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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/df.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

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