February 18, 2015 / 3:08 AM / 5 years ago

CORRECTED-Islamic finance body IILM to reissue 3 and 6 month sukuk next week

(Corrects throughout auction timing next week, size of sukuk outstanding is $1.85 billion, not $2.05 billion)

Feb 18 (Reuters) - The Malaysia-based International Islamic Liquidity Management Corp (IILM) will hold two auctions next week to issue a combined $990 million worth of Islamic bonds (sukuk), under a programme that is now authorised to issue $3 billion in short-term paper.

The IILM will auction $490 million worth of three-month sukuk and $500 million of six-month sukuk next Tuesday, the organisation said in a central bank filing.

It is only the second time the IILM has issued six-month paper. The IILM programme, rated A-1 by Standard and Poor’s, has $1.85 billion worth of sukuk currently outstanding.

The IILM, a consortium of central banks from Asia, the Middle East and Africa, began the programme in 2013 to address a shortage of instruments that Islamic banks can use to manage short-term liquidity.

Its sukuk programme permits maturities of up to one year. (Reporting by Bernardo Vizcaino; Editing by Kim Coghill)

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