A multi-institution seminar focused on the issuance, trading and redemption framework needed for sukuk, while presented data put global issuance at $264.8 billion in 2025.
The Budget and Economic Affairs Committee of Uzbekistan’s Legislative Chamber hosted a seminar on 13 August examining the nature of sukuk, international issuance and trading practice, and the requirements for introducing the instrument domestically. Participants included the National Agency of Perspective Projects, RSE Toshkent, the Central Securities Depository, the Islamic Development Bank, UNDP and industry experts.
Data presented during the seminar put global sukuk issuance at $264.8 billion in 2025. Malaysia accounted for 31% of the market and Saudi Arabia for 28%. Global Islamic-finance assets reached $6.6 trillion, with sukuk representing 25%, while Islamic-capital-market assets exceeded $1.65 trillion.
Estimates presented for Uzbekistan projected Islamic-banking assets of $1.129 billion by 2028 and $2.372 billion by 2033. The same presentation indicated that sukuk outstanding could increase from $601 million to $1.878 billion over that period. These figures are scenario estimates discussed at the seminar, not completed issuance volumes or announced transactions.
The clearest institutional takeaway was the need for an integrated legal mechanism covering sukuk issuance, circulation and redemption. Such a framework is central to defining issuer obligations, investor rights and the market process for the instrument. The official release did not announce that the framework had been adopted or that Uzbekistan’s first sukuk issuance had been launched.
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