THE THEORETICAL-LEGAL FOUNDATIONS AND DEVELOPMENT PROSPECTS OF INTRODUCING THE ISLAMIC INSURANCE (TAKAFUL) MODEL IN UZBEKISTAN
Keywords:
takaful, Islamic finance, riba, gharar, maysir, tabarru pool, tax neutrality, Sharia board, cooperative insuranceAbstract
This study is dedicated to a comprehensive analysis of the conceptual, economic, and regulatory-legal aspects of implementing the takaful system—an alternative insurance model based on the norms of Islamic law—into the economy of Uzbekistan. The aspects of traditional commercial insurance that contradict Sharia principles, particularly the elements of riba (interest), gharar (uncertainty), and maysir (gambling), are disclosed. Most importantly, the current legal status of the takaful system is analyzed within the framework of the Civil Code of the Republic of Uzbekistan, the Law “On Insurance Activity” (LRU-730), and the Law “On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan Aimed at Introducing Islamic Banking Activity in Uzbekistan” (LRU-1126), adopted in March 2026.
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References
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