Turkey: Pact signed with business association to promote takaful
Source: Middle East Insurance Review | Jul 2021
The Bereket Insurance group has signed a cooperation protocol with the Independent Industrialists’ and Businessmen’s Association (MUSIAD) to promote and expand participation insurance, also known as takaful.MUSIAD chairman Abdurrahman Kaan and Bereket Insurance, Bereket Pension and Bereket Tekaful general manager Mahmut Gungor attended the signing ceremony, according to a report by Insurance Gazette.
Mr Kaan said that developments in the participation finance system in Turkey in recent years, especially with the encouragement of participation finance institutions and the opening of participation banks, will make a serious contribution to the development of takaful.
He said that the cooperation protocol signed with the Bereket Insurance group will create important awareness of takaful. “We believe that with this protocol, we will provide a serious benefit to the development of Islamic finance instruments in our country.”
Mr Gungor said that participation insurance is developing, with its products designed according to the risk sharing framework and solidarity principles for entrepreneurs and those who distance themselves from traditional insurance products for religious reasons.
The main shareholder of the Bereket Insurance group is Turkish Agricultural Credit Cooperatives. Bereket Takaful offers life, personal accident, motor and property damage insurance policies. The Turkish government introduced a takaful law in 2017 to foster participation insurance. M