic finance markets including Europe, through AlRayan Bank's wider group presence.
With operations that extend beyond Qatar, AlRayan Bank is well-positioned to promote the IILM's short-term Sukūk programme to a much broader and more diverse investor base, both regionally and internationally.
Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, said: 'We are extremely proud to welcome AlRayan Bank into the IILM family of Primary Dealers. Their onboarding reinforces our efforts to deepen engagement in Qatar and across the GCC, while supporting our expansion into new markets, including Europe. Qatar's Islamic banking landscape is among the most mature and well-regulated globally, and AlRayan Bank's participation is a strong testament to the confidence that regional and international institutions place in the IILM's short-term Sukūk programme. We look forward to their active participation and contribution in both our primary issuance and secondary market activities.'
This development marks another important step in the IILM's ongoing efforts to broaden market reach and impact. So far in 2025, the IILM has:
Increased its total outstanding assets from USD 4.14 billion at the start of the year to a new record high of USD 5.7 billion, the highest since its inception;
Onboarded Golden Global Investment Bank from Türkiye and Kuwait International Bank (KIB) as Primary Dealers, reinforcing the IILM's strong and growing footprint across key Islamic finance jurisdictions;
Continued to conduct regular monthly Sukūk auctions averaging USD 1.7 billion, with a solid oversubscription rate over 2 times supported by a strong and diversified investor base.
These milestones underscore the growing demand for high-quality, tradable Shari'ah-compliant liquidity instruments and affirm the IILM's pivotal role in enabling Islamic financial institutions to manage short-term liquidity efficiently and consistently.
Tahir Pirzada, Head of Treasury at AlRayan Bank, remarked: 'We are honoured to be part of the IILM's distinguished global network of Primary Dealers. The IILM's Sukūk programme is a key pillar in the global Islamic financial architecture, and we are proud to support its vision of enhancing cross-border liquidity. As a leading Islamic bank in Qatar, AlRayan Bank is fully aligned with efforts to strengthen the global Islamic capital market, and we look forward to working closely with the IILM and fellow Primary Dealers to contribute to a more integrated and resilient Islamic finance ecosystem.'
Qatar stands as one of the most dynamic Islamic finance hubs globally, supported by a financial system that places strong emphasis on Shari'ah-compliant banking and capital market innovation. Islamic banking assets account for over a quarter of the total banking sector in Qatar, with sustained regulatory and policy support underpinning the continued growth. The Qatar Central Bank (QCB) plays an instrumental role in promoting Islamic finance both domestically and internationally, in collaboration with international standard-setting bodies and other relevant stakeholders.
AlRayan Bank also participated in the IILM's eleventh auction for the year today as a Primary Dealer in the primary market. The IILM reissued a total of USD 1.025 billion worth of short-term Ṣukūk across three different tenors: one, three, and six months.
The three series were priced competitively at:
4.55% for USD 510 million for 1-month tenor;
4.75% for USD 290 million for 3-month tenor; and,
4.55% for USD 225 million for 6-month tenor
Today's successful completion of the short-term Ṣukūk transaction brings the IILM's year-to-date cumulative issuance to USD 11.4 billion, across 33 Ṣukūk series of varying tenors.
The auction saw a competitive tender amongst the Primary Dealers and Investors globally, with a very healthy orderbook of USD 2.2 billion, representing a strong and sustained average bid-to-cover ratio of 215%.
This latest auction was conducted amid one of the most challenging periods in recent years since the global Covid-19 pandemic, marked by evolving (and intensifying) geopolitical developments, including heightened tensions in the Middle East stemming from the escalating Iran-Israel conflict, alongside persistent macroeconomic uncertainty and shifting monetary policies globally.
'Despite these formidable headwinds, the IILM's successful issuance underscores the resilience of its offerings and continued relevance of its short-term Ṣukūk as one of the most sought-after Shari'ah-compliant liquidity management tools for Islamic financial institutions globally,' Safri added.
The IILM's global Primary Dealer network comprises a group of leading financial institutions that actively participate in the issuance, distribution, and secondary market activities of the IILM's short-term Sukūk, rated 'A-1' by S&P and 'F1' by Fitch Ratings, respectively, under a USD 6 billion Sukūk Programme.
With the addition of AlRayan Bank, the IILM's network now includes 15 banks from across the globe, namely Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank, Boubyan Bank, CIMB Islamic Bank Berhad, Dukhan Bank, First Abu Dhabi Bank, Golden Global Investment Bank, Kuwait Finance House, Kuwait International Bank, Maybank Islamic Berhad, Meethaq Islamic Banking from Bank Muscat, Qatar Islamic Bank, and Standard Chartered Bank.
About the IILM
The International Islamic Liquidity Management Corporation (IILM) is an international organisation established on 25 October 2010 by central banks, monetary authorities and multilateral organisations to develop and issue short-term Shari'ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions that offer Islamic financial services (IIFS).
The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Kuwait, Malaysia, Mauritius, Nigeria, Qatar, Türkiye, the United Arab Emirates, as well as the multilateral Islamic Corporation for the Development of the Private Sector.
Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies that have regulatory oversight of finance or trade and commerce, and multilateral organisations.
The IILM is hosted by Malaysia and headquartered in Kuala Lumpur.
Media Enquiries:
The International Islamic Liquidity Management Corporation (IILM)
E: corpcomm@iilm.com; info@iilm.com
Website: http://www.iilm.com
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