International Islamic Liquidity Management Corporation

What is FDR and how does IILM FDR work?


  • FDR means Fusang Depository Receipt and it is created by referencing to the American Depository Receipt mechanism. FDRs are tokens that directly represent assets held by the Depository on behalf of token holders.
  • FDRs represent direct legal claims on the underlying assets, and can be redeemed back into the underlying assets if investors want.
  • Tokenised sukuk (i.e. IILM FDR) have the same legal and financial features as the underlying sukuk, and are themselves shariah-compliant securities.
  • IILM FDR is listed for secondary market trading on Fusang Exchange.
  • IILM FDR can be transferred the regulated financial institutions who are participating Members of the Fusang Exchange.
  • Upon maturity of the underlying sukuk, IILM FDR holders will be paid out in USD via their subscribing broker.

What is IILM?


International Islamic Liquidity Management Corporation ("IILM") is an international organisation established by 8 central banks and a multilateral organisation to create and issue shariah-compliant sukuk to fulfil its mandate to facilitate effective cross-border Islamic liquidity management.

Steadfast backing by central banks: Current shareholders of IILM comprise the central banks of Indonesia, Malaysia, Mauritius, Qatar, Nigeria, Turkey, Kuwait, U.A.E., and the multi-lateral organisation, Islamic Corporation for the Development of the Private Sector.

About IILM Sukuk


  • Sukuk - The Arabic name for financial certificates, also commonly referred to as “shariah-compliant” instruments that pay a profit rate over time.
  • Short Term Financial Instrument - USD-denominated short-term financial instruments issued at maturities up to one year.
  • Credit Rating - IILM sukuk rated A-1 by Standard & Poor’s & F1 by Fitch Ratings.
  • Underlying Assets - Each short-term sukuk is backed by a pool of highly rated sovereign assets (at least “A/A2/A” by S&P, Moody’s or Fitch).
  • Periodic Return - Profit rate generated by the underlying assets.
  • Ownership - Each sukuk represents beneficial ownership of underlying sovereign assets.

How does the IILM asset-backed sukuk work?


IILM sukuk are backed by highly rated sovereign assets. The fundraising through issuance of sukuk is to acquire and hold the underlying assets. Each sukuk represents undivided beneficial ownership in the asset pool held beneficially on trust for the sukuk holder.

| Features | IILM Sukuk Value Proposition | | :--- | :--- | | Low Risk |
  • Investment Grade Short Term “A-1” rated by S&P
  • Underlying asset pool of sovereign grading
| | High Liquidity | Secondary market is highly liquid with a record of USD 2.2 billion in 2022 representing 16% of the total underlying sukuk outstanding during the period | | Ownership of asset | Value of sukuk is always related to real assets with provable and tangible value, providing security and protection to sukuk holders |

Past IILM FDR Token Information - International Islamic Liquidity Management Corporation

Item
Details
Security Name
Security Symbol
ISIN
Minimum Investment Amount
FDR Ratio
Currency
FDR size (no. of tokens issued on Listing Date)
Maturity Date
Tenor
Target Profit Rate
Listing Venue
Listing Date
Depositary
Listing Sponsor
Custodian
Eligible Investors
Shariah Compliance
Etherscan Page of FDR Token
Shariah Pronouncement

Underlying IILM Sukuk of International Islamic Liquidity Management Corporation

Item
Details
Issuer
ISIN Code
Tenor
Target Profit Rate
Total Sukuk Size represented by FDRs on Listing Date (USD)
Maturity Date
Ratings

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