Sukuk As An Instrument for Financing Sustainable Tourism Infrastructure

The article addresses the financing of sustainable tourism infrastructure in Uzbekistan, where tourist flows outpace the growth of hotel capacity. Using five editions of the IIFM Sukuk Report (2022–2026), it calculates growth rates and concentration indices of the global sukuk market, compares country cases and builds scenarios based on sukuk-to-GDP ratios in 17 countries. The market is deconcentrating, while green and sustainability sukuk issuance grows by about 35% a year. The study contributes a matrix matching sukuk structures to tourism infrastructure assets and estimates Uzbekistan’s potential at USD 2.0–11.7 billion, including up to USD 2.34 billion for tourism.