Development of Takaful in the Russian insurance system

Abstract

Subject. We consider the specifics and trends in takaful development in the conditions of the modern Russian insurance market. Objectives. The aim is to show the possibilities of takaful in the Russian insurance system, provide a brief analysis of limitations, problems and prospects for its functioning Methods. The study rests on analysis, comparison, induction and deduction, logical method, and others. Results. The need for the development of takaful in our country resulted from the fact that there is an increase in the number of Muslims, making up more than 20 percent of the population. This is indicative of prospects for growth. Furthermore, a positive trend contributing to the development of takaful is the significant volume of the property and personal insurance market in Russia, as these types of insurance are implemented in takaful in accordance with Sharia, or Islamic law. The findings can be useful for ministries and departments, management of insurance organizations and development institutions, investment, microfinance, leasing and consulting companies, financial and industrial groups, and large banks interested in providing insurance services and attracting or placing capital in accordance with Islamic financial principles. Conclusions. Thanks to takaful, the individuals of the Islamic faith have the opportunity to meet such financial needs as insurance, thereby complementing the insurance market as a whole.