According to the chamber's press service, the draft law was reviewed during a parliamentary session on July 28. Lawmakers said the legislation is designed to modernize the country's capital market, align it with international practices and broaden access to advanced financial instruments for investors and the public.
If adopted, the law will allow the circulation of new investment instruments, including sukuk, sustainable development bonds, covered bonds and securitized bonds.
The draft legislation also seeks to strengthen the protection of investors' and citizens' rights, improve the regulation of capital market infrastructure and increase the market's attractiveness to domestic and foreign investors. It introduces measures to improve corporate governance, enhance disclosure requirements for companies and encourage greater investment activity.
During the debate, deputies emphasized the need to bring the powers of the capital market regulator into line with the principles of the International Organization of Securities Commissions (IOSCO). They also highlighted the importance of improving the operation of the Central Depository and credit rating agencies.
According to lawmakers, the adoption of the bill would expand access to financial resources, create more modern and attractive investment opportunities and provide stronger legal safeguards for investors. They said the reforms would also help create a more transparent investment environment, attract additional domestic and foreign capital and improve the competitiveness of Uzbekistan's capital market.
Sukuk are Sharia-compliant financial instruments that function similarly to conventional bonds but are structured around asset ownership or profit-sharing rather than interest payments, which are prohibited under Islamic finance principles.
President Shavkat Mirziyoyev first announced plans to launch a sovereign sukuk program during his speech at the fifth Tashkent International Investment Forum on June 16, saying the initiative would help diversify investment inflows into Uzbekistan.
