What is it about?

We studied the possibility of creating Islamic capital markets (ICM) in Uzbekistan. Even though many people in the country are not familiar with Islamic finance, our findings indicate the existence of a strong demand for ICM products. However, the country's capital markets and financial regulations are not yet suitable for such markets, requiring legal and operational improvements to accommodate this demand. Thus, we provide recommendations to help make Islamic capital markets a reality in Uzbekistan.

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Why is it important?

For future research in the area and policymakers who will make important decisions related to Islamic finance in Uzbekistan.


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.

Alam Asadov
Prince Sultan University

Read the Original

This page is a summary of: Prospects of Islamic capital market in Uzbekistan: issues and challenges, International Journal of Islamic and Middle Eastern Finance and Management, December 2023, Emerald,
DOI: 10.1108/imefm-04-2022-0145.
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