Multidisciplinary Journal of Science and Technology

Regulatory Mechanisms for the Islamic Capital Market in Uzbekistan Based on the Malaysian Model

Abdumutaliyeva Feruza Egamberdi qizi

Master’s student in the faculty of “International Commercial Law” Tashkent State University of Law

Keywords: Islamic capital market, Uzbekistan, Malaysia, sukuk, regulation, Shariah governance, legal reform, AAOIFI, IFSB

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Abstract

This article explores the necessity of developing a legal and regulatory framework for the Islamic capital market (ICM) in Uzbekistan by analyzing and drawing lessons from the successful model of Malaysia. As Uzbekistan currently lacks a functioning Islamic capital market and dedicated regulation in this area, the study examines Malaysia’s experience in establishing a well-structured, Shariah-compliant capital market backed by a strong legal system and institutional support. Through comparative legal analysis and normative reasoning, the article identifies key regulatory mechanisms—such as the role of the Securities Commission, the integration of Shariah governance, and the legal treatment of sukuk—that can be adapted to the Uzbek context. Based on this analysis, the paper provides policy-oriented legal recommendations aimed at guiding Uzbekistan in the gradual and effective implementation of an Islamic capital market in line with international standards.

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