Uzbekistan aims to double capital raised via stock market by 2030
The greatest impact is expected from corporate bonds, including those in foreign currency, followed by Islamic financing instruments
Forecasts by the National Association of Professional Participants in the Securities Market (NAPP) anticipate an increase in capital raised through the stock market from 10 trillion soums in 2026 to 20 trillion soums by 2030. Additionally, the goal is set to attract an extra 1 billion US dollars in investments via the stock market by 2030.
Valery Li, Head of the Capital Market Development and Digitalization Department at NAPP, stated that the draft law "On the Capital Market" will create legal opportunities for issuing sukuk, covered and securitized bonds, as well as for the use of derivatives. Initially, the greatest impact is expected from corporate bonds, including issues in foreign currency, followed by Islamic financing instruments.
Specific first issuers of sukuk and placement dates have not yet been determined. The draft law provides for several issuance models based on leasing, partnership, and trade operations. The regulator's task is to develop a sustainable model for the regular use of sukuk.
Futures and options are not considered mass-market instruments for retail investors. Their primary purpose is risk management and the operation of professional market participants. Access to certain complex products should depend on the investor's category and experience; the draft law also includes regulation of forwards and swaps, as well as the development of clearing, trade collateral, and netting.
For retail investors, it is proposed to expand the range of financial instruments, improve the operation of intermediaries and custodians, enhance issuer transparency, and strengthen investor rights protection. A mechanism for individual investment accounts with tax incentives provided by law is already in place. However, the stock market and bank deposits serve different purposes and carry different levels of risk.
