Cabinet approves issuance of JD400 million Islamic sukuk for Greater Amman Municipality

This issuance is the first of its kind in the Kingdom for public institutions (municipalities), enhancing Jordan's standing as one of the leading international experiences in Islamic finance and its applications, in line with the Economic Modernization Vision and its development objectives.

The sukuk issuance project follows specialized economic and financial studies conducted over several months by GAM in cooperation with government institutions and the private sector, represented by Islamic banks. GAM established an Islamic sukuk company to finance the municipality’s projects, in accordance with the provisions of the Islamic Finance Sukuk Law and its governing legislation, and in line with best international practices in this field.

In this context, the company completed the preparation of all issuance documents and obtained the necessary approvals from the Jordan Securities Commission, including the approval of the issuance prospectus by the Board of Commissioners and the Central Sharia Supervisory Board.

The Central Bank of Jordan will manage the market issuance, which is directed at banks, insurance companies, institutions, and savings, investment, and pension funds. These sukuk will be tradable on the Amman Stock Exchange in accordance with approved terms, conditions, and regulatory arrangements.

The issuance is set to provide a new investment and financing instrument that contributes to diversifying and deepening options available to investors in the capital market, as well as expanding the use of Islamic finance instruments in the Kingdom.

The issuance is expected to contribute to the governance of GAM's financial affairs, as the proceeds will be utilized to secure lower-cost financing for the municipality’s projects and expenditures, thereby reducing financing costs.

Estimates indicate that this issuance will help lower financing costs by approximately JD70 million over the sukuk's five-year tenor, rising to a JD140 million reduction if extended for an additional five years under the same financial assumptions, thus bolstering financial sustainability and supporting its debt management efforts.

Details of the issuance will be announced by GAM in coordination with the Central Bank of Jordan (the issuance manager), and the prospectus will be made available on the municipality's website in the coming days, allowing investment and financing entities to review the full details, terms, and conditions.

Regarding social affairs legislation, the Cabinet approved a draft amended Christian Religious Community Councils Law for the year 2026, ahead of referring it to the House of Representatives for constitutional enactment.

The draft law was prepared in consensus among representatives of Christian communities in the Kingdom to define the jurisdiction of Christian community councils in a manner consistent with the provisions of the Constitution, the laws of the respective denomination, and Christian doctrinal rules, enabling members of Christian communities to regulate their religious affairs and personal status accordingly.

The amendments stem from a proposal submitted by the Council of Church Leaders in Jordan, in agreement with Christian members of the Senate and the House of Representatives. Under these amendments, Article 4 of the original law will be amended regarding the definition of certain personal status matters in ecclesiastical courts as outlined in their laws, and clearly defining the jurisdiction of Christian community councils in line with Christian religious doctrines, safeguarding the rights of community members to regulate their religious affairs and personal status according to those rules, while taking into account the provisions of the Jordanian Constitution.

Under the amendments, matters of marriage, divorce, wills, and adoption are deemed personal status affairs of Christian communities and subject to their ecclesiastical laws, notwithstanding the provisions of any other legislation.

Article 10 of the law will also be amended so that the relevant laws are applied when a church court, or any civil court, adjudicates a case related to immovable property in the Kingdom, whether bequeathed with or without a will, noting that these amendments will not affect legal positions established prior to the entry into force of its provisions following its enactment.

The Cabinet also approved the administrative organization bylaw of the Royal Academy for Inclusive Education for Persons with Disabilities for the year 2026.

The bylaw aims to raise institutional performance and improve the quality of outcomes in line with public sector modernization trends, promote the adoption of best practices in public administration, and consolidate the principles of efficiency, effectiveness, and sustainability in delivering services related to inclusive education.

It also aims to enable the academy to carry out the tasks and competencies entrusted to it under the Royal Academy for Inclusive Education for Persons with Disabilities Bylaw No. (29) of 2025, through establishing a flexible and integrated organizational structure that enhances the efficiency of executive management, improves the allocation of human resources, and strengthens the ability to respond to development requirements.

Under the bylaw, an effective institutional governance framework was developed to ensure clarity of decision-making paths and sound procedures, ensuring smooth workflow, simplifying administrative procedures, reducing complexity, and enhancing organizational flexibility in line with the academy's nature of work and competencies.

Functional roles, responsibilities, and authorities were also precisely and clearly defined, thereby strengthening institutional accountability, curbing overlapping and duplication of functions, and contributing to raising the efficiency of internal coordination between organizational units to achieve integrated performance.

The Cabinet also approved an amended bylaw for the Insurance and Medical Committees of the Social Security Corporation for the year 2026.

The amendments aim to empower the committees of the Social Security Corporation and grant them sufficient flexibility to prevent insured persons from losing subscription periods that qualify them to receive insurance benefits stipulated under the provisions of the Social Security Law.

They also aim to enhance the governance of decisions made by the insurance committees and ensure their alignment with the provisions of the law, regulations, and instructions issued thereunder.

The amendments allow insurance committees to convert subscription periods that are canceled due to a lack of sufficient evidence proving employment into voluntary subscription periods, to ensure insured individuals are not deprived of receiving a retirement pension due to the cancellation of prior subscription periods.

The Cabinet also approved the validating reasons for the draft Public Safety Bylaw in the Aqaba Special Economic Zone for the year 2026.

The draft bylaw aims to enhance and develop safety requirements in economic facilities, ports, public utilities, complexes, buildings, parks, and schools in the Aqaba Special Economic Zone, in line with technological developments and updates, and to consolidate Aqaba’s status as a safe and attractive economic zone for investment and business.

The draft bylaw aligns with, complements, and supports the regulations and instructions of specialized agencies, the Civil Defense, and the Public Security Directorate, enhancing integration and information exchange among them.

The draft bylaw establishes a unified, comprehensive framework for public safety across various sectors and activities within the zone, boosting the protection of individuals, property, and the environment, raising facilities' preparedness for risk prevention and emergency response, and supporting the continuity of economic, tourism, and service activities.

The draft bylaw covers four integrated stages: awareness, preventive measures, remediation and rehabilitation, and documenting lessons learned. It applies to all facilities, economic activities, entertainment venues, public events, beaches, residential clusters, and tourist camps within the Aqaba Special Economic Zone, expanding the safety umbrella to cover places where citizens work, reside, or visit.

The bylaw serves as a framework to coordinate efforts and roles among institutions with the aim of developing the public safety system, mitigating risks, and evaluating safety measures, alongside providing regulatory clarity that aids planning, compliance, and enhances business sustainability.

The draft bylaw is founded on the principle of prevention, requiring establishments to periodically analyze, identify, and assess occupational risks, implement necessary measures to mitigate them, and document and monitor these measures to ensure hazards are addressed before escalating into accidents.

The draft bylaw comes amid growing economic and tourism momentum in Aqaba and required technological updates in public safety fields, which have become a vital prerequisite for encouraging investment and economic activities. This necessitates strengthening safety procedures across all economic, investment, tourism, and social facilities, relying on awareness and education, and capitalizing on past lessons in this regard.

The draft regulation requires establishments to prepare and update emergency and evacuation plans and have them approved by the competent authorities on an ongoing basis, and to conduct periodic exercises in coordination with the civil defense, in addition to providing effective early warning systems that allow all those present in the establishment, including persons with disabilities, to deal with and respond to warnings.

Protection mechanisms are not limited to work sites; the draft regulation sets safety requirements at events and tourist camps, including crowd management and adherence to capacity, regulating entry and exit, and providing alarm, fire suppression, and first aid systems, and necessary services for the elderly, persons with disabilities, and children, and in recreational facilities and games, the draft regulation mandates the application of the highest safety standards in operation, conducting periodic inspections and maintenance of games, and providing qualified technical supervision during their operation, with the specification of age groups and health conditions allowed to use each game, and clearly announcing them to users.

The draft regulation also requires taking the necessary measures to protect road users during the implementation of construction and maintenance works, and prohibits obstructing or occupying roads in a way that affects public safety without prior approval. It also imposes fire prevention requirements in buildings and residential complexes, and mandates the maintenance of elevators and their periodic maintenance.

The system adopts a unified classification of readiness and early warning of four levels: green for normal circumstances, yellow for readiness and monitoring with the possibility of the event developing, orange for partial activation of the emergency plan with a high probability of occurrence, and red for full activation of the plan when the event occurs; to unify the understanding of authorities and establishments of what should be taken in each case.

The measures taken against violators of safety requirements are graduated, so after a warning and a written notice, work is stopped in whole or in part, up to complete or partial closure until the situation is corrected and safety requirements are met.

On another note, the Council of Ministers decided to approve the settlement of 1002 pending cases between taxpayers and the Income and Sales Tax Department, in accordance with the provisions of the law.

The decision comes as a continuation of the government's approach to alleviate the burdens on economic activities, investors, taxpayers, and citizens, stimulate economic activity, improve the business environment, and help taxpayers settle their tax affairs.

On another note, the Council of Ministers decided to appoint Tariq Ibrahim Al-Batayneh as Secretary-General of the Ministry of Local Administration for Administrative and Financial Affairs, after obtaining the highest marks in the competition conducted under the Government Leadership System.

The Council also decided to appoint Muhammad Abdul-Majid Al-Majali as Secretary-General of the Ministry of Tourism and Antiquities.