January 20, 2014 / 10:26 AM / 4 years ago

Islamic finance body IILM boosts sukuk programme with $860 mln issue

DUBAI, Jan 20 (Reuters) - The Malaysia-based International Islamic Liquidity Management Corp expanded its sukuk issuance programme on Monday by auctioning $860 million of three-month Islamic bonds at a yield of 0.55635 percent.

The issue brings the total amount of the IILM's outstanding sukuk to $1.35 billion, the body said in a statement.

The IILM, owned by a consortium of central banks from Asia, the Middle East and Africa, is seeking to help Islamic banks manage their short-term funding needs by easing their shortage of liquid, investment-grade financial instruments. (Reporting by Andrew Torchia; Editing by Mark Heinrich)

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