Subject In world practice, Islamic insurance is promptly developing. Islamic insurance (takaful) has considerable potential for its realization in Russia. The potential of takaful includes, first of all, a considerable share of Muslim population in the country. Objectives The purpose of the research is to analyze the condition of the insurance market of the region (the Chechen Republic as a case study) and justify the potential of takaful development. Methods The methodology of the research draws on the methods of systems analysis, statistical and economic analysis. Results The article provides a complex justification of the possibility of takaful development in the region's economy (the Chechen Republic as a case study). It reviews the status and tendencies of the insurance services market of the region, structures the effects of formation and development of takaful in Russia, underpins major scenarios of takaful development in the coming years. The findings may be useful for insurance companies implementing their development strategy in regions, and insurance market policy-makers. Conclusions The development of takaful in Russia requires improving the legal base, including the civil, tax, banking and insurance legislation. The introduction of the institution of takaful in regions will contribute to a number of social and economic effects. Under the external restrictions, these effects will provide the additional impetus for national and regional economy development.
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