THE UNIQUENESS OF THE SUKUK FINANCIAL INSTRUMENT. THEORETICAL ANALYSIS OF THE UNIQUE SIMILARITIES AND DIFFERENCES BETWEEN SUKUK AND BONDS

This article provides analytical information on the essence, legal and economic features, and main differences from traditional bonds - sukuk, an important instrument of the Islamic financial system. Although sukuk are called "Islamic bonds", their basic structure is based on ownership relations, is provided by real assets, and is free from riba (interest). The article provides a comprehensive overview of the Sharia compliance of sukuk, their asset-linked nature, and their representation of ownership rights through official definitions provided by international financial organizations such as AAOIFI, IIFM, and IFSB. It also provides a comparative analysis with the definition of bonds in Uzbek law. Sukuk shares risk and return between the investor and the issuer in obtaining profits, and unlike bonds, does not have a predetermined interest rate. At the end of the article, it is emphasized that in order for sukuk to function as a Sharia-based financial mechanism, it is necessary to strictly adhere to special principles.