Maybank Islamic recognised as top primary dealer

KUALA LUMPUR: Maybank Islamic Bhd has been recognised as the most active primary dealer for 2020 in the primary market rankings of the International Islamic Liquidity Management Corporation (IILM).

The IILM said Maybank Islamic was followed by Standard Chartered Bank and Kuwait Finance House.

In terms of primary dealer activity and footprint in the secondary market, the most active dealers were First Abu Dhabi Bank, Kuwait Finance House and Abu Dhabi Islamic

Bank.

The final overall rankings were based on the issuance amount of US$11.95 billion – the highest on record – across 35 series in 2020, it said in a statement today.

IILM said this assessment took into account key aspects of the primary dealers’ role to distribute the IILM Sukuk at primary, reach out to a broad investor base and to ensure liquidity of the short-term Islamic instruments in the secondary market.

Primary market appraisal is based on successful bids realised at auctions during the year while secondary market activity is ranked based on turnover and percentage contribution in the secondary market.

Maybank Islamic chief executive officer Datuk Mohamad Rafique Marican said domiciled in Malaysia, the global hub of Islamic finance, IILM performed an instrumental role for the international Islamic financial system with its influential IILM Sukuk, a high credit quality liquidity instrument that commanded a 30 per cent market share of all sukuk issued globally in 2020.

“I am confident that IILM will continue to innovate benefi ing the Islamic finance industry encompassing sustainability initiatives and values whilst delivering on its core mission.

“Assuredly, Maybank Islamic and Maybank Group will remain a dedicated strategic partner supporting IILM as we have been since inception,” he added. — Bernama