International Islamic Liquidity Management Corporation (IILM) is likely to issue its maiden sukuk by early next year, Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz said today.
She said the IILM Board will be having a board meeting next week in the Middle East, of which she will be attending.
"Hopefully, following the board meeting, it will look into early next year for such an issuance," she told reporters on the sidelines of the Eighth World Islamic Economic Forum (WIEF), which entered its last day today.
The maiden sukuk, which will likely use an asset-backed leasing structure in line with an Islamic principle called al-Ijarah, is backed by a group of central banks located mainly in Asia and the Middle East. The issuance is expected to be about US$300 million to US$500 million.
IILM members comprised the monetary authorities in Indonesia, Iran, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Saudi Arabia, Sudan, Turkey and the United Arab Emirates as well as the Islamic Development Bank and the Islamic Corporation for the Development of the Private Sector.