ADMINISTRATIVE-LEGAL REGULATION OF THE ISLAMIC CAPITAL MARKET: SHARIA GOVERNANCE, SECURITIES STRUCTURING AND IMPLICATIONS FOR UZBEKISTAN

This article examines how administrative and financial law translate the prohibitions of Islamic commercial law into enforceable regulatory standards for capital markets. Using doctrinal and comparative legal analysis of AAOIFI and IFSB standards, the Malaysian and UK frameworks and selected case law, it shows that the regulatory architecture operates on three layers: normative prohibitions, Sharia governance and instrument-level rules for equities, sukuk and funds. Its main weaknesses are divergent screening methodologies, the gap between asset-based and asset-backed sukuk, and the uncertain enforceability of Sharia-compliance claims before secular courts. The article applies these findings to Uzbekistan, which adopted an Islamic banking law in 2026 and is now considering sukuk legislation, and proposes concrete design recommendations.