A meeting with representatives of Al Muamalat Consulting was held at the Republican Stock Exchange “Toshkent”. During the meeting, the parties discussed the legal and practical aspects of introducing sukuk instruments in Uzbekistan’s capital market.

In particular, the parties exchanged views on the types of sukuk, mechanisms for their issuance and placement, as well as the roles and responsibilities of the Shariah Advisor, underwriters, and brokers involved in the process.

The meeting also covered the establishment of a Special Purpose Vehicle (SPV) for sukuk issuance, its operational framework, as well as tax-related matters associated with such a structure.

At present, the Republican Stock Exchange “Toshkent” is placing particular emphasis on preparatory work for the practical introduction of sukuk instruments envisaged under the draft Law “On Capital Market”.

In this area, the Exchange plans to train specialists with expertise in specific types of sukuk, strengthen their theoretical and practical knowledge, and develop a pool of qualified experts specializing in particular sukuk structures.

The parties agreed to continue discussing these matters at future meetings and to further develop cooperation on the introduction of sukuk instruments.

For reference: Al Muamalat Consulting is a consulting company operating in Uzbekistan that provides services in the development of Islamic finance products, the implementation of innovative financial solutions, and the organization of training programs for financial institutions in the field of Islamic banking and finance.