Turkey's share of global Islamic insurance market expands

Source: Middle East Insurance Review | Dec 2019

Turkey’s share in the global Islamic insurance market has jumped from a mere 1.5% in 2014 to 5% in 2019, according to a report released by the Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC).

Mr Yusuf Dinc, who teaches Islamic economics and finance in Istanbul Sabahattin Zaim University, estimates the market size of global Islamic insurance sector to be $28bn.

There are currently four takaful operators and eight conventional insurance companies with takaful windows in Turkey, he told Anadolu Agency.

The 11th Development Plan of the Turkish government, introduced in July 2019, states that strategic investments will be made in this field, he said.

The Regulation on the Operational Procedures and Principles of Participation Insurances entered into force on 20 December 2017. The regulation aims to provide a formal legal framework for takaful, which was already available in the market before the regulation was implemented. M

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