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Empirical Analysis of Demand for Sukuk in Uzbekistan

Author

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  • Alam Asadov

    (Department of Finance, Prince Sultan University, Riyadh 12435, Saudi Arabia)

Abstract

Islamic finance (IF) holds significant potential for economic development and the enhancement of financial inclusion in Uzbekistan. Sukuk, as a key Islamic capital market instrument and Shari’ah-compliant investment alternative, plays an important role in this context. However, the demand for sukuk and its determinants are not well understood by policymakers and industry practitioners in Uzbekistan. This study aims to address this research gap by utilizing an ordinal logit model on primary data collected through a survey of 196 individuals from diverse demographic and professional backgrounds, with varying levels of IF and capital market knowledge and experience. The regression results indicate that factors such as prior investment experience, knowledge of sukuk, and a strong inclination toward Shari’ah-compliant investments positively influence an individual’s intent to buy sukuk. Conversely, we found that residents of Tashkent (the capital city) are less likely to invest in sukuk compared to residents of other regions in Uzbekistan or those residing abroad. Based on this study’s findings, several essential policy and practical recommendations are provided to relevant stakeholders.

Suggested Citation

  • Alam Asadov, 2024. "Empirical Analysis of Demand for Sukuk in Uzbekistan," Economies, MDPI, vol. 12(8), pages 1-26, August.
    • Handle: RePEc:gam:jecomi:v:12:y:2024:i:8:p:220-:d:1461949
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    References listed on IDEAS

    as
    1. Rhada Boujlil & M. Kabir Hassan & Rihab Grassa, 2020. "Sovereign Debt Issuance Choice: Sukuk Vs Conventional Bonds," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 6(2), pages 275-294, May.
    2. Mallick, Debdulal, 2008. "Marginal and interaction effects in ordered response models," Working Papers eco_2008_13, Deakin University, Department of Economics.
    3. repec:eme:hppsss:v:24:y:2008:i:3:p:217-238 is not listed on IDEAS
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