Palabras clave
regulación financiera
instrumentos de inversión
desarrollo sostenible
protección jurídica
mercado de capitales
integración financiera Sharia supervision
financial regulation
investment instruments
sustainable development
legal protection
capital market
financial integration
Cómo citar
Resumen
En este estudio, se examinan exhaustivamente los mecanismos legales del funcionamiento de los sukuks en los países de Asia Central. El análisis de las estructuras regulatorias reveló una diferencia sustancial en los enfoques regulatorios de la región. La metodología del estudio incluye un análisis sistemático del marco legislativo y los aspectos prácticos de la aplicación de las normas de la Organización de Contabilidad y Auditoría para Instituciones Financieras Islámicas (AAOIFI) y la Junta de Servicios Financieros Islámicos (IFSB) en las jurisdicciones de Asia Central. Los resultados muestran que Kazajistán ha establecido el sistema regulatorio más maduro, con aproximadamente el 85% de los requisitos de las normas internacionales, mientras que Uzbekistán ha implementado aproximadamente el 60% y Kirguistán, aproximadamente el 45%. El análisis confirma una correlación positiva entre el desarrollo del mercado de sukuks y el crecimiento económico, lo cual es especialmente importante para los países de Asia Central que buscan diversificar sus economías y atraer inversión al sector inmobiliario.
Citas
Bikenov, A., Idrysheva, S. K., Zharbolova, A. Z., Apakhayev, N., Buribayev, Y. A., & Khamzina, Z. A. (2019). *The problems of effectiveness and implementation of the international legal norms of the states of the Eurasian economic union (EAEU).* **Bulletin of the Georgian National Academy of Sciences, 13**(1), 175–181. [https://www.researchgate.net/publication/332568260_The_problems_of_effectiveness_and_implementation_of_the_international_legal_norms_of_the_states_of_the_eurasian_economic_union_EAEU](https://www.researchgate.net/publication/332568260_The_problems_of_effectiveness_and_implementation_of_the_international_legal_norms_of_the_states_of_the_eurasian_economic_union_EAEU)
Abubakar, L., & Handayani, T. (2020). *Green Sukuk: Sustainable financing instruments for infrastructure development in Indonesia.* In *1st Borobudur International Symposium on Humanities, Economics and Social Sciences* (pp. 983–987). Dordrecht: Atlantis Press. [https://doi.org/10.2991/assehr.k.200529.206](https://doi.org/10.2991/assehr.k.200529.206)
Abykeeva-Sultanalieva, T., Atakhanov, A., Karabalaeva, G., Korchueva, S., & Talgarbekova, E. (2022). *The Impact of Various Factors on the Sustainable Development of Kyrgyzstan in Modern Times.* **Review of Economics and Finance, 20**, 1134–1140. [https://doi.org/10.55365/1923.x2022.20.127](https://doi.org/10.55365/1923.x2022.20.127)
Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). (2015). *Sharia'ah standards.* [https://aaoifi.com/shariaa-standards/?lang=en](https://aaoifi.com/shariaa-standards/?lang=en)
Affandi, F., Harahap, I., & Nawawi, Z. M. (2024). *Islamic banking and sukuk as alternative financing sources in development.* **Journal Syarikah: Journal of Islamic Economics, 10**(1), 137–147. [https://doi.org/10.30997/jsei.v10i1.11597](https://doi.org/10.30997/jsei.v10i1.11597)
Afifi, Z. K. (2024). *Financial Sukuk: Concept, legal principles, and types.* **Asian Journal of Economics, Business and Accounting, 24**(2), 98–106. [https://doi.org/10.9734/ajeba/2024/v24i21224](https://doi.org/10.9734/ajeba/2024/v24i21224)
Ahmed, E. R., Islam, M. A., Ariffin, K. H. K., & Amran, A. (2022). *The challenges and prospects of Sukuk: A content analysis-based study.* Newcastle upon Tyne: Cambridge Scholars Publishing.
An, J., Mikhaylov, A. Yu., & Yousif, N. B. A. (2024). *Financial and Investment Model for social security and sustainable Economic Growth.* **Finance Theory and Practice, 28**(5), 133–145. [https://doi.org/10.26794/2587-5671-2024-28-5-133-145](https://doi.org/10.26794/2587-5671-2024-28-5-133-145)
Asadov, A., & Nor, M. Z. M. (2023). *Legal challenges in establishing the Islamic capital market in Uzbekistan.* **ISRA International Journal of Islamic Finance, 15**(4), 45–63.
Astana International Financial Centre (AIFC). (2023). *5 years of achievements: Annual report.* [https://aifc.kz/wp-content/uploads/2024/06/aifc_ru_1.07.23.pdf](https://aifc.kz/wp-content/uploads/2024/06/aifc_ru_1.07.23.pdf)
Azhgaliyeva, D. (2021). *Green Islamic bonds.* Tokyo: Asian Development Bank Institute.
Balli, F., Ghassan, H., & Al Jeefri, E. H. (2021). *Sukuk and bond spreads.* **Journal of Economics and Finance, 45**(3), 529–543. [https://doi.org/10.1007/s12197-021-09545-9](https://doi.org/10.1007/s12197-021-09545-9)
Barikova, A. (2023). *Prejudice on discretion in law enforcement of financial legal provisions.* **Law Journal of the National Academy of Internal Affairs, 13**(1), 36–43. [https://doi.org/10.56215/naia-chasopis/1.2023.36](https://doi.org/10.56215/naia-chasopis/1.2023.36)
Baturin, M., & Moroz, S. (2024). *AIFC Court: Theory and Practice.* **Revista Juridica Portucalense, 35**, 602–618. [https://doi.org/10.34625/issn.2183-2705(35)2024.ic-28](https://doi.org/10.34625/issn.2183-2705%2835%292024.ic-28)
Boukhatem, J. (2022). *How does financial risk affect sukuk market development? Empirical evidence from ARDL approach.* **Heliyon, 8**(5), e09453.
Efremov, A. (2025). *The Psychology of Faith and Religious Identity: How Theology Shapes Worldview and Self-Perception.* **Pharos Journal of Theology, 106**(3), 1–15. [https://doi.org/10.46222/pharosjot.106.3020](https://doi.org/10.46222/pharosjot.106.3020)
Guermazi, I. (2020). *The determinants of Sukuk issuance in GCC countries.* **Islamic Economic Studies, 28**(1), 25–45. [https://doi.org/10.1108/IES-08-2019-0026](https://doi.org/10.1108/IES-08-2019-0026)
Gulaliyev, M., Abasova, S., Guliyeva, S., Samedova, E., & Orucova, M. (2023). *The Main Problems of Building the Digital Economy of Azerbaijan.* **WSEAS Transactions on Business and Economics, 20**, 1383–1395. [https://doi.org/10.37394/23207.2023.20.123](https://doi.org/10.37394/23207.2023.20.123)
Hasanova, J., & Najafova, K. (2025). *Research and analysis of opportunities for regional economic integration among the countries of the Organization of Turkic States.* **Economics of Development, 24**(2), 54–67. [https://doi.org/10.63341/econ/2.2025.54](https://doi.org/10.63341/econ/2.2025.54)
Hassan, S., Dhali, M., Mehar, S. M., & Zaman, F. (2022). *Islamic securitization as a yardstick for investment in Islamic capital markets.* **International Journal of Service Science, Management, Engineering, and Technology, 13**(1), 1–15. [https://doi.org/10.4018/IJSSMET.315592](https://doi.org/10.4018/IJSSMET.315592)
Islamic Financial Services Board (IFSB). (2017). *IFSB-19: Guiding principles on disclosure requirements for Islamic capital market products.* [https://www.ifsb.org/wp-content/uploads/2023/10/IFSB-19-Guiding-Principles-on-Disclosure-of-ICM-Products-final.pdf](https://www.ifsb.org/wp-content/uploads/2023/10/IFSB-19-Guiding-Principles-on-Disclosure-of-ICM-Products-final.pdf)
Issayeva, A., Niyazbekova, S., Semenov, A., Kerimkhulle, S., & Sayimova, M. (2024). *Digital technologies and the integration of a green economy: legal peculiarities and electronic transactions.* **Reliability Theory and Applications, 19**(6), 1088–1096. [https://doi.org/10.24412/1932-2321-2024-681-1088-1096](https://doi.org/10.24412/1932-2321-2024-681-1088-1096)
Judijanto, L. (2024). *Investment risk management strategies in Sukuk: A Sharia management perspective.* **International Journal of Sharia Business Management, 3**(2), 168–175.
Kerimkulov, S., Teleuova, S., & Tazhbenova, G. (2015). *Measuring chaotic and cyclic fluctuations of cass freight index: Expenditures.* **Actual Problems of Economics, 171**(9), 434–445. [http://repository.kazguu.kz/bitstream/handle/123456789/2063/MEASURING_CHAOTIC_AND_CYCLIC_FLUCTUATION%20%281%29.pdf?sequence=1&isAllowed=y](http://repository.kazguu.kz/bitstream/handle/123456789/2063/MEASURING_CHAOTIC_AND_CYCLIC_FLUCTUATION%20%281%29.pdf?sequence=1&isAllowed=y)
Khudoliy, L. (2024). *Conceptual and methodological foundations of the research of the problems of development of the market of financial services.* **Economics and Business Management, 15**(2), 5–22. [https://doi.org/10.31548/economics15(2).2024.005](https://doi.org/10.31548/economics15%282%29.2024.005)
Kopcha, V. (2021). *Modern rule of law: Basic approaches to understanding.* **Law Journal of the National Academy of Internal Affairs, 11**(2), 7–12. [https://doi.org/10.56215/04212202.7](https://doi.org/10.56215/04212202.7)
Kozhoshev, A. O., Kulueva, C. R., Saiakbaeva, A. A., Nuralieva, C. A., & Akylbekova, N. I. (2022). *Issues of the Development of Digital Entrepreneurship in the Regions of Kyrgyzstan.* In A. V. Bogoviz & E. G. Popkova (Eds.), *Digital Technologies and Institutions for Sustainable Development. Advances in Science, Technology and Innovation* (pp. 149–154). Cham: Springer. [https://doi.org/10.1007/978-3-031-04289-8_25](https://doi.org/10.1007/978-3-031-04289-8_25)
Kunhibava, S., Muneeza, A., Khalid, M. B., Mustapha, Z., & Sen, T. M. (2024). *Social Sukuk.* In *Islamic Social Finance: Law and Practice in Malaysia* (pp. 105–128). Singapore: Springer. [https://doi.org/10.1007/978-981-97-1410-0_6](https://doi.org/10.1007/978-981-97-1410-0_6)
Law of the Kyrgyz Republic No. 93 "On Banks and Banking Activities." (2022). [https://www.nbkr.kg/index1.jsp?item=42&lang=rus](https://www.nbkr.kg/index1.jsp?item=42&lang=rus)
Law of the Republic of Kazakhstan No. 2444 "On Banks and Banking Activities." (2023). [https://online.zakon.kz/Document/?doc_id=1003931](https://online.zakon.kz/Document/?doc_id=1003931)
Law of the Republic of Uzbekistan No. ZRU-536 "On Banks and Banking Activities." (2019). [https://lex.uz/acts/12011](https://lex.uz/acts/12011)
Mahadewi, E. P. (2024). *Investment risk management strategies in Sukuk: A Sharia management perspective.* **Contingency: Scientific Journal of Management, 12**(2), 598–608. [https://doi.org/10.56457/jimk.v12i2.609](https://doi.org/10.56457/jimk.v12i2.609)
Mahomed, Z. (2022). *Modelling effective zakat management for the "stans" of Central Asia and establishing pandemic resilience.* In M. K. Hassan, A. Muneeza, & A. M. Sarea (Eds.), *Towards a Post-Covid Global Financial System* (pp. 143–159). Leeds: Emerald Publishing Limited. [https://doi.org/10.1108/978-1-80071-625-420210008](https://doi.org/10.1108/978-1-80071-625-420210008)
Makhazhanova, U., Omurtayeva, A., Kerimkhulle, S., Tokhmetov, A., Adalbek, A., & Taberkhan, R. (2024). *Assessment of Investment Attractiveness of Small Enterprises in Agriculture Based on Fuzzy Logic.* **Lecture Notes in Networks and Systems, 935**, 411–419. [https://doi.org/10.1007/978-3-031-54820-8_34](https://doi.org/10.1007/978-3-031-54820-8_34)
Mohamed, G., Hassan, R., & Ahcene Lahsasna, D. (2022). *Legal and regulatory approaches in ?uk?k issuance: A comparative analysis.* **UUM Journal of Legal Studies, 13**(1), 249–281.
Moldakmatov, A., Chikeyeva, Z., & Kurmanalieva, A. (2024). *Comparative analysis of Islamic banking regulation in Kyrgyzstan and Central Asian countries.* **Social and Legal Studios, 1**(7), 74–86. [https://doi.org/10.32518/sals1.2024.74](https://doi.org/10.32518/sals1.2024.74)
Musayeva, N., Atakishiyeva, N., Mammadova, U., Tanriverdiyeva, G., & Lemishko, O. (2024). *The impact of trade policy on the export of agricultural products of Azerbaijan.* **Scientific Horizons, 27**(11), 141–152. [https://doi.org/10.48077/scihor11.2024.141](https://doi.org/10.48077/scihor11.2024.141)
Naz, S. A., & Gulzar, S. (2022). *Does the sukuk issuance boost economic growth? Evidence from selected Islamic economies.* **Global Business Review.** [https://doi.org/10.1177/09721509221093894](https://doi.org/10.1177/09721509221093894)
Rakhmanov, A., Thommandru, A., & Tillaboev, S. (2024). *Historical trajectories and modern dynamics of Islamic financial law in Central Asia.* **International Journal of Legal Information, 52**(1), 74–87. [https://doi.org/10.1017/jli.2024.15](https://doi.org/10.1017/jli.2024.15)
Ramadhan, I. A. (2020). *Green Sukuk issuance as an investment instrument for sustainable development.* In *International Conference on Law, Governance and Islamic Society* (pp. 95–98). Dordrecht: Atlantis Press. [https://doi.org/10.2991/assehr.k.200306.189](https://doi.org/10.2991/assehr.k.200306.189)
Resolution of the Government of the Kyrgyz Republic No. 323 "On the Approval of the Regulations on the Issue, Circulation and Redemption of Islamic Securities Issued According to Islamic Financing Principles." (2017). [https://www.gov.kg/ru/npa/s/793](https://www.gov.kg/ru/npa/s/793)
Shafa, A. (2021). *Historical aspects of economic thought in Azerbaijan.* **Voprosy Istorii, 8**(2), 148–155. [https://doi.org/10.31166/VoprosyIstorii202108Statyi41](https://doi.org/10.31166/VoprosyIstorii202108Statyi41)
Sharif, D., Redzuan, M. A., Meerangani, K. A., & Mustafar, M. Z. (2024). *An overview of Sukuk liquidity market issues in the Shariah perspective.* In A. H. Jaaffar, S. Buniamin, N. R. A. Rahman, N. S. Othman, N. Mohammad, S. Kasavan, N. E. A. B. Mohamad, Z. M. Saad, F. A. Ghani, & N. I. N. Redzuan (Eds.), *Accelerating Transformation towards Sustainable and Resilient Business: Lessons Learned from the COVID-19 Crisis, European Proceedings of Finance and Economics* (pp. 224–241). London: European Publisher. [https://doi.org/10.15405/epfe.23081.19](https://doi.org/10.15405/epfe.23081.19)
Shtal, T., Ptashchenko, O., Rodionov, S., & Kurtsev, O. (2023). *Implementation of modern marketing tools in entrepreneurial activity.* **Economics of Development, 22**(4), 53–63. [https://doi.org/10.57111/econ/4.2023.53](https://doi.org/10.57111/econ/4.2023.53)
Tawfik, O. I., & Elsayed Ghazi, H. E. E. (2023). *Disclosure of the risks of Islamic financial instruments (Sukuk).* In *Islamic Accounting and Finance: A Handbook* (pp. 237–279). London: World Scientific Publishing Europe Ltd. [https://doi.org/10.1142/9781800612426_0008](https://doi.org/10.1142/9781800612426_0008)
Shtal, T., Ptashchenko, O., Rodionov, S., & Kurtsev, O. (2023). *Implementation of modern marketing tools in entrepreneurial activity.* **Economics of Development, 22**(4), 53–63. [https://doi.org/10.57111/econ/4.2023.53](https://doi.org/10.57111/econ/4.2023.53)
Tawfik, O. I., & Elsayed Ghazi, H. E. E. (2023). *Disclosure of the risks of Islamic financial instruments (Sukuk).* In *Islamic Accounting and Finance: A Handbook* (pp. 237–279). London: World Scientific Publishing Europe Ltd. [https://doi.org/10.1142/9781800612426_0008](https://doi.org/10.1142/9781800612426_0008)
Teymurova, V., Abdullayeva, S., Muradova, Kh., Aslanova, M., & Bayramli, M. (2025). *Environmental challenges and the impact of human capital on Azerbaijan's foreign economic activity.* **Scientific Bulletin of Mukachevo State University. Series "Economics", 12**(1), 20–34. [https://doi.org/10.52566/msu-econ1.2025.20](https://doi.org/10.52566/msu-econ1.2025.20)
Tsurkan-Saifulina, Y. V., Vitman, K. M., & Kolodin, D. A. (2019). *Certain aspects of interaction between the state and civil law in CIS countries.* **Asia Life Sciences, 2**, 697–717. [https://hdl.handle.net/11300/16406](https://hdl.handle.net/11300/16406)
Uluyol, B. (2023). *A comprehensive empirical and theoretical literature survey of Islamic bonds (sukuk).* **Journal of Sustainable Finance & Investment, 13**(3), 1277–1299. [https://doi.org/10.1080/20430795.2021.1917224](https://doi.org/10.1080/20430795.2021.1917224)
Y?ld?r?m, S., Y?ld?r?m, D. C., & Diboglu, P. (2020). *Does Sukuk market development promote economic growth?* **PSU Research Review, 4**(3), 209–218. [https://doi.org/10.1108/PRR-03-2020-0011](https://doi.org/10.1108/PRR-03-2020-0011)
Yudina, S., Razumova, H., Lysa, O., Oskoma, O., & Zakharchenko, V. (2025). *Optimizing Financial Management and Administration in Infrastructure Projects for Economic Recovery.* **International Journal of Accounting and Economics Studies, 12**(2), 337–346. [https://doi.org/10.14419/bk6pnf50](https://doi.org/10.14419/bk6pnf50)
Zaheer, S., & van Wijnbergen, S. (2024). *Sukuk defaults: On distress resolution in Islamic finance.* **Qualitative Research in Financial Markets, 17**(2), 292–311. [https://doi.org/10.1108/QRFM-08-2023-0203](https://doi.org/10.1108/QRFM-08-2023-0203)
Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.
Derechos de autor 2025 Array