Islamic Insurance and European Union Legal Framework

Ciro G. Corvese ()
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Ciro G. Corvese: University of Siena

Chapter Chapter 3 in Islamic Finance in Europe, 2019, pp 47-76 from Palgrave Macmillan

Abstract: Abstract The author intends to shed light on the problems that exist when a Takāful insurance decides to provide its services within the European Union markets. Given that there are no single specific rules issued by European legislation concerning Takāful, this chapter intends to verify if European insurance legislation deals with organisational structures similar to Takāful ones, and for which that legislation offers special rules that in such a way respect the Shari’a-compliant principles applicable to Takāful. The chapter is divided into three parts. After an introduction, the second part is dedicated to analysing the European insurance legislation by placing the focus mainly on the long harmonisation process of Member States’ insurance regulations and on new directives regarding capital requirements and distribution of insurance products. The third part highlights what the features of Takāful are. The author tries to locate within the European insurance legislation an organisational structure which provides for a specific discipline that can meet the principles and architecture underpinning the Takāful.

Keywords: Islamic insurance; Takāful; Solvency II directive; IDD; EU passport; Mutual insurance (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psibcp:978-3-030-04094-9_3

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DOI: 10.1007/978-3-030-04094-9_3

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