CIVIL-LEGAL REGULATION OF ISLAMIC INSURANCE (TAKAFUL): ANALYSIS OF INTERNATIONAL EXPERIENCE FOR UZBEKISTAN
Keywords:
Islamic insurance, takaful, civil-legal regulation, international experience, Uzbekistan, Shariah standards, takaful contract, Islamic finance, mudaraba, wakalaAbstract
This thesis conducts an in-depth analysis of the civil-legal regulation of Islamic insurance (takaful) and aims to develop relevant proposals for Uzbekistan. The legislative experience of leading countries in the takaful industry, such as Malaysia, Saudi Arabia, and the United Arab Emirates, has been studied in detail. The research identified the main models of takaful system regulation (mudaraba, wakala, and hybrid models), Shariah compliance requirements, rights and obligations of participants in takaful contracts, and specific features of international takaful standards. Detailed proposals were provided for Uzbekistan, including the adoption of a special law on takaful, establishment of a regulatory body to oversee Islamic financial services including takaful activities, setting licensing requirements for takaful operators, and creating a system for training specialists. The conclusion section outlines promising directions for developing the takaful industry in Uzbekistan and its civil-legal regulation, as well as potential difficulties in this process and ways to overcome them.
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