New law governing Takaful insurance

The Turkish government has introduced a new law to regulate Takaful insurance business. This initiative will foster the development of this business, offering, inter alia, an alternative for individuals who abstain from underwriting a classical insurance policy, deemed inconsistent with religious requirements.

Turkey currently accounts for eight insurance companies providing this kind of coverage. Experts are expecting Islamic insurance to account for 10% of market shares by 2023.

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