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Prospects of Islamic capital market in Uzbekistan: issues and challenges

Author

Listed:
  • Alam Asadov
  • Ikhtiyorjon Turaboev
  • Ramazan Yildirim

Abstract

Purpose - Despite its potential as an emerging market for Islamic financial services, Uzbekistan has lagged in legislative support. This study aims to evaluate the feasibility of introducing an Islamic capital market (ICM) in Uzbekistan, preceding a broader industry establishment. Design/methodology/approach - The authors begin by assessing Islamic finance literacy and the potential demand for ICMs in Uzbekistan. The authors then scrutinize Uzbekistan’s capital market legislation and its readiness. This analysis uses primary data, including surveys and interviews, and secondary data from literature and financial legislation. Findings - This study highlights a significant demand for ICMs, despite low Islamic finance awareness in Uzbekistan. Presently, Uzbekistan’s capital market development is lacking, with regulations not yet suitable for ICMs. As a result, legal and operational enhancements are needed. Practical implications - The authors provide essential policy recommendations for authorities and practitioners to facilitate the effective launch of ICMs and enhance Uzbekistan’s capital market stature. Originality/value - To the best of the authors’ knowledge, this is the first study offering an in-depth analysis of the potential and feasibility of ICMs in Uzbekistan.

Suggested Citation

  • Alam Asadov & Ikhtiyorjon Turaboev & Ramazan Yildirim, 2023. "Prospects of Islamic capital market in Uzbekistan: issues and challenges," International Journal of Islamic and Middle Eastern Finance and Management, Emerald Group Publishing Limited, vol. 17(1), pages 102-123, December.
    • Handle: RePEc:eme:imefmp:imefm-04-2022-0145
    DOI: 10.1108/IMEFM-04-2022-0145
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    More about this item

    Keywords

    Islamic capital markets; Sukuk; Islamic indices; Uzbekistan; Capital market legislation; E44; G23; K22; O16; Z12;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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