Jordan approves 'landmark' $564m sukuk for Greater Amman Municipality

RIYADH: Jordan has approved its first municipal Islamic sukuk issuance, worth 400 million Jordanian dinars ($564.2 million), offering a 5.5 percent annual return over five years to strengthen the Greater Amman Municipality’s financial governance. The issuance will use an ijara muntahia bittamleek structure, an Islamic financing arrangement in which leased assets are eventually transferred to the lessee. It forms part...