Dubai – UAE: AlHuda CIBE has formally certified Apex Takaful, marking it as the inaugural Takaful operator in Uzbekistan. Apex Takaful has successfully launched a pioneering product that meets Shariah compliance requirements and has secured essential certification. The certification process conducted by AlHuda CIBE spanned one month, during which a thorough evaluation of Takaful contracts, operational agreements, and overall operational frameworks was undertaken.

Apex Insurance operates as a prominent entity in the Uzbek insurance sector, delivering a broad spectrum of insurance products and services. The company is deeply committed to customer satisfaction and ensuring financial security by providing innovative risk management solutions tailored to the diverse requirements of its clientele. Its adherence to ethical business practices and Shariah principles, particularly through introducing Takaful operations, has reinforced Apex Insurance's reputation as a reliable partner in the burgeoning Uzbek insurance market.

Takaful represents a distinctive model of Islamic insurance grounded in the principles of mutual assistance and risk-sharing among participants. It offers Shariah-compliant insurance solutions whereby policyholders contribute to a collective fund. This pooled capital serves as a compensatory resource for eligible members in the event of an insured loss. Takaful not only seeks to deliver financial protection but also ensures adherence to Islamic ethical guidelines and values.

Mr. Muhammad Zubair Mughal, CEO of AlHuda CIBE, has articulated insights regarding the emergence of new Islamic finance markets globally, particularly within the Commonwealth Independent States (CIS). Notably, Uzbekistan is making significant strides in promoting and implementing Islamic finance initiatives. With a predominantly Muslim population, the country presents a favorable demographic foundation for the expansion of the Islamic finance sector.

Apex Takaful has taken a pioneering step by introducing an innovative Islamic insurance product, which positions it to leverage first-mover advantages in Uzbekistan's burgeoning Islamic insurance market. The Islamic finance landscape in Uzbekistan is rapidly developing, anchoring itself as a critical player within the Central Asian context. This growth is facilitated by the country's strategic geographical location, an increasing Muslim demographic, and a regulatory framework that is conducive to the expansion of Islamic financial services. Despite being in the early stages of development, the Uzbek government has actively fostered the Islamic finance sector, notably through the integration of Islamic banking windows in conventional financial institutions. This environment not only presents significant opportunities for Islamic finance growth but also underscores potential in diversified offerings such as Islamic banking, Takaful, and Sukuk.

The launch of Apex Takaful operations is anticipated to catalyze further advancements in associated Islamic finance sectors, including but not limited to Islamic banking, Sukuk issuance, and Islamic microfinance insurance. Furthermore, AlHuda CIBE plays a vital role in this market, providing invaluable advisory, consultancy, and capacity-building services to enhance the operational framework of Uzbekistan's Islamic finance sector.

Maqsud Sabirov. Head of Takaful, Apex Takaful Uzbekistan, stated that the company is focused on ensuring Shariah compliance across all transactions and procedures within its Takaful operations. This strategic approach is aimed at establishing a strong presence in the financial market. He emphasized Apex Takaful's commitment to providing Shariah-compliant Takaful products throughout Central Asia, acknowledging the growing significance of Islamic finance as a viable alternative financial solution in the region. 

AlHuda CIBE has been actively engaged in providing research, advisory, consultancy, and capacity-building services in the CIS region for the Islamic banking and finance industry since 2006. As the premier advisory firm specializing in Islamic finance in Central Asian countries, AlHuda CIBE plays a pivotal role in the sector's evolution. Current projections indicate a potential doubling of the Islamic finance industry's volume within the next five years, which is expected to bolster the global Islamic finance landscape. Furthermore, AlHuda CIBE offers Shari’ah certification for Islamic financial products to ensure compliance with Islamic law in banking and financial transactions, thereby enhancing the credibility and integrity of these offerings in the market.

About AlHuda CIBE:

AlHuda Center of Islamic Banking and Economics (CIBE) is a pivotal entity within the Islamic finance landscape, specializing in comprehensive research, advisory consultancy, and educational services tailored to the sector. Their portfolio encompasses product development, Shariah advisory, and specialized training workshops, in addition to consultative support in areas such as Islamic microfinance and Takaful. With a rich history spanning over eighteen years, AlHuda CIBE operates across more than 35 countries, dedicated to fostering the advancement of the Islamic banking and finance industry on a global scale. The institution's distance learning program boasts an alumni network representing over 100 countries, underscoring its international reach and influence. For further details, visit: www.alhudacibe.com.

For Media Contact:
Ms. Shaguftta Perveen
Manager Communications,
info@alhudacibe.com