Analysis and development perspectives of the takaful market

Takaful is a system in which policyholders create a special insurance fund at their own expense to ensure mutual financial protection from certain adverse events in life. In case of occurrence of the specified adverse event for any of the participants, the insurance indemnity is paid from the fund, i.e. participants in the insurance fund share all risks and losses among themselves. In case of insufficient funds, the participants shall be jointly and severally liable for its coverage at the expense of their own (additional) funds. The profit of the Islamic insurance organization is formed on the basis of the type of selected management model of takaful fund.The article is devoted to the development of the Islamic insurance system in several countries. The article analyzes the experience of such states as Sudan, Saudi Arabia, Malaysia. These states are pioneers in the development of Islamic insurance. In each country, the original experience of Islamic insurance has been accumulated, there are significant differences in the legal regulation of the status and activities of insurers using the principles of takaful in their work. According to the analysis conducted in the article, the undisputed leader of Islamic insurance is Saudi Arabia, which occupies half of this market, followed by the countries of the South Persian Gulf and East Asia. According to recent analytics in the Global Directory of Takaful 2019, the total number of Takaful establishments is estimated at 306, including the Retakaful and Takaful windows offering Takaful products in at least 45 countries.

Islamic finance, insurance, takaful, management model, analysis, insurance fund, risks, исламдық қаржыландыру, сақтандыру, такафул, басқару моделі, талдау, сақтандыру қоры, тәуекелдер, исламские финансы, страхование, такафул, модель управления, анализ, страховой фонд, риски

1. Интернет-источник: официальный сайт ТОО «Istisna’a Corporation»: http://www.istisna.kz.

2. See Swiss Re Sigma, World Insurance in 2017, № 3, 2018, p. 7: https://www.marketwatch.com.

3. Saudi Arabian Monetary Authority Annual Report, 2018: https://www.meinsurancereview.com.

4. Islamic Financial Services Board, 2019.

5. Официальный сайт ОВС «Халалное страхование «Такафул»: http://takaful-kz.narod.ru/index/0-39.