The Malaysia-based International Islamic Liquidity Management Corp (IILM) has added Qatar’s Barwa Bank as the tenth primary dealer handling its Islamic bond programme, the organisation said yesterday. The IILM, a consortium of central banks from Asia, the Middle East and Africa, launched the programme last year to meet a shortage of investment-grade financial instruments which Islamic banks can use for their short-term funding needs. Barwa joins Abu Dhabi Islamic Bank, AlBaraka Turk, CIMB Islamic Bank Bhd, Luxembourg’s KBL Private Bankers, Kuwait Finance House, Maybank Islamic Bhd, National Bank of Abu Dhabi, Qatar National Bank and Standard Chartered Bank as IILM primary dealers. The IILM auctioned yesterday $860mn worth of three-month sukuk carrying a profit rate of 5.11%, attracting a combined $1.2bn from 11 bids, a regulatory filing showed.

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