Developing Mechanisms for the Takaful Insurance Market in Uzbekistan: An Econometric Analysis of the Risk Profile of the Apex Takaful Portfolio

This article examines mechanisms for developing the takaful (Islamic insurance) market in Uzbekistan based on the operations of APEX Takaful during 2021–2025. The dynamics of insurance contributions, claims, liabilities, and the number of contracts across insurance classes are assessed using structural analysis, the Herfindahl–Hirschman Index (HHI), Pearson correlation analysis, and panel ordinary least squares (OLS) regression. The results indicate that the quantitative growth of the portfolio has been accompanied by a pronounced structural imbalance: the sickness insurance class accounts for 12.39% of total contributions but 69.36% of total insurance liabilities, while its loss ratio has reached 82.61%. Based on the findings, the study proposes a Takaful Underwriting Portfolio Risk-Profile Matrix and develops recommendations aimed at strengthening the stability of the tabarru fund.