TASHKENT, Uzbekistan, February 5. Uzbekistan’s Agency for Perspective Projects discussed the potential issuance of Islamic securities (sukuk) with Pakistan’s Meezan Bank and Kuwait-based Noor Financial Investment Company, Trend reports via the agency.
The meeting focused on the introduction of sukuk instruments within the framework of the draft law “On the Capital Market.”
The parties agreed to maintain cooperation and deepen partnership engagement, including through the exchange of expertise in developing and issuing Sharia-compliant securities.
Meezan Bank, headquartered in Karachi, is Pakistan’s largest Islamic bank, operating in accordance with Islamic finance principles and providing a broad range of retail and corporate banking products.
Noor Financial Investment Company is a leading Kuwaiti investment firm specializing in financial services, investments, and asset management across the Middle East, Asia, and other international markets. The company is also a key strategic investor and shareholder in Meezan Bank.
Sukuk are Sharia-compliant investment certificates that embody asset-based ownership in tangible assets, services, or projects, distinguishing themselves from traditional debt obligations. Commonly referred to as "Islamic bonds," these financial instruments stand apart from traditional bonds by forbidding interest (riba) and instead creating profit through returns from underlying assets, like leasing or profit-sharing.
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