The legal basis of Islamic Sukuk securities in Central Asia
Base legal de los valores sukuks islámicos en Asia Central
Asylbek M. Zura C. Asel K. Aidar Z.
27 December 2025Ediciones Clio
Clio. Revista de Historia, Ciencias Humanas y Pensamiento Critico.
2025#2026Issue 111845 - 1882 pp.
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.
capital market , financial integration , financial regulation , investment instruments , legal protection , Sharia supervision , sustainable development
Text of the article Перейти на текст статьи
Islamic Financial Center, OJSC Bakai Bank, Bishkek, Kyrgyzstan
Faculty of Law, Kyrgyz-Russian Slavic University, Bishkek, Kyrgyzstan
Faculty of Law, Kyrgyz National University named after Jusup Balasagyn, Bishkek, Kyrgyzstan
Astana International Financial Centre Authority, Astana, Kazakhstan
Islamic Financial Center
Faculty of Law
Faculty of Law
Astana International Financial Centre Authority
10 лет помогаем публиковать статьи Международный издатель
Книга Публикация научной статьи Волощук 2026 Book Publication of a scientific article 2026