The central bank of Indonesia is searching for a bank to sign up as primary dealer for short-term sukuk, or Shariah-compliant bonds, issued by the International Islamic Liquidity Management Corp (IILM), a body it helped establish in 2010 to attempt to address the chronic lack of liquidity in shariah compliant money market instruments.
Bank Indonesia is one of 10 shareholders in the Malaysia-based institution, but it still lacks a dealer bank for IILM sukuk, bonds designed to help Shariah banks manage their short-term liquidity – a longstanding industry challenge.
http://www.reuters.com/article/2014/03/10/islamic-finance-iilm-idUSL6N0M303K20140310
