THE INSTITUTIONAL ROLE OF SUKUK INSTRUMENTS IN THE DEVELOPMENT OF UZBEKISTAN’S CAPITAL MARKET
DOI:
https://doi.org/10.47390/SPR1342V6I3Y2026N42Keywords:
sukuk, capital market, institutional development, SPV, beneficial ownership, sovereign sukuk, corporate sukuk, sustainable finance, financial diversification, legal modernization.Abstract
This article examines the contemporary concept of capital market development in the Republic of Uzbekistan within the framework of the Presidential Address to the Oliy Majlis dated December 26, 2025. The study analyzes the institutional role of sukuk instruments in deepening the capital market through a legal and comparative approach. It explores the economic and legal nature of sukuk, their distinction from conventional bonds, asset-backed structure, and risk-sharing mechanism. Particular attention is given to the limitations of the current civil and securities legislation of Uzbekistan, including the principle of unified ownership, the absence of a beneficial ownership doctrine, and the legal status of Special Purpose Vehicles (SPVs). Based on the experience of Malaysia and the United Kingdom, an institutional model for sukuk implementation is proposed. The findings suggest that sukuk may serve as a strategic instrument for capital market diversification, expansion of the investor base, and development of long-term sustainable financing mechanisms.
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