Takaful property cover (Ijara) is the Islamic equivalent of voluntary property insurance.
How takaful works
The policyholder is a participant in a takaful fund: the system assigns a participant number and the contribution goes into the participants’ mutual assistance fund. The contract terminology reflects this model: “takaful period” instead of the insurance period, “participant details” instead of policyholder details, and “objects of participation” instead of insured objects.
Link to an Islamic finance contract
- Ijara — the policy is issued under a lease contract: the participating bank and the lessee’s details are also recorded;
- Murabaha — the policy is issued under a cost-plus resale contract;
- TDSI — a standalone takaful property policy with no link to a finance contract.
What can be included
- the main takaful object — real estate;
- movable property;
- mobile equipment;
- pedigree animals.
One or several categories may be selected; each object is entered as a separate item with its value and location.
Contribution
For each object the sum insured and the rate are stated, and the contribution is calculated from them. The total is the participant’s takaful contribution to the mutual assistance fund. A sales tax of 2% is applied.
Who can take it out
The participant may be an individual or a legal entity. Under the Ijara option the contract names the bank participating in the lease and the lessee’s details.
How to arrange it
- Enter the takaful period and the participant’s details — individual or legal entity.
- Select the link to the Islamic finance contract: Ijara, Murabaha or TDSI; for Ijara, name the participating bank and the lessee.
- Select the categories of objects and complete the details of each.
- State the sum insured and the rate for each object.
- Complete electronic identification, sign with an electronic digital signature and pay the takaful contribution.
The policy can also be arranged at the head office and at any SIO branch.
Documents required
The participant’s passport or the legal entity’s registration documents; property documents; the Islamic finance contract — Ijara, Murabaha or TDSI; the participating bank’s details and the lessee’s data under the Ijara option.
If an insured event occurs
- Take measures to save the property and reduce the loss.
- Notify the competent authorities — the fire or emergency service or the police, depending on the nature of the event.
- Notify SIO — on the call centre numbers 0 553 54 54 00 and 0 707 54 54 00 or through the claim form on the website.
- Keep the damaged property until the insurer’s representative has inspected it.
Other takaful products
Besides property cover, Takaful CASCO and Takaful travel are available.
Legal basis
Takaful cover is provided in accordance with the Law of the Kyrgyz Republic "On Insurance and Insurance Activities" No. 89 of 29 April 2025 and SIO’s takaful rules.
Electronic specimen of the contract (insurance policy)
A specimen of the Takaful property (TDSI / DSIZI) insurance policy is available here: download PDF. The specimen contains sample data; the authenticity of a policy is verified via the QR code or the link printed at the bottom of the policy. It is published in accordance with Article 21, part 2, item 10 of the Law of the Kyrgyz Republic on Insurance and Insurance Activities.