Uzbekistan: United Nations Development Programme creating new avenues for takaful
Source: Middle East Insurance Review | Jan 2025
The United Nations Development Programme (UNDP) in cooperation with the National Agency of Perspective Projects of the Republic of Uzbekistan, organised a roundtable discussion and presented an analytical report on the topic ‘Baseline review on Takaful (insurance) system and implementation recommendation’.
The meeting was called to present the report on takaful to the insurance market regulator, insurance companies and other representatives of the insurance industry.
The round table was held last December in Tashkent with more than 40 participants representing the National Agency of Perspective Projects, the Association of Professional Participants of the Insurance Market, insurers, the Islamic Development Bank, the International Islamic Academy, the Committee on Religious Affairs, the Muslim Board of Uzbekistan, the Association of Actuaries and other government and private sector agencies.
“Takaful has strengths, risks and needs to be regulated and controlled by the government. This round table is one of the first steps in capacity building and sharing knowledge of new ideas and suggestions,” National Agency of Perspective Projects head of department for development and digitalisation of the insurance market Latif Zokirov said.
UNDP expert actuary Abror Mukhitdinov said that as 96% of the people of Uzbekistan are Muslims, takaful has a big opportunity in Uzbekistan to attract interest from unbanked or undeserved Muslims and potential for investments in the insurance sector from countries and funds that adhere to Islamic principles of financing. M