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Published October 26, 2025 | Version v1
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The legal basis of Islamic Sukuk securities in Central Asia

Creators

  • 1. Islamic Financial Center, OJSC Bakai Bank, Bishkek, Kyrgyz Republic
  • 2. Kyrgyz-Russian Slavic University, Bishkek, Kyrgyz Republic
  • 3. Kyrgyz National University named after Jusup Balasagyn, Bishkek, Kyrgyz Republic
  • 4. Astana International Financial Centre Authority, Astana, Republic of Kazakhstan

Description

In this study, the legal mechanisms of Sukuk functioning in Central Asian countries are comprehensively examined. The analysis of regulatory structures revealed a substantial differentiation of regulatory approaches in the region. The study methodology includes a systematic analysis of the legislative framework and practical aspects of the application of Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and Islamic Financial Services Board (IFSB) standards in Central Asian jurisdictions. The results show that Kazakhstan has formed the most mature regulatory system, having implemented about 85% of the requirements of international standards, while Uzbekistan has implemented about 60%, and Kyrgyzstan – about 45%. The analysis confirms a positive correlation between the development of the Sukuk market and economic growth, which is especially important for Central Asian countries seeking to diversify their economies and attract investment in the real sector.

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