O‘ZBEKISTON SUG‘URTA BOZORIDA TAKAFUL OPERATORLARINI TATBIQ ETISHNING MOLIYAVIY MODELI: MUZORABA VA VAKALA YONDASHUVLARI QIYOSI
Keywords:
takaful, vakala, muzoraba, gibrid model, ishtirokchilar fondi, tabarru’, qarzi hasana, ortiqcha mablag‘, zarar koeffitsienti, sezuvchanlik tahliliAbstract
Maqolada O‘zbekiston sug‘urta bozorida takaful operatorining moliyaviy modelini tanlash masalasi tadqiq etilgan. Muallif tomonidan sof vakala, sof muzoraba va gibrid modellar uchun pul oqimlarining formal spetsifikatsiyasi ishlab chiqilib, parametrlar bazaviy ssenariyda operatorning yalpi daromadi uch modelda ham tenglashadigan qilib kalibrlangan; model milliy sug‘urta bozorining 2025-yildagi haqiqiy ko‘rsatkichlariga asoslangan. Natijalar shuni ko‘rsatadiki, taqqoslanuvchi shartlarda uchala model bazaviy ssenariyda amalda bir xil natija beradi — model tanlovi samaradorlik emas, balki risklarni taqsimlash masalasidir. Stress sharoitida esa modellar keskin ajraladi: vakala va gibridda operatorning foydasi zarar koeffitsientidan mustaqil bo‘lib qoladi, muzorabada operator 43,9 foizdan boshlab zarar ko‘radi; ishtirokchilar fondi esa vakalada 80,6 foizda, muzorabada 107,5 foizda taqchillikka uchraydi. Ayni paytda qarzi hasana majburiyati hisobga olinganda tartib qisman teskarilanadi: 90 foizli zarar koeffitsientida muzoraba operatorining pul yo‘qotishi vakala operatorinikidan 5,8 barobar katta. Investitsiya daromadliligi 15,0 foizdan
8,0 foizga tushganda eng katta zarar gibrid modelda (–23,6 foiz) kuzatiladi. O‘zbekistonda sukuk va islomiy depozit bozori shakllanmagani hisobga olinib, bozorga kirishning dastlabki bosqichi uchun ju’ala rag‘batlantiruvchi haqi bilan to‘ldirilgan vakala modeli asoslab berilgan
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