Tashkent, Uzbekistan (UzDaily.com) —  A roundtable discussion titled "Overview of the Takaful Insurance System and Recommendations for Its Implementation in the Republic of Uzbekistan" was held in Tashkent, where an analytical report on the prospects of introducing this system in the country was presented.

The aim of the event was to create a platform for dialogue among key participants in the insurance market — regulators, representatives from academic circles, and industry professionals. The participants discussed the concept of implementing Takaful insurance and developed proposals for its phased implementation in Uzbekistan.

Davron Maksudov, Deputy Director of the National Agency for Prospective Projects, reminded the audience that on 1 March 2024, the President of the Republic of Uzbekistan issued a decree "On Comprehensive Measures for Further Development of the Insurance Services Market."

According to the document, the National Agency for Prospective Projects was tasked with developing proposals for the introduction of Takaful principles and products. To accomplish this, the Agency is conducting joint research with partners, including the United Nations Development Programme, to create a legal framework and regulatory mechanisms for Islamic insurance.

The event was attended by around 40 experts, including representatives from the National Agency for Prospective Projects, the Islamic Development Bank, the International Islamic Academy of Uzbekistan, the Spiritual Administration of Muslims of Uzbekistan, the Committee for Religious Affairs, and other organizations.

A key element of the roundtable was the analytical report "Building the Islamic Insurance System in the Republic of Uzbekistan," prepared by a national consultant for the United Nations Development Programme in collaboration with experts from the National Agency for Prospective Projects.

The report analyzes global trends and prospects for Takaful development and assesses the potential for its application as a new direction for the insurance sector in Uzbekistan.