About Islamic insurance (takaful)
Takaful is the formation of a Fund (Takaful insurance reserve) based on the principles of Islamic finance through contributions and voluntary payments from participants, as well as the compensation of participants’ losses from the Fund’s resources.
Takaful (from Arabic تكافل — “mutual guarantees”) is an Islamic form of insurance. Essentially, Takaful is a mechanism for collective loss distribution among Fund participants, based on the principles of Islamic finance.
Takafulda foyda olish maqsad qilinmaydi — u Jamg‘arma ishtirokchilari o‘rtasidagi o‘zaro yordam tamoyiliga asoslanadi.
Key prohibitions in Takaful: Gharar — uncertainty or speculation; Maisir — gambling or transactions based on risk and/or guarantees; Riba — usury, i.e. lending money with interest, regardless of the rate (strictly forbidden in Islam).
To ensure that the operations of the "Takaful Window" of GROSS Insurance Company JSC comply with the rules and principles of Islamic finance, an agreement was signed with ASSOODIQ CONSULT LLC. Under this agreement, specialists from ASSOODIQ CONSULT LLC periodically audit the Takaful operations at GROSS Insurance Company JSC and provide their recommendations and conclusions.
The conclusion on the compliance of the activities of the "Takaful Window" of JSC "INSURANCE COMPANY GROSS" with the principles of Islamic finance was updated by LLC "ASSOODIQ CONSULT" on January 30, 2025.
Who is this insurance for?
Differences from traditional insurance
The insurer operates as a Takaful operator
The Takaful insurance reserve is not considered income for the insurer
All operations are controlled by the Takaful insurance board
Excess Takaful insurance reserves are returned
Islamic insurance management model
The insurance company JSC "GROSS SUG`URTA KOMPANIYASI" chose the management model – wakala, under which the Takaful insurance reserve is formed through voluntary contributions from participants, and the reserve resources are used to compensate the damage caused to a participant.
How does this model work?
Participants voluntarily pay the insurance contribution (premium) to the Takaful operator.
The Takaful operator receives a limited amount of income from the received contributions.
Contributions replenish the Takaful insurance reserve, from which the operator makes compensation payments to cover participants' losses.
A certain portion of the Takaful insurance reserve (minus coverage fees and the Operator's commission) may be returned to the participants.