Translated with AI
On June 18, the National Bank of Tajikistan hosted a meeting between the regulator's management and representatives of the Islamic Financial Services Board (IFSB) and a training seminar on the development of Islamic insurance (takaful).
According to the press service of the National Bank of Tajikistan, NBT Deputy Chairman Sirojiddin Ikromi held talks with a delegation from the Islamic Financial Services Council, led by the organization's Deputy Secretary General Abdullo Harun.
The parties discussed the prospects for the development of the Islamic financial system, improving the industry's regulatory framework, and expanding bilateral cooperation in the regulation and supervision of insurance services. Particular attention was paid to the study and implementation of Islamic insurance—takaful.
During the meeting, Sirojiddin Ikromi emphasized that, given the rapid development of the global financial system and the expansion of the Islamic financial services market, cooperation with reputable international organizations is particularly important. He stated that studying best international practices could create favorable conditions for further improving regulation and supervision of Islamic finance in Tajikistan.
He also noted that the use of international experience contributes to expanding public access to formal financial services, developing the infrastructure of the financial system, reducing the size of the shadow economy, and attracting foreign investment.
According to Sirodjiddin Ikromi, the National Bank of Tajikistan has been a member of the Islamic Financial Services Council since 2010 and has maintained fruitful cooperation with it for many years. He noted that since 2014, a favorable framework for the development of Islamic banking has been established in the country, and the development of Islamic insurance remains one of the most pressing areas today.
In this regard, he noted, the formation of an effective system of regulation and supervision of the activities of Islamic insurance organizations is important for reducing financial and commercial risks in various sectors of the economy and ensuring the stability of the financial market.
Abdullo Harun, Deputy Secretary General of the Islamic Financial Services Council, praised the development of the insurance sector in Tajikistan and confirmed the organization's readiness to continue mutually beneficial cooperation and participate in joint projects aimed at developing the country's Islamic financial system.
On the same day, a training seminar on "Islamic Insurance (Takaful)" was held at the National Bank of Tajikistan. The event was attended by specialists from the National Bank, insurance companies, financial institutions, audit firms, and representatives of relevant ministries and agencies.
Opening the seminar, Sirojiddin Ikromi noted that its main goal is to bring together stakeholders, familiarize participants with the specifics of Islamic insurance in the national insurance market, and improve the knowledge and professional training of financial sector specialists.
Participants were reminded that, given the rapid development of Islamic finance worldwide, the study and implementation of best international practices in Islamic financial services, including takaful, is essential for expanding the country's financial market and attracting a wider range of financial services users.
At the seminar, Dr. Kartin Arrifin, an international expert at the Islamic Financial Services Council, presented a paper on "Takaful: Concepts and Basic Structure." The presentation covered the essence and concept of Islamic insurance, its differences from traditional insurance mechanisms, risk management, preventing uncertainty in financial transactions, financing models, modern global takaful practices, as well as regulatory requirements and the need to comply with international standards at all stages of operation.
In addition, seminar participants were introduced to the benefits of the takaful system for various categories of the population, the principles of distribution of funds and obligations, the legal and regulatory mechanisms for regulating Islamic insurance activities, and the possibilities for expanding public-private partnerships in the development of microtakaful.
The seminar concluded with an exchange of views between experts and participants. Participants received answers to their questions and discussed current aspects of the further development of Islamic insurance in Tajikistan.
The National Bank noted that the meeting and seminar were held in a constructive atmosphere and spirit of mutual understanding.
