TASHKENT, Oct 12 (Reuters) - Uzbekistan has drafted
regulations on Islamic bonds, or sukuk, and aims to register the
first issues next year, the Central Asian nation's Capital
Market Development Agency said on Monday.
The most populous nation in the predominantly Muslim part of
the Soviet Union, Uzbekistan has for the last few years sought
to attract fresh foreign investment in order to jumpstart its
economy which had stagnated under the previous government.
The draft regulations published for public discussion cover
various types of sukuk and their legal and tax treatment.
Under a pilot project, Uzbekistan plans to allow local
companies to issue sukuk both domestically and abroad using
elements of English law and enjoying some tax breaks.
The nation of 34 million people issued its first sovereign
Eurobond last year which has been followed by bonds from several
state-owned companies, the most recent one announced on Monday
by the National Bank for Foreign Economic Affairs (NBU),
Uzbekistan's largest bank by assets.
(Reporting by Mukhammadsharif Mamatkulov,
Writing by Olzhas Auyezov and Ed Osmond)