Imagine you and your neighbors decide to chip in a little money into a shared piggy bank just in case someone's roof gets damaged by strong winds. If one neighbor's roof breaks, they take money from the piggy bank for repairs, and they don't have to pay a huge amount out of their own pocket. If nothing happens to anyone, the money stays in the piggy bank as a reserve for the future. Insurance works exactly the same way: many people pay small contributions to an insurance company so that if disaster strikes one of them, the company covers their large expenses.
Insurance is a financial tool that helps protect you from unforeseen expenses. It is based on a contract between you and an insurance company.
The mechanism of insurance relies on several key rules:
The process of interacting with an insurance company consists of several stages:
The question of the permissibility of insurance in Islam has long been a subject of discussion among Islamic scholars. Traditional commercial insurance was criticized for elements of uncertainty (gharar), usury (riba), and speculation (maysir), which are prohibited by Sharia. However, contemporary understanding reveals a more complex picture.
Progressive View: One of the leading Islamic scholars of the twentieth century, Dr. Mustafa Al-Zarqa, viewed insurance not as a simple contract, but as a system of mutual compensation based on Islamic principles of mutual assistance. He argued by analogy with the concept of "al-aqilah"—the traditional Islamic system of collective responsibility. His position gained support among contemporary Islamic economists and jurists.
Official Recognition: The International Islamic Fiqh Academy (IIFA) in its 2005 resolution recognized medical insurance as permissible (halal) provided it is arranged through an Islamic insurance company that observes Sharia criteria. This official recognition became a turning point in the understanding of insurance in Islam.
Aziz from Tashkent did an expensive renovation, but a month later, the neighbors upstairs forgot to turn off the tap, and the water ruined the ceiling and walls, causing 15 million soums in damage.
Since Aziz had taken out apartment insurance in advance, the insurance company assessed the damage and fully paid him 15 million soums to restore the renovation.
Malika from Samarkand went on vacation abroad, where her appendix suddenly became inflamed, requiring an urgent operation costing $3,000.
Malika had travel insurance, so the insurance company covered all the costs of the operation and hospital stay, saving her a huge amount of money.
Rustam from Bukhara decided to save money and did not renew the voluntary insurance on his new car, and a week later he accidentally crashed into a pole, damaging the bumper and headlight for 8 million soums.
Since he did not have a CASCO policy, Rustam had to pay for all the repairs from his own savings, which turned out to be much more expensive than the cost of the insurance itself.
This is a road incident in which harm was caused to people, vehicles, roads, structures, or other property.
This is a simplified procedure for recording a traffic accident without calling traffic police, when the drivers themselves document the circumstances for insurance settlement.
KASKO is insurance that protects not someone else’s car, but your own. Put very simply, it is like a financial safety cushion for your vehicle: if there is an accident, a broken window, parking damage, a fallen tree, or even theft, the insurance company can take on part of the big expenses. The main idea is simple: KASKO helps you avoid facing major car-related costs alone.
Motor third-party liability is your responsibility to other people if, because of your actions on the road, their car, property, health, or life is harmed. Put simply, it is a rule for situations where a driving mistake leads to someone else’s loss. The main idea is simple: this responsibility exists so that the injured party is not left without compensation, and the driver at fault does not have to handle everything alone out of pocket.
Insurance for a car loan is protection connected not just with the car itself, but with buying that car on credit. Put very simply, the bank gives money for the vehicle and wants to be sure that both the car and the repayment process remain protected. That is why insurance often comes together with a car loan: it helps reduce risks both for the bank and for the borrower if something serious happens to the car.
This is a modular car insurance product in which the vehicle owner chooses which parts of the car and which risks to insure.
Our experts will help you choose the best insurance coverage
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