Takaful Insurance and its Development Perspectives

Flavia Mirela Barna (), Miruna Nachescu and Victoria Seulean ()
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Flavia Mirela Barna: West University of Timisoara, Faculty of Economics and Business Administration, Finance Department
Victoria Seulean: West University of Timisoara, Faculty of Economics and Business Administration, Finance Department

Ovidius University Annals, Economic Sciences Series, 2015, vol. XV, issue 2, 370-375

Abstract: In the last 35 years, a new insurance system has emerged, a system that is completely different from the European or American one and is mainly based on the Muslim religion and on the Shari’ a law. Being at the border between the mutual associations and the classic insurance companies, the TAKAFUL insurance was born in the Muslim countries, where the classic insurance companies were unable to offer insurance policies that would have respected the rules of the Shari’ a (as demanded in the case of goods that were financed by the Islamic banks). In a very short time, this kind of insurance has extended its presence in other regions of the world and still has a high potential of growth. In the present paper we are explaining the main characteristics and principles under which it works, but we also underline the perspectives and threats of this form of protection, correlated with the risk management measures that classic insurances must prove (especially after the effects felt in the insurance business after the economic-financial crisis of 2008)

Keywords: Takaful insurances; operators regulatory measures (search for similar items in EconPapers)
JEL-codes: G22 (search for similar items in EconPapers)
Date: 2015
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