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Finance and Credit
 

Takaful in the Russian insurance system

Vol. 23, Iss. 20, MAY 2017

PDF  Article PDF Version

Received: 7 April 2017

Received in revised form: 24 April 2017

Accepted: 11 May 2017

Available online: 29 May 2017

Subject Heading: Insurance

JEL Classification: F33, G21

Pages: 1196-1212

https://doi.org/10.24891/fc.23.20.1196

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

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.

Keywords: takaful, potential, insurance market, scenario

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