Mubasher: The International Islamic Liquidity Management Corporation (IILM) announced that Kuwait Finance House (KFH) has topped the list of main dealers in the IILM program for primary sukuk market, according to a recent press release.
KFH has acquired 30% of the overall primary sukuk issue, among other 10 banks and financial institutions in 15 issues valued at $10 billion in the IILM sukuk programme 2017.
The Kuwaiti bank, KFH, came first followed by Standard Chartered and the UAE's First Abu Dhabi Bank (FAB) in second and third places, respectively.
"This confirms the prestigious status of KFH in the sukuk market,” group chief treasury officer at KFH, AbdulWahab Al Roshood, said.
“The ranking was based on several factors approved by the IILM including Secondary Market trading, Feedback from end investors on the service provided, efficiency and other factors in developing the program,” Al Roshood added, according to the press release.
Contributing to the process of encountering liquidity crises, sukuk are the most powerful low-risk investment financing instruments.
KFH noted in the press release that Sukuk represents a significant investment outlet for banks, forming an instrument to operate liquidity in accordance with the Central Bank of Kuwait’s (CBK) regulations.
“International Islamic Liquidity Management, IILM expressed appreciation for KFH’s excellent and strong performance, boasting the strong ties since inception from 2013,” the press release added.
