Subject Every law-abiding citizen of any civilized State is involved in insurance transactions, i.e. pension, social, obligatory or voluntary medical insurance, etc. Regular contributions to insurance funds enable to create a system of social guarantees for the population. Takaful (Islamic insurance) can provide a necessary variety of the Russian insurance market. Objectives The research aims to assess and analyze the insurance market of the region, to underpin the need for introducing the takaful into Russian regions and its development prospects. Methods Using a graphic method and the method for time series processing, I analyzed various aspects of takaful in the Chechen Republic, the share and growth rates of the Russian voluntary insurance market, social, economic and legal advantages and disadvantages of Islamic insurance implementation in Russian regions. Results The questionnaire survey involving 310 respondents (working category of citizens from 18 to 59 years old, mainly urbanites with average income) revealed the demand for insurance services in the Chechen Republic, prevalence of obligatory type of insurance, and a vague idea of takaful possibilities. It was found that if there is an alternative choice of insurance services and necessary information, the number of takaful supporters may increase considerably. Conclusions The Chechen Republic has an appropriate market environment for takaful introduction, i.e. the presence of solvent groups of population, low level of competitive insurance products (mainly voluntary forms of insurance), a rather high level of population devoutness, and the need for takaful products.
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