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Russian Takaful Company will start operations in the 1st Quarter 2010

12.04.2010

The saying “Money has no smell” is characteristic to the Western way of thinking. The attitude to money and methods of making it is totally different in the Islamic world.
Russian Takaful Company will start operations in the 1st Quarter 2010
The saying “Money has no smell” is characteristic to the Western way of thinking. The attitude to money and methods of making it is totally different in the Islamic world.

The Eastern economic incentive not only has ancient roots, but it also helps find a balance between social justice and economic expediency.

The Islamic finance picks up steam in Russia. According to Ivan Kuznetsov, managing director of the Public Relations department of the «Safinat” group (logistics and investment company), the first Islamic insurance company should begin its operation in Moscow and Kazan no later than the first quarter 2010. The agreement about the establishment of a Takaful company (Insurance company observing the rules and regulations of Islamic law) in Russia has already been concluded between the “Safinat” group and Kazan “Alyans Capital” Investment group.

“It is a logical step for Russia», says Ivan Kuznetsov. “And there are at least two reasons for that: Muslims are traditional residents of our country, and, besides, financially competent people are interested in using the alternative product. The Takaful system is based on shared responsibility. Upon the occurrence of an insured event, participants share all risks mutually. Otherwise, a participant, an insurance client, has a right to claim an underwriting profit share”.

Ivan Kuznetsov predicts that the market share of the company will make up 3% - 5% or more. “It is really easy to underestimate the results now”, he believes.

No wonder, the fashion of the Islamic finance becomes global. Even the Vatican (!) has recently announced that the Western world (pretty battered by the crisis) should study this model attentively. Meanwhile, the economic catastrophe in Dubai will do no harm to the “Takaful fashion”. On the contrary, some people may tell soon: the UAE suffered because they followed vicious Western rules…

Islamic-Finance.ru based on materials of Novaya Gazeta.

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