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Understanding Takaful Practice in Turkey: A Regulatory Approach

Explore the concept of Takaful, originating from the Arabic word Kafalah, and its comparison to traditional insurance. Discover the regulatory framework governing Takaful in Turkey under the Insurance Law, highlighting its unique features and differences.

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Understanding Takaful Practice in Turkey: A Regulatory Approach

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  1. TAKAFUL PRACTICE IN TURKEY A Regulatory Approach

  2. TAKAFUL PRACTICE IN TURKEY What is Takaful ? Originates from the Arabic word Kafalah, which means "guaranteeing each other" or "joint guarantee". 2

  3. TAKAFUL PRACTICE IN TURKEY What is Insurance ? A risk management used to obtain coverage against the risk of a contingent, uncertain loss in exchange for payment, premium. 3

  4. TAKAFUL PRACTICE IN TURKEY • Regulating Takaful Business • A New version of insurance practice with conceptual differences • No need for a seperate Law • Regulated according to the Insurance Law 4

  5. thank you gokhan.karasu@hazine.gov.tr 5

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