A cooperation protocol was signed between the Independent Industrialists and Businessmen Association (MÜSİAD) and the Bereket Insurance Group with the aim of introducing and disseminating participation insurance, also known as "takaful insurance".
The signing ceremony held at the MÜSİAD Head Office took place with the participation of MÜSİAD President Abdurrahman Kaan and Mahmut Güngör, General Manager of Bereket Insurance, Bereket Pension and Bereket Takaful.
Speaking at the ceremony, MÜSİAD President Kaan touched upon the importance of takaful insurance and emphasized the importance of the culture of solidarity that this concept contains. Stating that takaful insurance is a mutual type of insurance carried out through the method of mutual assistance, Kaan said:
"The aim here is to ensure solidarity and mutual assistance among the persons included in this insurance. Indeed, in this system, unlike classical insurance, the premiums collected in the donation (tabarru) system are taken as contributions and gathered in a pool. If damage occurs, this accumulated amount is used to eliminate the loss of the aggrieved policyholder. With these qualities, it is possible to say that takaful insurance is in a position to be used as a highly important alternative risk management system in Türkiye. Global takaful assets, which have reached a level of approximately USD 50 billion, are increasing their share and importance among all Islamic Finance assets with each passing day. Together with this, when evaluated alongside our vision and mission concerning the dissemination of interest-free finance instruments as a part of the Islamic Finance ecosystem, we need to increase the importance we attach to takaful insurance."
Kaan expressed that the developments experienced in our country in recent years concerning the participation finance system, above all the encouragement of participation finance institutions in recent years and the opening of participation banks by the state, will make a serious contribution to the development of takaful insurance.
Stating that they believe this cooperation carried out with the Bereket Insurance Group will create important awareness, Kaan said: "With this protocol, which aims to increase the awareness of our MÜSİAD member companies towards takaful insurance, to make announcements and promotions concerning Bereket Insurance Group products in this context, and to enable the products in question to be used at a discount by MÜSİAD members, we believe that we will provide a serious benefit to the development of Islamic Finance instruments in our country."
"Participation insurance has an important response in our society"
Güngör, General Manager of Bereket Insurance, Bereket Pension and Bereket Takaful, for his part said: "We see that participation insurance, which is implemented in many countries of the world in line with developing economic and commercial conditions, which has foundations from both an economic and a religious point of view, and which places mutual assistance and sharing at its centre, has an important response in our society."
Güngör reported that participation insurance, with its products designed within the framework of the principles of risk sharing and solidarity for entrepreneurs and for those who take a distanced approach to traditional insurance products on religious grounds, is developing with each passing day.
Touching on the fact that the deepening of participation insurance, which has a share of 5 percent in the sector, through the products to be developed is important for the development of the financial markets, Güngör said:
"With the goal of turning Türkiye into a 'global interest-free finance centre' with its developed financial infrastructure, young population, qualified labour force and geopolitical position, and with the vision of contributing to the development of the financial markets, the steps of a strong cooperation between MÜSİAD and the Bereket Insurance Group have been taken so that the participation finance ecosystem may deepen and participation insurance may spread to the grassroots. We believe that this cooperation protocol will make an important contribution to the development and dissemination of participation insurance. On this occasion, we hope that the initiative we have launched today will be auspicious above all for our beautiful country, for Türkiye Agricultural Credit Cooperatives, our main shareholder, for the insurance sector and for the members of MÜSİAD, one of our country's leading business world organizations."
With the protocol, the development and dissemination of takaful (participation insurance) is targeted. Within the scope of the cooperation, it is also targeted that all insurance products belonging to the Bereket Insurance Group be introduced to MÜSİAD members and that special opportunities be created for members through various campaigns in this field. Within the scope of the cooperation protocol, a Personal Accident Insurance Policy issued by Bereket Insurance was presented to Kaan by Güngör.
Also present at the ceremony were Ünsal Sözbir, Chairman of the MÜSİAD Risk Management and Insurance Systems Committee, Muhammet Ali Özeken, Chairman of the New Tourism Resources and Investments Committee, İlhan Bilgili, Chairman of the Transport Vehicles Industry Committee, Faruk İbrahim Özbek, Chairman of the Member Relations and Member Admission Committee, and Yunus Furkan Akbal, President of Young MÜSİAD, together with Faruk Gökçen, Deputy General Manager of Bereket Insurance, Nil Yazıcı, Marketing Manager, Pelin Atay Tuğcu, Corporate Sales Manager, and İsmail Aydoğdu, Corporate Communications Manager.
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