TASHKENT, Uzbekistan, February 5. Uzbekistan’s
Agency for Perspective Projects discussed the potential issuance of
Islamic securities (sukuk) with Pakistan’s Meezan Bank and
Kuwait-based Noor Financial Investment Company, Trend reports via the
agency.
The meeting focused on the introduction of sukuk instruments
within the framework of the draft law “On the Capital Market.”
The parties agreed to maintain cooperation and deepen
partnership engagement, including through the exchange of expertise
in developing and issuing Sharia-compliant securities.
Meezan Bank, headquartered in Karachi, is Pakistan’s largest
Islamic bank, operating in accordance with Islamic finance
principles and providing a broad range of retail and corporate
banking products.
Noor Financial Investment Company is a leading Kuwaiti
investment firm specializing in financial services, investments,
and asset management across the Middle East, Asia, and other
international markets. The company is also a key strategic investor
and shareholder in Meezan Bank.
Sukuk are Sharia-compliant investment certificates that embody
asset-based ownership in tangible assets, services, or projects,
distinguishing themselves from traditional debt obligations.
Commonly referred to as "Islamic bonds," these financial
instruments stand apart from traditional bonds by forbidding
interest (riba) and instead creating profit through returns from
underlying assets, like leasing or profit-sharing.
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