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• W2605261648 abstract "Islamic insurance, which dates back to Hamurabi laws in B.C. 1800, depends on contracts made with companies specialized in this field which aim to minimize/eliminate risks and form a type of assurance at the cost of a prepaid premium. Although insurance as a sector has developed as expected in the West since the beginning, it didn’t take much place in Muslim nations due to Islam’s orders and bans for a long time. Since current insurance system and its workings are incompatible with Islamic trade law principles and consists of interest, ambiguity and a game of chance, Islamic scholars do not consider it permissible. Nevertheless, contemporary needs and the low level of insurance premiums with respect to the national income in Muslim countries in 1970’s resulted in alternative insurance methods and takaful was born. OIC approved takaful in 1980’s. Takaful is defined as Islamic insurance in today’s world terminologically and is based on cooperation and sharing. It diverts itself from conventional insurance as risk is shared with respect to the Islamic rules and the assets are utilized with respect to the Islamic banking principles. Takaful is a cooperative system and a non-profit organization. Takaful can be applied in three different ways. These can be done by insured ones who don’t aim profit maximization coming together and forming a cooperative insurance, insurance companies utilizing their assets in Islamic finance instruments, and the last insurance model where loss and liabilities are divided by respective contributions from participants themselves. These applications became diverse as the needs of countries and regions changed in time. Takaful plays an important role as the insurance sectors are developing in the Far and the Middle East and expected to grow at a higher rate as the market for it expands. Turkey first met “takaful” in 2010, under the name of “Islamic Insurance”. From a legal perspective, there are no distinct laws regarding takaful system and its application in Turkey. However, in a legal framework, neither assets in Islamic banks nor takaful principles regarding the insurance regulations forbid takaful principles from implementation. The law no. 5684 which came into force this year enables coopeartives to carry out insurance operations, whereas until 2007 only joint stock companies were allowed to undertake insurance activities. Neova is the first company to adapt takaful as an insurance company. Active insurance companies which act with respect to takaful utilize a majority of their collected assets on participation accounts. With the recent diversifications in Islamic finance instruments, takaful insurance companies have seen a wide array of potential invesment tools. Islamic insurance sector in Turkey is a developing one and expect to have a high grow rate. Islamic nonprofit instruments, like Islamic nonproift investment tools and Islamic insurance services are expected to gain a lot more attention from sensitive investors and from those foreign investors who like to diversify their portfolio, resulting in an increased number of banks and new bank being intoduced from the Bay area. A considerable amount of investors are not in the current financial system because of this lack of Islamic instruments. This study aims to discuss the definition of insurance, its history, its types and its applications along with the importance of this financial system which started to develop in the last 20 years in Turkey and its strengths and weaknesses, opportunities and threats with the help of a SWOT analysis." @default.
• W2605261648 created "2017-04-14" @default.
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• W2605261648 date "2017-03-28" @default.
• W2605261648 modified "2023-09-23" @default.
• W2605261648 title "PARTICIPATION (TEKAFUL) INSURANCE AND DEVELOPMENT IN TURKEY" @default.
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