Turkey: Takaful grew faster than conventional business in Jan-July

Source: Middle East Insurance Review | Oct 2019

Takaful in Turkey posted contributions of TRY1.92bn ($337.3m) in the first seven months of this year, representing a growth of 56.5%.

In comparison, data sent to the Turkey Insurance Association (TSB) by member companies show that the overall market premiums rose by 19.8% to TRY38.29bn over the same period. This means that Islamic insurance contributed around 5% of the total industry premiums, according to a report in Insurance Gazette.

Participation insurance, as takaful is called in Turkey, was launched as a separate class of business in the country after the issuance of a regulation published in the Official Gazette on 20 September 2017 by the General Directorate of Insurance.

Like conventional insurance, the largest branch in takaful in Turkey is motor which generated contributions of TRY791m in the first seven months of this year, an increase of 27% over the corresponding period in 2018. M

TYR1 = $0.18

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