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Prospects of Islamic capital market in Uzbekistan: issues and challenges

Alam Asadov (Department of Finance, Prince Sultan University, Riyadh, Saudi Arabia)
Ikhtiyorjon Turaboev (Department of Administrative and Financial Law, Tashkent State University of Law, Tashkent, Uzbekistan)
Ramazan Yildirim (UPSITE Consulting S.P.C., Muharraq, Bahrain)

International Journal of Islamic and Middle Eastern Finance and Management

ISSN: 1753-8394

Article publication date: 11 December 2023

Issue publication date: 16 January 2024




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.


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.


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.


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.



The authors would like to thank Prince Sultan University and the Finance and Economics Research Lab for their financial support.


Asadov, A., Turaboev, I. and Yildirim, R. (2024), "Prospects of Islamic capital market in Uzbekistan: issues and challenges", International Journal of Islamic and Middle Eastern Finance and Management, Vol. 17 No. 1, pp. 102-123.



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