Malaysia-based International Islamic Liquidity Management Corp (IILM) will issue a $490-million Islamic bond next week, according to a filing with the central bank.

The auction of the three-month sukuk will be on May 22. IILM last went to the market to re-issue an $890 million sukuk in April.

In February, it sold $490 million worth of sukuk, designed to meet a shortage of highly liquid, investment-grade financial instruments that Islamic banks can trade to manage short-term funding needs.

Shareholders of the IILM are the central banks of Indonesia, Kuwait, Luxembourg, Malaysia, Mauritius, Nigeria, Qatar, Turkey and the United Arab Emirates, as well as the Jeddah-based Islamic Development Bank. – Reuters