IDEAS home Printed from https://ideas.repec.org/a/gam/jecomi/v12y2024i8p220-d1461949.html
   My bibliography  Save this article

Empirical Analysis of Demand for Sukuk in Uzbekistan

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7099/12/8/220/pdf
    Download Restriction: no

    File URL: https://www.mdpi.com/2227-7099/12/8/220/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:eme:hppsss:v:24:y:2008:i:3:p:217-238 is not listed on IDEAS
    2. 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.
    3. Mallick, Debdulal, 2008. "Marginal and interaction effects in ordered response models," Working Papers eco_2008_13, Deakin University, Department of Economics.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Barrett, Alan & Mosca, Irene, 2012. "Announcing an Increase in the State Pension Age and the Recession: Which Mattered More for Expected Retirement Ages?," IZA Discussion Papers 6325, Institute of Labor Economics (IZA).
    2. Lars Thiel, 2014. "Illness and Health Satisfaction: The Role of Relative Comparisons," SOEPpapers on Multidisciplinary Panel Data Research 695, DIW Berlin, The German Socio-Economic Panel (SOEP).
    3. Lan, Jing & Munro, Alistair, 2013. "Environmental compliance and human capital: Evidence from Chinese industrial firms," Resource and Energy Economics, Elsevier, vol. 35(4), pages 534-557.
    4. Jikhan Jeong, 2020. "Identifying Consumer Preferences from User- and Crowd-Generated Digital Footprints on Amazon.com by Leveraging Machine Learning and Natural Language Processing," 2020 Papers pje208, Job Market Papers.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jecomi:v:12:y:2024:i:8:p:220-:d:1461949. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.