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  • Cabinet approves JD400 million Islamic Sukuk for Greater Amman Municipality; expected to save up to JD140 million

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  3. Cabinet approves JD400 million Islamic Sukuk for Greater Amman Municipality; expected to save up to JD140 million

Cabinet approves JD400 million Islamic Sukuk for Greater Amman Municipality; expected to save up to JD140 million

11/10/2026 | 18:54:00

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Cabinet approves JD400 million Islamic Sukuk for Greater Amman Municipality; expected to save up to JD140 million

- Approval of the Administrative Organisation Regulation for the Royal Academy for Inclusive Education for Persons with Disabilities (2026).

- Approval of amendments to the Regulation on Insurance and Medical Committees of the Social Security Corporation (2026).

- Approval of the rationale for the draft Public Safety Regulation for the Aqaba Special Economic Zone (2026).

- Settlement of 1,002 outstanding cases between taxpayers and the Income and Sales Tax Department.

Amman, October 11 (Petra) – The Cabinet on Sunday approved the issuance of Islamic financing sukuk worth JD 400 million by the Greater Amman Municipality (GAM), using an Ijara Muntahia Bittamleek (lease-to-own) structure, with an annual return of 5.5 percent over five years.

The issuance is part of a plan to improve financial management, reduce borrowing costs and capitalise on Islamic financing opportunities in the domestic market.

It is the first issuance of its kind by a municipality in the Kingdom, reinforcing Jordan's position in Islamic finance and supporting the objectives of the Economic Modernisation Vision.

The project follows months of specialised economic and financial studies conducted by GAM in cooperation with government entities and private-sector partners, particularly Islamic banks.

The municipality established a dedicated company to manage the sukuk issuance in accordance with the Islamic Finance Sukuk Law, relevant regulations and industry best practices.

The company has completed the issuance documentation and obtained the necessary approvals from the Securities Commission, including approval of the prospectus by the Board of Commissioners and endorsement by the Central Sharia Supervisory Board.

The Central Bank of Jordan(CBJ) will manage the issuance, which targets banks, insurance companies and savings, investment and pension funds. The sukuk will be tradable on the Amman Stock Exchange, subject to the approved terms, conditions and regulatory requirements.

The issuance introduces a new investment and financing instrument designed to diversify investment opportunities, deepen the domestic financial market and expand the use of Islamic finance.

It is expected to strengthen GAM's financial governance by providing lower-cost financing for its projects and expenditures.

The issuance is projected to reduce financing costs by approximately JD 70 million over the initial five-year term. Based on the same financial assumptions, the savings could reach JD 140 million if the sukuk term is extended by an additional five years, supporting financial sustainability and improving debt management.

GAM will announce further details in coordination with CBJ, which will manage the issuance. The prospectus is expected to be published on the municipality's website in the coming days, enabling prospective investors and financing institutions to review the full terms and conditions.

Cabinet Approves Draft Law on Christian Denomination Councils The Cabinet approved a draft law amending the Law on Christian Denomination Councils for 2026, paving the way for its submission to the House of Representatives in accordance with constitutional procedures.

Prepared in consultation with representatives of the Kingdom's Christian denominations, the draft law seeks to define the jurisdiction of Christian denomination councils in a manner consistent with the Constitution, the laws of the respective denominations and Christian religious principles.

It aims to enable members of the Christian denominations to organise their religious affairs and personal status matters accordingly.

The amendments follow a proposal submitted by the Council of Church Heads in Jordan in coordination with Christian members of the Senate and the House of Representatives.

They include amendments to Article 4 of the existing law concerning the definition of specific personal status matters under the respective ecclesiastical laws and the clarification of the jurisdiction of Christian denomination councils.

The changes aim to safeguard the rights of members of the Christian community to organise their religious and personal status affairs in accordance with their religious principles while upholding the Constitution.

Under the proposed amendments, marriage, divorce, wills and adoption would be classified as personal status matters for Christian denominations and governed by their respective ecclesiastical laws, notwithstanding any conflicting provisions in other legislation.

Article 10 would be amended to clarify the applicable legal provisions when a court, including a regular court, considers a case involving immovable property in the Kingdom that is subject to a will or an intestate estate.

The amendments would not affect legal statuses established before the relevant provisions enter into force following enactment of the law.

Cabinet Approves Administrative Regulation for Royal Academy for Inclusive Education The Cabinet approved the Administrative Organisation Regulation for the Royal Academy for Inclusive Education for Persons with Disabilities for 2026.

The regulation aims to improve institutional performance and the quality of services in line with public-sector modernisation directives. It seeks to promote best practices in public administration and embed the principles of efficiency, effectiveness and sustainability in inclusive education services.

The regulation will enable the Academy to carry out its duties and responsibilities under the Royal Academy for Inclusive Education for Persons with Disabilities Law No. 29 of 2025 by establishing a flexible, integrated organisational structure that improves executive management, optimises the allocation of human resources and strengthens the institution's ability to respond to evolving development needs.

It establishes a corporate governance framework with clear decision-making procedures to streamline operations, simplify administrative processes, reduce complexity and enhance organisational flexibility in line with the Academy's mandate.

The regulation defines roles, responsibilities and functional authorities to strengthen institutional accountability, prevent overlapping or duplicated responsibilities and improve coordination among organisational units.

Amendments to Social Security Insurance and Medical Committees Regulation The Cabinet approved amendments to the Regulation on Insurance and Medical Committees of the Social Security Corporation for 2026.

The amendments aim to give the Corporation's committees greater flexibility to prevent insured persons from losing contribution periods that qualify them for benefits under the Social Security Law.

They seek to strengthen oversight of insurance committee decisions and ensure compliance with the law and the regulations and instructions issued under it.

Under the amendments, insurance committees may convert contribution periods that would otherwise be cancelled because of insufficient evidence of employment into voluntary contribution periods.

The measure is intended to prevent insured persons from losing eligibility for a retirement pension because previously recorded contribution periods have been cancelled.

Cabinet Approves Public Safety Regulation for Aqaba Special Economic Zone The Cabinet approved the rationale for the draft Public Safety Regulation for the Aqaba Special Economic Zone (ASEZ) for 2026, which aims to strengthen and modernize safety requirements across the zone.

The proposed regulation covers economic facilities, ports, public utilities, commercial complexes, buildings, parks and schools.

It takes into account technological developments and seeks to reinforce Aqaba's position as a safe and attractive destination for investment and business.

The draft complements the regulations and directives of relevant authorities, including Civil Defence and Public Security, while promoting coordination, operational integration and information sharing.

It establishes a unified framework for public safety across sectors and activities within the zone, aiming to protect people, property and the environment; improve facilities’ preparedness for risk prevention and emergency response; and ensure the continuity of economic, tourism and service activities.

The framework comprises four stages: awareness-raising, prevention, remediation and rehabilitation and the documentation of lessons learned.

It applies to economic facilities and activities, entertainment venues, public events, beaches, residential communities and tourist camps, extending safety requirements to workplaces, residential areas and locations frequented by visitors.

The draft regulation emphasises prevention, requiring establishments to analyse workplace risks, identify and periodically assess hazards, implement appropriate mitigation measures and document and monitor their implementation to address risks before they lead to accidents.

It requires establishments to prepare and regularly update emergency and evacuation plans, obtain approval from the relevant authorities and conduct periodic drills in coordination with Civil Defence.

Effective early-warning systems must be provided to ensure that everyone on the premises, including persons with disabilities, can recognise and respond to alerts.

For event venues and tourist camps, the draft sets out requirements for crowd management, compliance with capacity limits, the regulation of entry and exit points and the provision of alarm systems, fire-suppression equipment and first-aid services.

It requires appropriate facilities and services for older persons, persons with disabilities and children.

For recreational facilities and amusement rides, the proposed regulation requires compliance with high operational safety standards, periodic inspections and maintenance and qualified technical supervision during operation.

Age restrictions and applicable health conditions must be clearly displayed for each ride.

The draft provides for measures to protect road users during construction and maintenance work, prohibiting the obstruction or occupation of roads in ways that compromise public safety without prior approval.

It establishes fire-prevention requirements for buildings and residential complexes and requires elevators to be maintained and serviced regularly.

The regulation introduces a unified four-level preparedness and early-warning system: Green: Normal conditions.

Yellow: Heightened readiness and monitoring in response to a potential incident.

Orange: Partial activation of the emergency plan when an incident is highly likely.

Red: Full activation of the emergency plan when an incident occurs.

The system is intended to ensure a common understanding among relevant authorities and facilities of the measures required at each level.

Enforcement measures would be progressive, beginning with a notice and written warning and potentially escalating to the full or partial suspension of operations until the establishment complies with safety requirements.

The proposed regulation comes amid growing economic and tourism activity in Aqaba and the increasing need to modernise public safety systems.

It seeks to strengthen safety across economic, investment, tourism and social facilities while promoting awareness, education and the application of lessons learned from previous incidents.

Cabinet Approves Settlement of 1,002 Tax Cases The Cabinet approved the settlement of 1,002 outstanding cases between taxpayers and the Income and Sales Tax Department in accordance with the law.

The decision reflects the government's continued efforts to ease the burden on businesses, investors taxpayers; stimulate economic activity; improve the business environment; and help taxpayers regularise their tax status.

Cabinet Appoints Two Ministry Secretaries-General The Cabinet appointed Tariq Ibrahim Batayneh as Secretary-General for Administrative and Financial Affairs at the Ministry of Local Administration after he achieved the highest score in the competition conducted under the government leadership system.

It appointed Mohammad Majali as Secretary-General of the Ministry of Tourism and Antiquities.

//Petra// AK

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