The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan outlined plans to develop an Islamic window mechanism that would allow existing insurers to offer takaful products without establishing a separate insurance company. The initiative forms part of the Insurance Market Development Program through 2030 and seeks to address barriers that have prevented widespread use of Islamic insurance despite a legislative framework being in place since 2015. Islamic insurance operations would remain separate from conventional business through distinct accounting for participant funds, assets, liabilities, income and expenses. Takaful fund assets would be invested in accordance with Sharia principles, with Islamic windows subject to Sharia governance and regulatory oversight. Products would be introduced in stages based on demand and market readiness, potentially starting with life, accident, motor, travel and medical insurance before expanding to savings, critical illness, property, liability, investment, pension and corporate products.
2026-09-23Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan plans Islamic insurance windows for existing insurers
Kazakhstan’s financial market regulator plans to develop Islamic insurance windows that would let existing insurers offer takaful products without creating separate companies. The operations would require segregated accounts, Sharia compliant investment and governance, and regulatory oversight. Products could be introduced progressively, beginning with core family and general takaful coverage.