Tajikistan: Establishing the first takaful operator

Source: Middle East Insurance Review | Mar 2022

UAE-based AlHuda Centre of Islamic Banking and Economics (AlHuda CIBE) and Tajikistan’s Tawhid Bank have signed an agreement to establish the first takaful operator in Tajikistan. Tawhid Bank is the first Islamic bank in Tajikistan.

Tajikistan is a small landlocked country in the heart of Central Asia. Muslims account for 96.7% of the total population.

At the agreement signing ceremony held in Dubai, AlHuda CIBE CEO Muhammad Zubair Mughal said that the entry of takaful into Tajikistan’s insurance industry will play a vital role to increase financial inclusion and fill a gap in the country’s Islamic finance industry.

At present, there is only one fully-fledged Islamic bank in Tajikistan. A couple of banks and microfinance institutions have Islamic finance window operations. M

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