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Participation Insurance

WHAT IS PARTICIPATION INSURANCE?

Participation insurance refers to the insurance activities carried out which are in accordance with the principles of participation. In short, participation insurance is insurance which works according to the method of aid and solidarity. In participation insurance, contribution premiums of the insured persons are collected in a pool called the mutual aid and solidarity fund or risk fund, and the losses incurred by the participants (policy holders) are compensated from this pool.

The basic principles of the Participation Insurance System can be listed as follows;

Finding the element/purpose of solidarity,

The ownership of the premium pool, where the premiums are collected, belongs to the policy holders, not the operator company,

The legal relationship between the insured persons and the operator company consists of a service (power of attorney) relationship,

The premiums collected from the insured and the company's equity are invested in interest-free products such as participation banks, sukuk, the BIST participation index, precious metals, foreign currency, etc. in different pools,

Insurance coverage is not provided for economic assets which are not compatible with the principles of Islamic finance.

Participation Principles: These refer to the procedures and principles determined by the advisory committee on the basis of the relevant provisions in order to ensure that insurance or private pension activities are carried out within the framework of the "Regulation on Insurance and Private Pension Activities within the Framework of Participation Principles".

Organization: The term refers to the Agricultural Insurances Pool, which provides products and services through the companies which hold participation-based products or services or operate within the framework of the provisions of the "Regulation on Insurance and Private Pension Activities within the Framework of Participation Principles", and the Turkish Catastrophe Insurance Pool (the TCIP), the Assurance Account performing its duties with the contributions coming from the said companies, the Turkish Motor Vehicles Bureau and other relevant pools, funds, accounts and the company holding them under its responsibility.

Participation Pool: The pool where financial assets arising from participation-based activities are managed within the framework of participation principles.

Participation Reinsurance: The guarantees provided to cover the risks to the Participation Pool created within the scope of Participation Insurance within the framework of participation principles.

Advisory Committee: The committee responsible for ensuring the execution of insurance and private pension activities within the framework of participation principles.

PARTICIPATION INSURANCE LEGISLATION

The regulation on Insurance and Private Pension Activities within the Framework of Participation Principles

Circular on Participation-Based Insurance and Private Pension Activities

WHERE CAN I OBTAIN A PARTICIPATION BASED EARTHQUAKE INSURANCE POLICY?

Participation Based Compulsory Earthquake Insurance policies may be purchased from the following companies.

Bereket Sigorta A.Ş.

Neova Sigorta A.Ş.

PARTICIPATION INSURANCE AUTHORIZATION DOCUMENTS

Participation Insurance Authorization Document

Reinsurance Authorization Document

ADVISORY COMMITTEE

Advisory Committee Member Information

The TCIP receives its Advisory Committee service from the Islamic Economics Research Foundation (IKTISAT). The Chairman of the Advisory Committee is Prof. Dr. Servet BAYINDIR.

Brief CVs of the Advisory Committee members:

Prof. Dr. Servet BAYINDIR (Chairman of the Advisory Committee)

Mr. Servet Bayındır was born in 1965 in Erzurum. He graduated from the Faculty of Theology at Marmara University in 1993 and the Faculty of Economics at Anadolu University in 2005. He completed a master's degree at Marmara University in 1995 with a thesis entitled "The Evaluation of Private Finance Institutions in Terms of Islamic Law" and went on to complete a doctorate with his thesis entitled "The Place of Interest-Free Banking Transactions in Islamic Jurisprudence (Fiqh)" (2004). He read Arabic at the University of Jordan for eight months (2002-2003), going on to graduate from the INCEIF institute in Malaysia, completing a program entitled the Certificate of Islamic Finance (the CIFP) (2008-2010), with which he completed his second master's degree after his doctorate.

He received the title of Associate Professor in 2008 and Professor in 2014 with his studies in Islamic economics and finance. He established the Department of Islamic Economics and Finance at the Istanbul University and he served as the Head of the Department for three years. He founded the Islamic Economics Research Foundation (IKTİSAT) (2019). He served as a member of the Advisory Committee in various participation banks and insurance companies.

Mr. Servet Bayındır is currently working as a lecturer in the field of Islamic Law and Islamic Economics and Finance at the Faculty of Theology at Istanbul University.

Dr. Fatih ORUM (Deputy Chairman of the Advisory Committee)

Born in Eskişehir in 1975, Dr. Fatih Orum graduated from the Faculty of Theology at Marmara University in 2000.

He completed a doctorate on Basic Islamic Sciences and Islamic Law at the Social Sciences Institute at Istanbul University.

He has taught Religious Culture and Ethics in various schools and served as a lecturer in Faculty of Theology, Basic Islamic Sciences and Islamic Law Istanbul University.

Dr. Yahya ŞENOL (Member of the Advisory Committee)

Born in 1980 in Istanbul, Mr. Şenol graduated from the Faculty of Theology at Istanbul University in 2003. Mr. Şenol went on to complete a master's degree from the Department of Islamic Law at the Social Sciences Institute at Istanbul University in 2007 before completing a doctorate on Halal Food in the same department from the same university in 2013. Mr. Şenol is the editor of the www.fetva.net website and gives seminars on Islamic Worship Principles, Islamic Law and Current issues in the area of Fiqh at the Süleymaniye Foundation Distance Seminar Centre (SUSEM).

(Doctoral Candidate) Serdar ÖZALP (Member of the Advisory Committee)

Serdar Özalp was born in Ağrı in 1991. He graduated from the Faculty of Theology at the Istanbul University, in 2013. He went on to complete a master's degree, also at the Istanbul University, in 2016 with a thesis entitled "Evaluation of Short Selling Transactions on the Stock Exchange in terms of Islamic Law". Mr. Serdar Özalp is still working at Istanbul University, where he is a doctoral student and research assistant in the Department of Basic Islamic Sciences within the Institute of Social Sciences.

Mr. Ömer Mahmut KUZANLI (Rapporteur of the Advisory Committee)

Mr. Ömer Mahmut Kuzanlı was born in Istanbul in 1968. Mr. Kuzanlı, who graduated from Istanbul Boy’s High School and the Faculty of Business Administration at Istanbul University, is still continuing his postgraduate education with a thesis at the Department of Islamic Economics and Finance at Istanbul University. His career, which started at Global Securities in 1991, continued where he served as a senior manager in various brokerage institutions. He still works as an Honorary Rapporteur at the Islamic Economics Research Foundation (İKTİSAT). Mr. Kuzanlı holds the Interest-Free Banking Principles and Standards Compliance and Audit Certificate issued by the TKBB (the Participation Banks Association of Turkey) and the Capital Market Activities Level 1, 2, 3 and Derivative Instruments Licenses. He speaks German and English.

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