Digest Finance
 

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

Vol. 22, Iss. 3, SEPTEMBER 2017

PDF  Article PDF Version

Received: 16 March 2016

Received in revised form: 17 April 2016

Accepted: 16 May 2016

Available online: 21 September 2017

Subject Heading: Insurance

JEL Classification: G22

Pages: 346-355

https://doi.org/10.24891/el.22.3.346

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

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.

Keywords: family takaful, model, mechanism, non-governmental pension fund, insurance system

References:

  1. Weber M. Izbrannoe. Obraz obshchestva [Gesammelte Aufsätze zur Soziologie und Sozialpolitik]. Moscow, Yurist Publ., 1994, 704 p.
  2. Alekseeva M.S. [Ethics, religion and economy: Interrelation in the context of current social and economic issues]. Vestnik Sibirskogo universiteta potrebitel'skoi kooperatsii = Bulletin of Siberian University of Consumer Cooperation, 2014, no. 1, pp. 28–35. (In Russ.)
  3. Nesprava V.N. [Influence of religion on condition and growth rates of the national economy]. Ekonomicheskii nobelevskii vestnik = Nobel Economic Herald, 2012, no. 1-2, pp. 265–270. (In Russ.)
  4. Koslowsky P. Printsipy eticheskoi ekonomii [Prinzipien der Ethischen Ökonomie. Grundlegung der Wirtschaftsethik]. St. Petersburg, Ekonomicheskaya shkola Publ., 1999, 344 p. (In Russ.)
  5. Magomadova M.M. Implementation of Takaful Insurance System in the Russian Federation and its Future. Middle-East Journal of Scientific Research, 2013, vol. 16, iss. 9, pp. 1178–1182.
  6. Magomadova M.M. [The functions of a takaful in modern conditions]. Teoriya i praktika obshchestvennogo razvitiya = Theory and Practice of Social Development, 2015, no. 16. (In Russ.)
  7. Fedorovich V.O. [The composition and structure of the organizational and economic mechanism for managing the property assets of large industrial corporations]. Sibirskaya Finansovaya Shkola = Siberian Financial School, 2006, no. 2, pp. 106–115. (In Russ.)
  8. Goloshchapova T.V. [Essence and content of the economic-organizing mechanism of enterprise operating]. Vestnik Povolzhskogo gosudarstvennogo universiteta servisa = Bulletin of Volga Region State University of Service, 2006, no. 1, pp. 66–72. (In Russ.)
  9. Izmalkov S.B., Sonin K.I., Yudkevich M.M. [Theory of mechanism design]. Voprosy Ekonomiki, 2008, no. 1, pp. 4–26. (In Russ.)
  10. Lomakina I.L. [Methodological principles for setting up an organizational and economic mechanism for corporate governance]. Trudy Dal'nevostochnogo gosudarstvennogo tekhnicheskogo universiteta = Proceedings of Far Eastern State Technical University, 2007, no. 146, pp. 185–188. (In Russ.)
  11. Taimaskhanov Kh.E., Tsakaev A.Kh. [The market of insurance services in the Chechen Republic: risks and opportunities for growth]. Strakhovoe delo = Insurance Business, 2014, no. 3, pp. 52–59. (In Russ.)
  12. Ulybina L.K., Okorokova O.A., Van'yan G.A. [Insurance market of Russia: Assessment of indicators and development prospects]. Ekonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2013, no. 7, pp. 64–68. (In Russ.)
  13. Natkhov T. [Market of insurance in Russia: Major tendencies and problems of development]. Voprosy Ekonomiki, 2006, no. 12, pp. 115–127. (In Russ.)
  14. Fukina S.P. [Features of the organization of Islamic insurance and prospects of its introduction into the insurance market of Russia]. Vestnik Astrakhanskogo gosudarstvennogo tekhnicheskogo universiteta = Vestnik of Astrakhan State Technical University. Series: Economics, 2014, no. 1, pp. 108–116. (In Russ.)
  15. Al-Ghadyan A.A. Insurance: The Islamic Perspective and Its Development in Saudi Arabia. Arab Law Quarterly, 1999, vol. 14, iss. 4, pp. 179–184. URL: https://doi.org/10.1163/026805599125826534
  16. Nemtseva Yu.V., Matveev A.L. [Risk-based approach to the management of insurance companies’ investment activities]. Rossiiskoe predprinimatel'stvo = Russian Journal of Entrepreneurship, 2015, vol. 16, no. 8, pp. 1129–1144. URL: https://doi.org/10.18334/rp.16.8.194 (In Russ.)
  17. Umarov Kh.S. [On Takaful Islamic insurance]. Strakhovoe delo = Insurance Business, 2014, no. 4, pp. 47–53. (In Russ.)
  18. Archer S., Karim R.A., Nienhaus V. Takaful Islamic Insurance: Concept and Regulatory Issues. Wiley, 2009, 300 p.

View all articles of issue

 

ISSN 2311-9438 (Online)
ISSN 2073-8005 (Print)

Journal current issue

Vol. 22, Iss. 3
September 2017

Archive