DEVELOPMENT OF SUKUK IN UZBEKISTAN: LEGAL REFORMS, INFRASTRUCTURE, CHALLENGES AND OPPORTUNITIES
DOI:
https://doi.org/10.47390/SPR1342V5SI9Y2025N74Keywords:
Sukuk, Islamic finance, Uzbekistan, legal reforms, Sharia Council, tax neutrality, SPV, capital market, infrastructure, investor base.Abstract
This article analyzes the process of forming the Sukuk (Sharia-compliant investment securities) market in Uzbekistan from a legal, institutional and infrastructural perspective. First, the theoretical foundations of Sukuk and international experience - on the example of Malaysia, Great Britain and Kazakhstan - are considered. It also highlights the legal reforms necessary to establish Sukuk issuance in Uzbekistan, the creation of a Sharia Council system, the introduction of the principles of tax neutrality and the development of financial infrastructure. The article analyzes the main problems, such as the existing legal gaps, the lack of Sharia control mechanisms, low human resources and a narrow investor base, and puts forward proposals to eliminate them. According to the results of the study, it is concluded that a stable and internationally compliant Sukuk market can develop in Uzbekistan only when a coherent legal framework, Sharia governance and infrastructure elements are formed.
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