BAKU, Azerbaijan, September 24. Uzbekistan is preparing to introduce sukuk, Islamic financial instruments, on its capital market, with the Republican Stock Exchange “Toshkent” discussing the legal and practical framework for their issuance with Al Muamalat Consulting today.
This was reflected in the statement by the Republican Stock Exchange “Toshkent”.
The discussions focused on different types of sukuk, mechanisms for their issuance and placement, and the roles and responsibilities of key participants, including Shariah advisers, underwriters and brokers.
The sides also reviewed the establishment and operation of a special purpose vehicle (SPV) for sukuk issuance, as well as tax issues related to the structure.
“The practical introduction of sukuk requires not only an appropriate legal framework but also specialists with the necessary knowledge and expertise to structure, issue and place these instruments,” the Republican Stock Exchange “Toshkent” said.
The exchange is currently preparing for the practical implementation of sukuk instruments envisaged under the draft Law on the Capital Market.
As part of the preparations, the exchange plans to train specialists in specific types of sukuk and strengthen their theoretical and practical knowledge. The initiative is also aimed at developing a pool of qualified experts specializing in Islamic capital-market instruments.
Sukuk are investment certificates structured in accordance with Islamic finance principles and can be used to raise funds for projects and assets without relying on conventional interest-based financing. Their introduction could expand the range of financial instruments available to investors and issuers in Uzbekistan’s capital market.
The parties agreed to continue discussions at future meetings and further develop cooperation on introducing sukuk instruments in Uzbekistan.
Al Muamalat Consulting operates in Uzbekistan and provides consulting services on Islamic finance products, innovative financial solutions and training programs for financial institutions in Islamic banking and finance.
