IMPLEMENTATION OF ISLAMIC INSURANCE IN UZBEKISTAN'S LEGAL SPHERE

Abstract

Uzbekistan, a country strategically located in Central Asia, has been undergoing significant economic reforms and modernization over the past few decades. Among the various sectors undergoing transformation, the insurance industry stands out as one of the key areas of focus. With a population that is predominantly Muslim, there has been growing interest in introducing Islamic insurance (Takaful) as an alternative to conventional insurance models. This shift is driven by the increasing demand for financial products that are compliant with Islamic principles, and a broader push to diversify Uzbekistan’s financial system.