Finance and Credit
 

Analysis of business models of takaful-fund management

Vol. 24, Iss. 6, JUNE 2018

Received: 10 May 2018

Received in revised form: 24 May 2018

Accepted: 7 June 2018

Available online: 30 June 2018

Subject Heading: Insurance

JEL Classification: G22

Pages: 1366—1385

https://doi.org/10.24891/fc.24.6.1366

Magomadova M.M. Chechen State University, Grozny, Chechnya, Russian Federation
madina.magomadova@mail.ru

https://orcid.org/0000-0002-8049-2054

Importance The article deals with takaful-fund as a financial institution operating with respect for the Islamic principles in economy. Its realization doesn't contradict the basic provisions of the Federal law "About Mutual Insurance". However, the takaful-fund mechanisms have essential differences from the European or American insurance models.
Objectives The research objectives are justification of management models of takaful-fund within the existing Russian insurance legislation and development of a most adequate model.
Methods The work draws on methods of analysis, synthesis, systematization, classification, generalization, comparative structural analysis and system approach to formation of models of management of insurance fund.
Results The paper provides a comparative analysis of the available business models of takaful-fund management. The author develops an adequate business model allowing to open the possibilities of takaful in the Russian insurance system.
Conclusions and Relevance Development of business models of takaful-fund management will allow to attract Muslim population into insurance business. Their participation in financial transactions can promote both Islamic finance, and the financial market of Russia in general.

Keywords: takaful-fund, mechanism, Wakalah, mudaraba, management

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