Halal Investments in Uzbekistan

Uzbekistan is a country with a predominantly Muslim population. For investors following the principles of Islam, special halal investment products are available. We explore what they are.

What Are Halal Investments

Halal investments are investments in assets that comply with Sharia norms. The main principles:

• Prohibition of usury (riba).
• Prohibition of uncertainty (gharar).
• Prohibition of gambling (maysir).
• Prohibition of haram businesses (alcohol, tobacco, pork, weapons, gambling).

Criteria for Halal Stocks

Business screening. The company must not be engaging in prohibited activities.

Financial screening:

• Debt with interest ≤ 33% of capitalization.
• Interest income ≤ 5% of revenue.
• Accounts receivable ≤ 49% of capitalization.
• Cash and interest-bearing securities ≤ 33% of capitalization.

Halal Instruments

Halal stocks. Stocks of companies that have passed Sharia screening.

Sukuk. Islamic bonds structured without interest.

Halal ETFs. Exchange-traded funds that invest only in halal assets.

Halal mutual funds. Mutual funds with a Sharia committee.

Examples of Halal Companies

• Apple. Technology, minimal debt.
• Microsoft. Software, cloud services.
• Johnson & Johnson. Pharmaceuticals.
• Nestlé. Food products (without alcohol and pork).
• Toyota. Automobiles.

Examples of Non-Halal Companies

• Banks: JPMorgan, Bank of America — interest-based business.
• Alcohol: Diageo, AB InBev, Carlsberg.
• Tobacco: Philip Morris, British American Tobacco.
• Casinos: Las Vegas Sands, MGM Resorts.
• Pork: Smithfield Foods, Tyson Foods (pig farming).

Purification of Income

Even halal companies may have some interest income (from depositing money). According to Sharia norms, this part of the income should be donated to charity. Usually, this is 1-3% of dividends.

Halal Investments for Citizens of Uzbekistan

Citizens of Uzbekistan can invest in halal securities through:

• International halal ETFs (iShares MSCI World Islamic, SP Funds S&P 500 Sharia).
• Licensed brokers with halal accounts.
• Islamic banks and financial institutions.

Licensed Broker with a Halal Account

"Stock Broker" (Tajikistan) is the only licensed broker in RT with a halal brokerage account. All available securities pass Sharia screening according to AAOIFI criteria. Open to citizens of Uzbekistan.

How to Start

1. Register with a broker with a halal account.
2. Complete verification.
3. Fund your account.
4. Select securities from the halal list.
5. Regularly purify income through donations.

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💡 Try: opening an account with a licensed broker in Tajikistan can be done in a few minutes. Funding from 100 somoni, without visiting an office.

Advertisement. LLC "Stock Broker", licenses of the Ministry of Finance of RT No. 007/25, No. 008/25, No. 009/25, No. 010/25 from 25.06.2025. Financial instruments are associated with risk. Profitability depends on the market value of assets. Not an individual investment recommendation. The material is for informational purposes only.