News Middle East30 Sep 2020

Turkey:Finance Minister upbeat about growth of participation insurance

| 30 Sep 2020

Minister of Treasury and Finance Berat Albayrak has said that international standards in the field of participation finance will be complied with and participation insurance will be expanded.

He added that work on participation reinsurance had been completed. He said, “We will witness a huge change in the next three years in the field of participation finance / banking.

Mr Albayrak was speaking during the presentation yesterday of the government’s New Economic Programme for the 2021-2023 period.

He said that importance will be given to participation insurance (takaful) and participation reinsurance practices.

As per the Participation Insurance Regulation, participation insurance is defined as the type of insurance which is based on joint risk participation and cooperation where the participants contribute to the risk fund, which is established to ensure the fulfilment of the compensation and/or saving payment requests of the participants and which is managed by an insurance company, in accordance with participation finance principles. The participation insurance system was introduced in Turkey in 2017.

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