Takaful is a form of insurance built on the principle of mutual assistance and compliant with Sharia. Participants pool their contributions into a common fund and jointly indemnify the participant who suffers an insured event. SIO offers a range of takaful products for individuals and legal entities.
How takaful works
The model rests on an agreement among participants exposed to similar risks to cover losses collectively. A participant pays a voluntary contribution (tabarru) into the mutual assistance fund, from which claims are paid when an insured event occurs. The takaful operator manages the fund and invests its assets only in instruments permitted by Sharia: interest (riba), excessive uncertainty (gharar) and gambling (maysir) are excluded. The core principles are mutual assistance, solidarity and justice.
How it differs from conventional insurance
- the policyholder acts as a participant of the takaful fund and is assigned a unique participant number;
- instead of an insurance premium, a takaful contribution is paid into the mutual assistance fund;
- instead of an insurance period, the contract uses the “Takaful Period”;
- insured items are recorded as objects of participation in takaful insurance;
- the fund's assets are invested strictly in accordance with Sharia.
Legal framework in the Kyrgyz Republic
Insurance under Islamic principles is governed by the resolution of the Cabinet of Ministers of the Kyrgyz Republic dated 27 March 2026, which approved the requirements for insurance under Islamic principles (takaful), imputed insurance and annuity insurance. The object of insurance is the participant's property interest connected with the takaful operator's obligation to indemnify harm to life, health and property upon an insured event. Licences for takaful activity are issued by the authorised state body regulating and supervising the non-banking financial market.
SIO takaful products
- TDSI / DSIZI (Ijara) — takaful property insurance: real estate, movable property, mobile equipment and pedigree animals. The policy is issued on a stand-alone basis or within an Ijara (lease) or Murabaha contract;
- KASKO Takaful — protection of a vehicle against damage, theft and hijacking; if the vehicle is pledged, the bank is named as beneficiary;
- Travel Takaful — coverage of expenses abroad under the BRONZE, SILVER and GOLD programmes.
The contribution is calculated from the sum insured at the product tariff; a sales tax of 2 % applies to the contribution. Full terms and the application procedure are set out in the product cards in the Insurance products section.
International and regional cooperation
Developing Islamic insurance is one of SIO's international priorities alongside reinsurance and export credit insurance. Work is carried out in the following areas:
- integration into international and regional Islamic insurance and Islamic finance organisations;
- placement of risks with retakaful operators to strengthen financial resilience;
- bilateral intergovernmental cooperation in the development of takaful;
- exchange of expertise and methodology, staff training and participation in industry events.
The company's overall international agenda is described in the International cooperation section; signed agreements and memoranda are announced in the News section.
How to apply
A takaful policy can be arranged online in the Insurance products section or at any branch of the company. For advice: hotline +996 (312) 65‑08‑53, call centre 0 553 54 54 00 and 0 707 54 54 00, e-mail info@gso.kg.