Prospects of Islamic capital market in Uzbekistan: issues and challenges

IF 2.8 3区经济学 Q2 BUSINESS, FINANCE International Journal of Islamic and Middle Eastern Finance and Management Pub Date : 2023-12-11 DOI:10.1108/imefm-04-2022-0145

Alam Asadov, Ikhtiyorjon Turaboev, Ramazan Yildirim

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Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

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乌兹别克斯坦伊斯兰资本市场的前景：问题与挑战

目的尽管乌兹别克斯坦具有作为伊斯兰金融服务新兴市场的潜力，但在立法支持方面却相对滞后。本研究旨在评估乌兹别克斯坦在建立更广泛的行业之前引入伊斯兰资本市场（ICM）的可行性。作者首先评估了伊斯兰金融知识以及乌兹别克斯坦对伊斯兰资本市场的潜在需求。然后，作者仔细研究了乌兹别克斯坦的资本市场立法及其准备情况。该分析使用了包括调查和访谈在内的一手数据，以及来自文献和金融立法的二手数据。目前，乌兹别克斯坦的资本市场发展不足，相关法规尚不适合伊斯兰资本市场。实践意义作者为当局和从业人员提供了重要的政策建议，以促进 ICMs 的有效推出并提高乌兹别克斯坦资本市场的地位。原创性/价值据作者所知，这是第一份对乌兹别克斯坦 ICMs 的潜力和可行性进行深入分析的研究报告。

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来源期刊

International Journal of Islamic and Middle Eastern Finance and Management Multiple-

CiteScore

5.40

自引率

10.00%

发文量

期刊介绍： The International Journal of Islamic and Middle Eastern Finance and Management (IMEFM) publishes quality and in-depth analysis on current issues within Islamic and Middle Eastern finance and management. The journal welcomes strong evidence-based empirical studies and results-focused case studies that share research in product development and clarify best practices. The title is also keen to consider work from emerging authors. IMEFM has just also accepted into Clarivate''s SSCI in 2018, and its IF will be available in summer 2019, with citations dating from 2016. The coverage includes but is not limited to: -Islamic finance: Fundamentals, trends and opportunities in Islamic Finance, Islamic banking and financial markets, Risk management, Corporate finance, Investment strategy, Islamic social finance, Financial planning, Housing finance, Legal and regulatory issues, -Islamic management: Corporate governance, Customer relationship management and service quality, Business ethics and corporate social responsibility, Management styles and strategies in Shariah environments, Labour and welfare economics, Political economy. The journal is the only title aiming to give an interdisciplinary and holistic view on Islamic finance and business management practices in order to inform these two intertwined communities.