Takaful; Potential of Takaful in Uzbekistan and its Future Prospects in CIS Region

An exclusive interview is taken from Mr. Bakhrom Numonov; A young visionary leader with immense potential to lead Takaful (Islamic Insurance) at different forums.  This interview is the future scenery of Uzbekistan and CIS Takaful Market, present trends, and where they will lead in the future.

Mr. Bakhrom Numonov

Chairman Of The Board Of Directors at APEX Insurance / Member of the Board of Directors at Invest Finance Bank / Chairman of Association of Islamic Finance and Takaful/ Advisor at APEX Leasing Toshkent, Uzbekistan

Bakhrom’s Contact:

linkedin.com/in/bakhromnumonov

  • APEX Insurance:

APEX Insurance is the First Islamic Insurance Company in Uzbekistan established with the kind support of AlHuda Center of Islamic Banking and Economic. APEX Insurance Services include wholesale Brokerage, Program Administrator and Underwriting, specialized in Property and Casualty Insurance, Workers Compensation, Risk Management, and Claim Solutions for Public Entities and Educational Institutions.

  • Products:

Q: How many and what kind of products is your company offering for Takaful?

A: Apex Takaful is offering about eight insurance products such as all risks property insurance, motor takaful, pledged property takaful, pledged motor takaful, travel insurance, cargo takaful, accident insurance, and so on.

  • Takaful Potential in Uzbekistan:

Q: In your opinion what is the potential for Takaful (Islamic Insurance) in Uzbekistan?

A: Last years, interest and demand for Islamic finance in Uzbekistan has been actively manifested and a lot of businessmen are trying to fund their businesses through Islamic financing channels. There is a lack of information about Islamic finance, its instruments, ways of implementing projects based on Islamic finance. Fortunately, there are local and foreign experts, who provide trainings and knowledge to entrepreneurs about Islamic finance and its tools.

Takaful in Uzbekistan is in the early development stage, as it is an accompanying tool, in Islamic finance. We are waiting for the development of all instruments of Islamic financing for the full functioning of takaful in Uzbekistan. Association of Islamic Finance and Takaful are doing their best for developing Islamic Finance in Uzbekistan.

  • Islamic Finance Industry in Uzbekistan:

Q: How is the Islamic finance industry growing in your state?

A: Interest in Islamic finance is growing year after year In Uzbekistan. Today, there are a lot of enthusiasts who want to contribute to the development of Islamic finance. Three months ago, the Association of Islamic Finance and Takaful started its activities. The main goal of this association is to develop Islamic finance in Uzbekistan, to consolidate all interested parties, and, within the framework of its authority, to interact with various structures of state institutions. Moreover, the Association is planning to open a training center for conducting various trainings and seminars on Islamic finance.

Islamic finance is developing at a micro level, for now. I think that major market players such as banks and stock exchanges will join the Islamic Finance market soon because we are already seeing an increasing interest from these institutions.

  • Takaful Future in CIS Region:

Q:  What do you think about the future of Takaful in the Uzbekistan and CIS region?

A: I think the potential of Takaful in Uzbekistan is very huge. Even darting forward, I can say confidently that Uzbekistan can become a hub for providing not only Takaful services, but regarding all instruments of Islamic finance. There are opportunities available for all this – human resources, which have good knowledge and skills in this field, and other infrastructure contributing to the development of Islamic finance in Uzbekistan and Central Asia in general.

  • Experience with AlHuda CIBE:

Q: How was your experience with AlHuda Centre of Islamic Banking and Economics?

A: Our cooperation experience with AlHuda Center of Islamic Banking and Economics was very productive, and we continue to cooperate and learn a lot from our partners from AlHuda. As Apex Insurance was the first Insurance Company that introduced Takaful in Uzbekistan, the aid of AlHuda was invaluable. We thank you for your support and cooperation. In Sha-Allah, we will be a long time to work with your Good Company.

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