Practical measures to implement Sukuk securities

Tashkent, Uzbekistan (UzDaily.com) -- The Agency for the Development of the Capital Market (hereinafter referred to as the Agency) has published a draft resolution of the President of the Republic of Uzbekistan "On measures to introduce securities based on the principles of Islamic finance."

The draft document provides for the introduction of the concept of sukuk securities, a pilot project for the issuance of sukuk securities in 2021, within which the norms of English law and a special tax regime will be applied.

The adoption of this resolution will serve to create alternative financing opportunities, meet the growing needs of the population and entrepreneurs, expand the range of offered financial services, mobilize resources from the domestic and foreign capital markets based on the principles of Islamic finance.