ISLAMIC INSURANCE — TAKAFUL: PRINCIPLES AND OPPORTUNITIES
Keywords:
Key words: Takaful, Islamic insurance, Sharia-compliant finance, gharar, interest (riba), Islamic economics, Uzbekistan's insurance market, risk management.Abstract
Abstract: This article analyzes the essence, key principles, and distinguishing
features of the Takaful system, a form of insurance compliant with Sharia law. The
Takaful model is based on the principles of mutual assistance, risk-sharing, and
fairness, and is characterized by its exclusion of elements prohibited in Islamic finance,
such as interest (riba), gambling (maysir), and uncertainty (gharar). The article also
examines the practical implementation of the Takaful system in countries like Malaysia
and Saudi Arabia, and analyzes the opportunities and existing challenges of introducing
it in Uzbekistan. In conclusion, Takaful is presented as a promising new direction in
the insurance market, with suggestions for its gradual development in the country.
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