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Al-Amanah explains Islamic Sukuk after government decision
Greater Amman Municipality announced the issuance of its first Islamic Sukuk bonds valued at 400 million Jordanian dinars, aimed at financing its developmental projects and ensuring financial sustainability. This came after the Council of Ministers approved the issuance of these Sukuk in the form of a diminishing lease contract (Ijarah Muntahia Bittamleek), with an annual return rate of 5.5% over five years. The purpose of this measure is to reduce borrowing costs, diversify sources of financing, and improve the management of the municipality’s financial obligations. The proceeds will be directed toward projects in transportation, infrastructure, and digital transformation, thereby promoting financial sustainability and enhancing the efficiency of services provided to citizens. This model is the first of its kind for municipalities in Jordan, and it is expected to encourage the adoption of Islamic financing tools within public institutions to improve financial performance.
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