Bakay Insurance enters the market with a new product — takaful

The Kyrgyz insurance market has gained a new player in the Islamic insurance segment. Last week, the Financial Market Regulation and Supervision Service issued a license to Bakai Insurance CJSC to conduct insurance activities based on takaful principles.

The company is a subsidiary of Bakai Bank and has a registered capital of 200 million KGS. Obtaining the license means an expansion of the insurance model.

Bakay Insurance's entry into the takaful segment expands the offering for customers focused on Islamic financial instruments. It also reflects the formation of an alternative financial infrastructure in Kyrgyzstan focused on ethical and religious principles of doing business.

The company was registered in December 2023 and has already formed a basic portfolio of traditional insurance services. Prior to obtaining a license for Islamic insurance, Bakai Insurance had permits for 16 types of property insurance, including insurance for real estate, motor vehicles, cargo, equipment, and aircraft.