+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






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


Magomadova M.M. Chechen State University, Grozny, Chechnya, Russian Federation


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


  1. Larionov V.G., Skrypnikova M.N. [Fundamentals of insurance classification]. Rossiiskoe predprinimatel'stvo = Russian Journal of Entrepreneurship, 2001, no. 1, pp. 49–52. URL: Link (In Russ.)
  2. Akhvlediani Yu.T. [Insurance mechanisms for the protection of consumer rights]. Strakhovoe delo, 2016, no. 11, pp. 31–35. (In Russ.)
  3. Chigasova N.A. [Basic principles of insurance classification]. Vestnik TISBI, 2005, no. 2. URL: Link (In Russ.)
  4. Sadykova L.M., Korobeinikova E.V. [Classification criteria insurance product]. Vestnik Orenburgskogo gosudarstvennogo universiteta = Vestnik of Orenburg State University, 2014, no. 8, pp. 169–174. URL: Link (In Russ.)
  5. Rodin R.S. [On the order of conclusion, amendment and termination of the property insurance contract]. Vestnik ekonomicheskoi bezopasnosti, 2016, no. 3, pp. 176–177. URL: Link (In Russ.)
  6. Khominich I.P. [Russian insurance market on the conditions of reforms of the financial regulator]. Bankovskie uslugi = Banking Services, 2013, no. 7, pp. 32–37. URL: Link (In Russ.)
  7. Shor I.M. [Process approach to financial resources formation of insurance companies]. Vestnik Volgogradskogo gosudarstvennogo universiteta. Seriya 3: Ekonomika. Ekologiya = Science Journal of VolSU. Global Economic System, 2013, no. 1, pp. 187–195. URL: Link (In Russ.)
  8. Knyazeva E.G. [Theoretical and methodological basis of categoric insurance]. Fundamental'nye issledovaniya = Fundamental Research, 2007, no. 12, pp. 315–316. URL: Link (In Russ.)
  9. Fukina S.P. [Features of the organization of Islamic insurance and prospects of its introduction into the insurance market of Russia]. Vestnik Astrakhanskogo gosudarstvennogo tekhnicheskogo universiteta. Seriya: Ekonomika = Vestnik of Astrakhan State Technical University. Series. Economics, 2014, no. 1, pp. 108–116. (In Russ.)
  10. Sholoiko A.S. [Features of takaful insurance]. Ekonomika i banki = Economy and Banks, 2016, no. 1, pp. 33–39. URL: Link (In Russ.)
  11. Umarov Kh.S. [On the Islamic insurance "takaful"]. Strakhovoe delo, 2014, no. 4, pp. 47–53. (In Russ.)
  12. Magomadova M.M., Isaeva E.A. [Evaluation of the market prospects for islamic insurance (takaful) in Russia and in the north caucasus regions (the Chechen republic example)]. Vestnik Tverskogo gosudarstvennogo universiteta, 2015, no. 3, pp. 225–233. (In Russ.) URL: Link
  13. Magomadova M.M. Implementation of Takaful Insurance System in the Russian Federation and its Future. Middle-East Journal of Scientific Research, 2013, vol. 16, iss. 9, pp. 1178–1182. URL: Link
  14. Logvinova I.L. [Genesis of mutual insurance]. Ekonomicheskie nauki = Economic Sciences, 2010, no. 65, pp. 69–78. (In Russ.)

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 29, Iss. 5
May 2023