INSTITUTE OF ISLAMIC INSURANCE («TAKAFUL») IN THE INSURANCE LAW OF THE REPUBLIC OF KAZAKHSTAN: CURRENT STATE AND PROSPECTS

Abstract

This article examines one of the institutions of the Islamic financial system - insurance («Takaful»), analyzes its place in the system of national legislation of the Republic of Kazakhstan, identifies trends and prospects for development in modern conditions.
The Islamic insurance model, Takaful, is based on the rules and principles of Muslim law. Takaful is widely used not only in the countries of the Muslim world, but also in the Western world, since Islamic Finance on the world market demonstrates its viability and maintains financial stability.
Kazakhstan's close cooperation with the Muslim world has also led to changes in the economic sector. The introduction of Islamic financial institutions, including insurance, into the Kazakh financial system is one of the priorities.
As part of this task, changes and additions to current legislation were planned; development of partnership relations with the Islamic Bank Group, implementation of the Islamic Finance Roadmap until 2020.