Takaful Insurance Companies
Number of takaful insurance companies have been increasing especially in the Middle East recently. Some of these companies are takaful- centred only, but some offer takaful products besides classical insurance products.
Most developed interest-free insurance system has been in Malaysia, although first applications of them started in Sudan, in 1979. It is being acted in some countries such as Egypt, Algeria, Ürdün, Tunusia, Saudi Arabia, Kuwait, Bahrain, Senegal and Singapur, besides Malaysia. According to a research of Moody’s Investment Service, Islamic Insurance Sector are going to reach at 7.5 billion dollars up to 2015, because of increasing demand. English HSBC, German Allianz and USA centred AIG Insurance offer takaful assurance to their customers in Gulf Countries as well, besides Arabic Companies.
As some of takaful companies have been established to offer takaful products, some have been working as takaful branches of big insurance groups. For example: Takaful Malaysia is a company which has been established for only takaful insurance.
On the other hand, Allianz Takaful which has been working in Bahrain, is a takaful company of famous German insurance companies group. In the same way, famous Reasurans company, Swiss Re has a satellite firm called Swiss Retakaful which offers retakaful service.
First takaful insurance company in Turkey, titled as Neova Insurance A.Ş. started to work, in 2010 with partnership of our bank. partnership structure of above mentioned company as follow:
* Turkapital Holding B.S.C.C. 53.00 %;
* First takaful Insurance Company K.S.C. 35.00 %;
* Kuveyt Türk Katılım Bankası A.Ş. 7.00 %;
* Al-Muthanna Investment Company (K.S.C.C.) 5.00 %;
* Autoland Otomotiv Sanayi ve Ticaret A.Ş. 0.0003 %.