An Overview on Window Model in Participation Insurance (Takaful) System

Yasin Laçi̇nbala and Hilmi Ünsal

Sosyoekonomi Journal, 2019, issue 27(42)

Abstract: There are two essential systems for participation insurance, which is based on mutual assistance and voluntary contribution: “full-fledged takaful system” and “window takaful system”. The full-fledged takaful firms do not carry out non Shari’ah compliant insurance activities. In the window system, conventional insurance firms offer Shari’ah compliant products together with conventional products. In this study, the pros and cons of the window model together with some country practices and the legal structure for window model in Turkey are presented. Moreover, this study concludes that enabling the window model will be beneficial to Turkish insurance sector both in the short and the medium terms.

JEL-codes: F65 G22 G28 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:sos:sosjrn:190410

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