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Analysis of business models of takaful-fund management

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

Journal: Finance and Credit, #6, 2018

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.


Takaful in the Russian insurance system

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

Journal: Finance and Credit, #20, 2017

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.


Analysis of Business Models for the Takaful Fund Management

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

Journal: Digest Finance, #3, 2018

Importance Whereas Takaful implies mutual guarantees, it does not contravene fundamental principles of Federal Law of November 29, 2007 № 286-ФЗ On Mutual Insurance as non-profit mutual insurance. The Takaful fund management mechanism does not dramatically diverge from the conventional European or American insurance. However, the implementation models differ significantly, laying the basis for this research.
Objectives The research substantiates Takaful fund management models in accordance with the effective Russian laws on insurance, and infers a more adequate model.
Methods The research involves analysis, synthesis, systematization, classification, generalization, comparative analysis of structure and systems approach.
Results I perform a comparative analysis of the existing business models for Takaful fund management. The article substantiates such models in terms of the effective Russian laws on insurance and introduces an adequate business model which would unfold the potential of Takaful in the insurance system of Russia.
Conclusions and Relevance If business models for Takaful fund management are implemented in accordance with the existing laws on insurance, this will lure the Muslim population into the insurance sector. Their participation in financial operations will contribute to the development of Islamic finance and overall financial market of Russia.


A Model of the Organizational and Economic Mechanism for Adopting and Implementing the Islamic Insurance in Russia

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

Journal: Digest Finance, #3, 2017

Importance Considering the challenges of recent years (political isolation, economic sanctions), Russia has to revisit the future development of entire sectors and its national strategy without receding, however, from the market economy principles. Those challenges turned the spotlight onto the financial system and insurance sector, in particular. Therefore, the takaful insurance and its types become an important financial institution.
Objectives I design an organizational and economic mechanism to introduce and implement the family takaful in Russia based on non-governmental pension funds.
Methods I apply methods of logical and comparative analysis to detect factors, advantages, shortcomings and problems determining how exactly the family takaful can be implemented in Russia.
Results The paper presents basic components of the organizational and economic mechanism of the family takaful implementation in Russia, underpins the need for its development, specifies its nature and sequence of actions to introduce the Islamic insurance in Russia. I offer a model of the organizational and economic mechanism for implementing the Islamic insurance in Russia and define its constituents.
Conclusions and Relevance The offered constituents of the organizational and economic mechanism represent sophisticated scientific and methodological tools for adopting the Islamic insurance in Russia and specify the key aspects of its functioning, including its tasks and objectives, participants, targets, principles and rules.


A model of organizational and economic mechanism of Islamic insurance implementation in Russia

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

Journal: Finance and Credit, #22, 2016

Importance The challenges of recent years (political isolation, economic sanctions imposed by the USA, the EU and others), which have forced to reconsider the vector of development of entire economic sectors and the country's strategy without receding, however, from the fundamentals of the market economy, turned the spotlight on the financial system, and insurance sector in particular. Therefore, takaful insurance as a financial institution is of special importance nowadays.
Objectives The aim is to develop an organizational and economic mechanism to introduce and implement the family takaful in Russia based on non-State pension funds.
Methods I apply methods of logical and comparative analysis to unveil factors, advantages, shortcomings and problems determining real opportunities of family takaful realization in Russia.
Results The paper presents basic elements of organizational and economic mechanism of family takaful implementation in Russia, underpins the need for its development, specifies its nature and sequence of actions to introduce Islamic insurance in Russia. I developed a model of organizational and economic mechanism of Islamic insurance realization in Russia and defined its elements.
Conclusions The offered elements of the organizational and economic mechanism represent sophisticated scientific and methodological tools for Islamic insurance introduction in Russia, specifying the key aspects of its functioning, including its tasks and objectives, subjects, objects, principles and rules.


Analyzing the potential regional demand for takaful services

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

Journal: Finance and Credit, #9, 2016

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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