Kuwait Officially Incorporates Government Sukuk into Sovereign Financing Framework

Kuwait has entered a new phase in the regulation of sovereign financing instruments, with the issuance of Law-Decree No. 90 of 2026 concerning Government Sukuk. This decree establishes a comprehensive legislative framework for the issuance, offering, management, and trading of Sukuk, whether in Kuwaiti Dinars or foreign currencies, and whether within or outside the country. It links the decree’s provisions to the prescribed limits on the total value of issued Sukuk, their directions, and the utilization of their proceeds, in accordance with Law-Decree No. 60 of 2025 concerning Financing and Liquidity.

The Law-Decree comprises 35 articles that regulate the various stages of issuing government Sukuk, starting from determining the assets against which they are issued, through establishing a wholly state-owned special purpose vehicle (SPV), to defining Sukuk structures and subscription conditions, and culminating in their registration, listing, trading, and asset management. It permits natural and legal persons to subscribe to and own Sukuk, while allowing for the issuance of Sukuk restricted to Kuwaiti nationals only.

The legislation enables the issuance of various types of Sukuk in compliance with Islamic Sharia principles, including Sukuk for leased asset ownership, Sukuk for ownership of benefits and operational rights of assets, Salam, Istisna’a, Musharaka, and Mudaraba Sukuk, among others. It also established a single Sharia fatwa and supervision authority for all special purpose vehicles, and authorized, with the approval of the Minister of Finance, the listing of government Sukuk in local and foreign capital markets.

According to the explanatory memorandum, the law aims to provide comprehensive and integrated legislation for government Islamic Sukuk, contribute to the development of local markets and the growth of the national economy, provide new investment instruments, expand investment opportunities for citizens, residents, and foreigners, and offer a tool for refinancing existing debt in alignment with the government’s financing plan.

The text of the Law-Decree and the explanatory memorandum is as follows:

Council of Ministers

Law-Decree No. 90 of 2026 concerning Government Sukuk

– Having reviewed the Constitution,

– And the Emiri Decision issued on 2 Dhu al-Qi’dah 1445 AH, corresponding to 10 May 2024,

– And Decree No. 5 of 1959 concerning Real Estate Registration, and its amended laws,

– And Law No. 30 of 1964 establishing the Court of Audit, and its amended laws,

– And Law No. 32 of 1968 concerning Currency, the Central Bank of Kuwait, and the Regulation of the Banking Profession, and its amended laws,

– And the Civil Law issued by Law-Decree No. 67 of 1980, amended by Law No. 15 of 1996,

– And the Commercial Law issued by Law-Decree No. 68 of 1980, and its amended laws,

– And Law-Decree No. 105 of 1980 concerning the System of Private State Property, and its amended laws,

– And Law No. 47 of 1982 establishing the Public Authority for Investment,

– And Law-Decree No. 116 of 1992 concerning Administrative Organization and Determination of Competencies and Delegation Thereof,

– And Law No. 1 of 1993 concerning the Protection of Public Funds, and its amended laws,

– And Law No. 7 of 2010 concerning the Establishment of the Capital Markets Authority and Regulation of Securities Activities, and its amended laws,

– And Law No. 116 of 2013 concerning Encouraging Direct Investment in the State of Kuwait,

– And the Companies Law issued by Law No. 1 of 2016, and its amended laws,

– And Law No. 103 of 2019 concerning the Practice of the Accountancy Profession,

– And Law-Decree No. 60 of 2025 concerning Financing and Liquidity,

– And Law-Decree No. 84 of 2024 concerning Solutions and Ministerial Deputations, and its amended decrees,

– Based on the proposal of the Minister of Finance,

– and after approval by the Council of Ministers,

– we have issued the following Decree-Law:

Chapter One

Article (1)

Definitions

In the application of the provisions of this Decree-Law, the following words and expressions shall have the meanings indicated alongside each of them:

The State: The State of Kuwait.

The Ministry: The Ministry of Finance.

The Central Bank: Kuwait Central Bank.

The Minister: The Minister of Finance.

Government Sukuk: Securities of equal value, issued for a specified period in Kuwaiti Dinars or foreign currencies through a public or private subscription, issued either as a standalone issuance or as part of a government issuance program, representing undivided shares in their assets, in accordance with contract formats compliant with Islamic Sharia provisions, and subject to the provisions of Decree-Law No. (60) of 2025 referenced herein.

Issuance of Sukuk: The process of issuing Sukuk.

Sukuk Assets: Specific assets owned by the State, existing in fact or described in obligation as tangible assets, usufructs and operational rights, services, or a combination thereof, or assets of a specific project or particular investment activity, which are not designated for public benefit and do not constitute natural resources and their revenues or public utilities, as determined by the Council of Ministers, which may exceptionally assign any assets it deems appropriate.

Special Purpose Vehicle (SPV): A single-shareholder company established and owned by a single legal entity, wholly owned by the State, created for the purpose of acquiring and managing Sukuk assets, dividing them into units of equal value, issuing Sukuk representing their value, and undertaking all activities related to the issuance of Sukuk, for the purpose of implementing the provisions of this Decree-Law.

Issuer: The State through the transferring entity, which is the Special Purpose Vehicle or the authorized entity.

Sales Agent: The entity that offers or sells Sukuk on behalf of the Issuer.

Underwriter: The entity that undertakes to cover the subscription in accordance with the underwriting agreement.

Offering Circular: The issuance document containing the information and terms specific to this issuance.

Custodian: The legal entity entrusted with the task of safeguarding Sukuk assets in accordance with the provisions of this Decree-Law.

Investment Manager: The legal entity entrusted with managing Sukuk assets on behalf of Sukuk holders.

Sukuk Holders’ Committee: A body formed by the holders of Sukuk for each issuance to protect their common interests, and which shall have a legal representative as specified in the Offering Circular.

Sharia Advisory and Supervisory Board: A group of specialized Sharia scholars expert in Islamic financial jurisprudence.

Specialized Professional Entities: Legal entities licensed to engage in asset management activities.

Sukuk Holder: The person or entity that owns the Sukuk and the value of Sukuk assets it represents, and enjoys the financial and legal rights associated with it, such as collecting returns and the nominal value at maturity.

Call of Sukuk: Redemption of the nominal value of Sukuk before the end of their term in accordance with the provisions of the Offering Circular, while observing Sharia compliance guidelines.

Capital Markets: The securities exchange or local and/or foreign securities markets where securities trading and transfer of ownership take place under the regulations, bylaws, and laws governing them.

Capital Markets Authority: The Capital Markets Authority in the State.

Auditor: A natural or legal person registered in one of the official registers and holding a valid license to practice the profession.

Local Banks: Any Kuwaiti bank or branch of a foreign bank licensed by Kuwait Central Bank.

Underwriting Agreement: A contract between the Issuer and the Underwriter to ensure full coverage of the subscription.

Chapter Two

Issuance of Sukuk

Article (2)

A decision shall be issued by the Council of Ministers, upon the Minister’s proposal, specifying the assets against which sukuk are issued. The Minister may replace these assets, in whole or in part, during the tenure of the issued sukuk, provided that the equivalent value of the issued sukuk is maintained. All of the foregoing shall be in accordance with the provisions of the subscription prospectus. The Minister shall designate the entity responsible for evaluating these assets for ownership purposes, and the executive regulations of this Law-Decree shall specify the rules and procedures to be followed in this regard.

Compliance is required with the provisions of the aforementioned Law-Decree No. (60) of 2025, concerning the prescribed limits on the total value of issued sukuk, their directions, and the uses of their proceeds.

Article (3)

The Special Purpose Company (SPC) shall be established upon the request of the Minister, and ownership of the assets shall be entrusted to it. With the Minister’s approval, the SPC may appoint a custodian and an investment manager to safeguard and manage the sukuk assets on behalf of the sukuk holders.

Furthermore, with the Minister’s approval, the SPC may delegate one or more entities to act on its behalf in issuing, offering, and managing government sukuk denominated in Kuwaiti Dinars or foreign currencies, whether within or outside the State.

The executive regulations of this Law-Decree shall specify the conditions and controls that must be met by entities authorized to perform the roles of custodian and investment manager, as well as define their responsibilities.

Chapter Three

The Special Purpose Company

Article (4)

The Special Purpose Company shall be established by a decision issued by the Minister of Commerce and Industry, upon the request of the Minister.

A special register shall be established within the Ministry of Commerce and Industry to record the Special Purpose Companies established in accordance with the provisions of this Law-Decree. The executive regulations of this Law-Decree shall specify the data contained in this register and the system and procedures for registration therein.

The company shall acquire legal personality from the date of its registration in the special register and the publication of its establishment decision in the Official Gazette.

Article (5)

The purposes of the Special Purpose Company shall include, as applicable, all or some of the following:

1. Ownership of sukuk assets.

2. Safeguarding sukuk assets.

3. Protecting the rights of sukuk holders.

4. Managing and overseeing sukuk assets.

5. Collecting income (returns from sukuk assets) from profits, rents, and other sources.

6. Distributing the net profits and returns of sukuk to their holders.

7. Returning sukuk assets upon maturity or redemption to the entity specified in the subscription prospectus, in accordance with issuance policies and conditions.

8. Paying the nominal value of sukuk to their holders upon maturity or redemption.

The company is prohibited from engaging in any other activities except with the approval of the competent Minister.

Article (6)

The Special Purpose Company shall take the form of a single-shareholder company and shall be subject to the provisions of this Law-Decree, without being bound by the provisions of the Companies Law or any other laws.

The company’s capital shall be paid by the State, represented by the Public Reserve Fund. The company’s capital need not be proportional to the total amount of sukuk issued by it, nor need it be proportional to the value of the sukuk assets or the value of assets registered in its name.

Article (7)

The Special Purpose Company shall have articles of association containing the data necessary for conducting its activities, specifically:

1. The company’s name.

2. The company’s address and principal place of business.

3. The purposes for which the company was established.

4. The value of its capital and the number of cash or in-kind shares contributed by its owner.

5. The duration of the company.

6. Provisions regarding the liquidation of the company.

The executive regulations of this Law-Decree shall specify other data to be included in the company’s articles of association.

Article (8)

A special purpose company may open at the Central Bank of Kuwait and at local or foreign banks the accounts required for the implementation of its purposes.

Article (9)

The special purpose company shall be exempt from all taxes and fees of any kind, and from fees related to the transfer of the assets of the special purpose company’s sukuk, provided that such transfer is for purposes that are complementary, necessary, or related to its purposes, in accordance with the provisions of this Decree-Law.

It shall also be exempt from paying court fees, deposits, and guarantees in advance; however, if it is ordered to bear the costs, it shall be liable for the court fees due in respect of the lawsuit.

Article (10)

The Minister may entrust the management of the special purpose company to one of the specialized professional entities. The Executive Regulations of this Decree-Law shall specify the conditions and controls qualifying such entities and the scope of their work.

Article (11)

The Ministry of Commerce and Industry and the Capital Markets Authority shall each, within their respective jurisdictions, be responsible for the supervision, inspection, and oversight of the special purpose company. The Executive Regulations of this Decree-Law shall specify the conditions and controls governing the scope of work of these entities.

Chapter Four

Types of Sukuk, Their Conditions, and Subscription Rules

Article (12)

Natural and legal persons may subscribe to and own sukuk. Sukuk may also be issued whose subscription or ownership is restricted to Kuwaitis only.

The subscription prospectus for each issuance shall specify the eligible subscribers for that issuance.

Article (13)

The funds of the issuer shall not be subject to attachment to satisfy debts owed by any sukuk holder. However, the sukuk owned by the debtor and their profits may be attached. The sukuk shall be sold in accordance with the conditions and controls of the Capital Markets Authority, and the custodian shall be obliged to make the necessary amendments to the sukuk holders’ register in accordance with the outcomes of the sale procedures.

Article (14)

Sukuk of all types shall be issued, including sukuk representing ownership of leased assets, sukuk representing ownership of benefits and operational rights of assets, salam sukuk, istisna’ sukuk, musharaka sukuk, mudaraba sukuk, and others, in accordance with the provisions of Islamic Sharia.

It is also permissible to issue sukuk of more than one type in the same issuance, subject to the approval of the Sharia Board.

The subscription prospectus shall specify the detailed conditions of the contract upon which the sukuk is issued.

Article (15)

Prior written approval from the Central Bank of Kuwait must be obtained to issue sukuk within the State if they are denominated in Kuwaiti Dinars.

In the event of issuing them within the State in foreign currencies, coordination with the Central Bank of Kuwait and other relevant authorities is required.

Article (16)

The invitation to subscribe to sukuk for issuances within the State shall be made through a statement approved by both the Sharia Advisory and Supervision Board and the competent Minister. This statement shall be published in the Official Gazette and may also be published through any approved electronic or technical means.

The statement must include, at a minimum, the following:

1– The decision to issue the sukuk and its duration.

2– A description of the sukuk assets, identification of the contract upon which the sukuk is issued, and clarification on the permissibility of replacing the assets or part thereof in accordance with Article (2) of this Decree-Law.

3– The total amount designated for the sukuk, their number, the nominal value of each sukuk, and the payment method.

4– The opening and closing dates for subscription.

5– The names of the underwriters who will manage the sukuk subscription process, and the names of the selling agents who will receive subscription requests and subscription amounts.

6– The name of the investment manager and the custodian, if any.

7– The specified or expected return, or the basis on which the return is calculated according to the Sharia structure of the sukuk.

8– A statement regarding the redemption and call rights of the sukuk.

9– Conditions for trading the sukuk.

10– A list of the members of the Sharia Advisory and Supervision Board for the issuance.

11– The method of sukuk allocation.

12– The eligibility of the sukuk for listing, subject to the Minister’s approval.

Article 17

Sukuk shall have a single nominal value per issuance, payable in full upon subscription. The subscription prospectus for each issuance shall specify the nominal value and the term, and the Executive Regulations of this Law-Decree shall set out the rules and controls governing this matter.

In all cases, a subscriber shall not receive Sukuk except in proportion to the amount paid.

Article 18

The value of the Sukuk shall be raised through a public or private subscription.

Article 19

The size of the issuance may be increased during the offering period, subject to the Minister’s approval, in accordance with the controls and procedures stipulated in the subscription prospectus, provided that the size of the issuance does not exceed the value of the Sukuk’s assets.

Article 20

One or more underwriters may be appointed for the Sukuk, undertaking to cover the issuance of the Sukuk. The underwriter may, on one occasion, re-offer any unsubscribed portion to qualified subscribers, and shall be obligated to cover the remaining unsubscribed portion. The Executive Regulations of this Law-Decree shall specify the entities authorized to act as underwriters.

Article 21

Sukuk may be rated by credit rating agencies. The Executive Regulations of this Law-Decree shall include the qualifying conditions for credit rating agencies, and the rating grade and the issuing agency may be included in the subscription prospectus.

Chapter Five

Register and Certificates of Sukuk

Article 22

The custodian shall prepare a special register recording the names, nationalities, and addresses of the Sukuk holders, the number of Sukuk they hold, and all changes affecting the data of the Sukuk holders or the value of the Sukuk they hold.

Article 23

Sukuk shall be issued in the form of registered certificates for their holders, on the form prepared by the Special Purpose Company or its delegate. They shall be recorded at their nominal value in electronic registers in accordance with the conditions, specifications, rules, and procedures determined by the Executive Regulations of this Law-Decree.

Article 24

After the closing of the subscription for the Sukuk, their allocation, and the commencement of the Special Purpose Company’s activities, and with the Minister’s approval, government Sukuk may be listed on local capital markets and traded in accordance with the rules applicable in the Capital Markets Authority, or listed on foreign capital markets, subject to the rules of those markets, and in accordance with the conditions set out in the Sukuk subscription prospectus and as determined by the Sharia Supervisory Board.

Chapter Six

Management of Sukuk

Article 25

The Investment Manager shall be responsible for managing the Sukuk’s assets, whether managing them directly or through a specialized professional entity, within the limits permitted by this Law-Decree.

Article 26

The Investment Manager shall be liable to the Sukuk holders for any actual damages suffered as a result of violating the provisions of this Law-Decree or the decisions of the Sharia Supervisory Board, abusing the powers delegated to him, negligence, or violating the issuance conditions of the Sukuk.

Article 27

The Investment Manager must disclose to investors any data or information that may materially affect the value of the Sukuk, the measures taken to address such issues, and the risk assessment related to these Sukuk. Disclosure shall be made in accordance with the rules specified in the subscription prospectus.

Article 28

The subscription terms may include the right of Sukuk holders to form a body to protect their common interests, and this body shall have a legal representative.

The representative of the Sukuk Holders’ Body shall take the necessary measures to safeguard the rights of the Sukuk holders. The Executive Regulations of this Law-Decree shall set out the rules and controls governing this matter.

Article 29

The accounts of the special purpose company and the assets of the sukuk shall be audited by one or more auditors appointed by the Minister upon the recommendation of the special purpose company.

The Minister may dismiss the auditor if there is a justified reason for doing so.

Article (30)

The financial year for each sukuk shall be calculated from the date of its issuance.

Article (31)

The Minister shall appoint a single Shariah advisory and supervision board for all special purpose companies, comprising no fewer than three members who are Shariah jurists specialized in Islamic financial transactions jurisprudence, at least one of whom must be a member of the Supreme Shariah Supervisory Board of the Central Bank of Kuwait.

The Board shall rule on all Shariah-related aspects concerning the sukuk. The executive regulations of this Law Decree shall specify the controls and provisions governing this matter.

Chapter Seven

Final Provisions

Article (32)

The provisions of Law No. (7) of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities, as well as its executive regulations, shall not apply to the issuance, offering, and management of sukuk issued in accordance with the provisions of this Law Decree.

Article (33)

The General Reserve Fund shall bear the costs of implementing this Law Decree.

Article (34)

Based on the Minister’s proposal, the Council of Ministers shall issue the executive regulations for this Law Decree and the necessary decisions to implement its provisions within three months from the date of its publication in the Official Gazette.

Article (35)

The Ministers, each within their respective areas of responsibility, shall implement this Law Decree, which shall take effect from the date of its publication in the Official Gazette.

Explanatory Memorandum for Law Decree No. 90 of 2026 Concerning Government Sukuk

Law Decree No. 3 of 2009, which extended the term of the loan stipulated in Law Decree No. 50 of 1987 authorizing the Government to contract a public loan, added Islamic sukuk to the local borrowing instruments. However, completing the regulatory and legislative framework for Islamic securities in the State of Kuwait necessitates the provision of comprehensive and integrated legislation for government Islamic sukuk. This legislation should include legal and regulatory provisions regarding these sukuk, thereby forming a complete system that takes into account the specific characteristics of this type of sukuk compared to private sukuk.

Undoubtedly, the availability of such sukuk represents a diversification of fiscal policy instruments to finance the purposes outlined in Law Decree No. (60) of 2025 Concerning Financing and Liquidity.

The following considerations were taken into account in drafting this Law Decree:

1. The law should be comprehensive as a special law for government sukuk, encompassing all provisions related to these sukuk.

2. The issuer of government sukuk must comply with the provisions and texts of Law Decree No. (60) of 2025 Concerning Financing and Liquidity regarding the prescribed limits for the value of issued sukuk, their directions, and the uses of their proceeds.

3. The law should be comprehensive and flexible, covering the requirements for all cases of issuing government sukuk through all types of contracts that comply with Shariah principles. For example, sukuk may be issued based on existing government assets (government asset leasing sukuk), sukuk for leasing the benefits and operational rights of government assets, or government assets to be provided (salam and istisna’ sukuk). Additionally, mudaraba or musharaka sukuk may be issued for new government projects within development plans, along with other issuance structures for these sukuk.

4. The law should allow authorized entities responsible for the issuance, offering, and management of these sukuk, as well as certain administrative and accounting tasks required for sukuk issuances, to perform their duties, thereby facilitating the implementation process.

5– Establish a single Fatwa and Sharia Supervisory Board for all special purpose vehicles (SPVs) associated with government sukuk issuance, tasked with verifying that sukuk terms comply with Islamic Sharia principles.

6– The draft law stipulates that prior written approval from the Central Bank of Kuwait is required to issue sukuk within the country if they are denominated in Kuwaiti Dinars. In the event of issuance within the country in foreign currencies, coordination with the Central Bank of Kuwait and relevant authorities is required.

7– Given that the issuance of public debt instruments (such as government bonds and sukuk) differs in purpose and objectives from the issuance of private debt and financing instruments, the draft law stipulates that the provisions of Law No. (7) of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities, as well as its executive regulations and amendments, shall not apply to the issuance, offering, and management of government sukuk issued under this Decree-Law. The Decree-Law further stipulates that, with the approval of the Minister of Finance, such sukuk may be listed on local and foreign capital markets. They shall be traded in local capital markets in accordance with the rules of the Capital Markets Authority and the conditions set forth in the sukuk offering circular and as determined by the Fatwa and Sharia Supervisory Board.

In light of the foregoing, the Decree-Law has been divided into several chapters as follows:

Chapter One: Includes definitions of terms used in the law.

Chapter Two: Covers provisions regarding the issuance of sukuk, sukuk assets, and rules pertaining to the issuer. Within the framework of facilitating transactions related to ownership, it permits the Special Purpose Vehicle (SPV), as the entity responsible for ownership, and with the Minister’s approval, to appoint a custodian and an investment manager to hold and manage sukuk assets on behalf of sukuk holders.

It also permits the SPV to delegate one or more entities, on its behalf, to undertake the issuance, offering, and management of government sukuk denominated in Kuwaiti Dinars or foreign currencies, whether within or outside the country, subject to the Minister’s approval.

Chapter Three: Addresses provisions regarding the Special Purpose Vehicle (SPV). The SPV is a single-shareholder company established and owned by a single legal entity, fully owned by the State, and created for the purposes of acquiring, managing, and transferring sukuk assets. The provisions applicable to the SPV under this law include its establishment, objectives, registration, legal form, and exemption from all fees and taxes. It also covers rules for the management and supervision of the company, with reference to the executive regulations for determining the data of these companies’ registry at the Ministry of Commerce and Industry and the registration system.

Chapter Four: Details eligible subscribers, types of sukuk that may be issued, their conditions, provisions of the offering circular, the nominal value of sukuk, payment and coverage, the underwriter, and sukuk classification.

If the Decree-Law permits one or more underwriters for the sukuk, they shall be obligated to cover the subscription. They may re-offer the sukuk once if it was not fully subscribed by eligible subscribers, and they shall be obligated to cover the remaining unsubscribed portion.

In determining eligible subscribers, it was ensured that the scope is comprehensive, allowing both natural and legal persons to subscribe to sukuk, and permitting the issuance of sukuk restricted exclusively to Kuwaiti nationals, with each issuance’s prospectus specifying the eligible subscribers for that particular issuance. It also outlines the rules regarding the attachment of government sukuk and their profits, stipulating that compulsory execution shall follow the rules applicable to securities as set forth in Law No. (7) of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities, and its executive regulations and amendments, provided that such execution does not conflict with the provisions of this law. The decree-law also authorizes the listing of government sukuk upon obtaining the Minister’s approval.

Chapter Five: This chapter covers provisions related to the sukuk register and sukuk certificates. It allows for the delegation of one or more entities to handle issuance, registration, and preparation of the sukuk register for all issuances, which are recorded at their nominal value in electronic registers to facilitate execution procedures. It also addresses provisions on the trading of sukuk. The decree-law again authorizes the listing of government sukuk upon obtaining the Minister’s approval.

Chapter Six: This chapter deals with provisions concerning sukuk management through the Investment Manager, defining his responsibilities and disclosure requirements for investors. It also covers the Sukuk Holders’ Body, the auditor, and the financial year of the sukuk. Additionally, it addresses the Shariah Supervisory Board, which is responsible for ruling on all Shariah-related aspects of sukuk in accordance with rules determined by the Board in coordination with the Minister, along with its composition, with further details on the Board’s regulations and provisions outlined in the executive regulations.

Chapter Seven: This chapter contains final provisions, including a clause stating that the provisions of Law No. (7) of 2010 concerning the establishment of the Capital Markets Authority and the regulation of securities activities, and its executive regulations, shall not apply to the issuance, offering, and management of government sukuk issued under this decree-law. It also stipulates that the General Reserve Fund shall bear the costs of implementing the decree-law, and that the Council of Ministers shall issue the executive regulations based on a proposal from the Minister of Finance within three months from the date the law comes into effect.

Whereas this decree-law contributes to the development of local markets and supports the growth of the national economy by providing new investment tools that expand investment opportunities for citizens, residents, and foreigners, as well as offering a tool for refinancing existing debt in line with the government’s financing plan and in accordance with the provisions of the aforementioned Decree-Law No. (60) of 2025.

And whereas the Emiri Amr was issued on 2 Dhu al-Qi'dah 1445 AH, corresponding to 10/5/2024, and Article 4 thereof stipulates that laws shall be issued by decree-laws, the present draft decree-law and its explanatory memorandum have therefore been prepared.