The US$490 million, three-month sukuk was auctioned to seven primary dealer banks, as the IILM aims to address a shortage of financial instruments for Islamic banks to manage their short-term funding needs.
"Ideally one of the next steps would be to develop an issuance calendar. They will develop a plan in relation to the other tenors," said Leon Koay, head of global markets and co-head of wholesale banking at Standard Chartered Malaysia, one of the seven primary dealers. "They've been approved for US$2 billion, they've got plenty of runway. With this landmark issuance out of the way, the rest of it would be easier."
source: Business Timzq