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.
