MUSIAD and Bereket Insurance Have Joined Forces

A cooperation protocol was signed between the Independent Industrialists and Businessmen's Association (MUSIAD) and Bereket Insurance Group to promote and generalize participation insurance, also known as "takaful insurance".

Regional Economy 03.06.2021, 21:26 03.06.2021, 21:37
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MUSIAD and Bereket Insurance Have Joined Forces

A cooperation protocol was signed between the Independent Industrialists and Businessmen's Association (MUSIAD) and Bereket Insurance Group to promote and generalize participation insurance, also known as "takaful insurance". The signature ceremony held at MUSIAD Headquarters was carried out with the participation of Abdurrahman Kaan, President of MUSIAD, and Mahmut Güngör, General Manager at Bereket Insurance, Bereket Pension, and Bereket Takaful.

"Global takaful assets increase their share and importance among all Islamic Finance assets day by day"

Speaking at the ceremony, Kaan, President of MUSIAD, emphasized the importance of takaful insurance, while pointing out that the culture of solidarity this concept contains is also significant. Stating that takaful insurance is a type of mutual insurance performed through the principle of cooperation, Kaan said, "The aim here is to provide solidarity and cooperation among the people involved in this insurance. As a matter of fact, in this system, unlike the classical insurance, the premiums collected in the donation system are received as contributions and gathered in a pool. This accumulated amount is used to compensate for the loss of the aggrieved policy holder in case damage occurs.

With these qualities, we can tell that takaful insurance is capable of being used as a very important alternative risk management system in Turkey. Having reached the level of approximately $50 billion, global takaful assets have been increasing their share and importance among all Islamic Finance assets day by day. In addition, when evaluated together with our vision and mission of generalizing interest-free financial instruments as a part of the Islamic Finance ecosystem, we have to increase the importance we place on takaful insurance."

"By means of this protocol, we believe that we will provide a significant benefit to the development of Islamic Finance instruments in our country"

Kaan noted that the developments in the participation finance system in our country in recent years, especially through the promotion of participation finance institutions and the establishment of participation banks with the aid of the state, will make a significant contribution to the development of takaful insurance. Stating that they believe that this cooperation protocol signed with Bereket Insurance Group will create significant awareness, Kaan said, "Through this protocol, aiming to increase the awareness of our MUSIAD member companies on takaful insurance, realize the performance of announcements and promotions about products of Bereket Insurance Group in this context, and allow the use of these products at a discount by MUSIAD members, we believe that we will provide a significant benefit to the development of Islamic Finance instruments in our country."

"Participation insurance has a significant value in our society"

Güngör, General Manager at Bereket Insurance, Bereket Pension, Bereket Takaful, said, "We see that participation insurance, which has been implemented in many countries around the world in accordance with the developing economic and commercial conditions, is established on both economic and religious foundations, and focuses on cooperation and sharing, has an important counterpart in our society."

Güngör noted that participation insurance has been developing day by day with its products designed within the framework of risk-sharing and solidarity principles for entrepreneurs and for those who keep away from the traditional insurance products due to religious reasons. Pointing out that it is important for the development of financial markets that the participation insurance, having a five percent share in the sector, deepen with new products, Güngör said, "With the goal of making Turkey - taking into account its developed financial infrastructure, young population, qualified workforce, and geological position - a global interest-free finance center and the vision of contributing to the development of the financial markets, steps towards strong cooperation have been taken between MUSIAD and Bereket Insurance Group in order to deepen the participation finance ecosystem and make the participation insurance known to the base level. We believe that this cooperation protocol will provide a significant contribution to the development and popularity of participation insurance. We hope that the initiative we have started today with these in mind will be beneficial to our beautiful country, our main shareholder Turkish Agricultural Credit Cooperatives, the insurance sector, and the members of MUSIAD, one of the leading business organizations of our country."

The protocol aims for the development and popularity of takaful (participation insurance)

The protocol aims for the development and popularity of takaful (participation insurance). Within the scope of the cooperation, it is also aimed for introducing all insurance products of Bereket Insurance Group to MUSIAD members and creating special opportunities for these members through different campaigns in this field. The Personal Accident Insurance Policy, prepared by Bereket Insurance within the scope of the cooperation protocol, was presented to Kaan by Güngör.

Furthermore, Ünsal Sözbir, MUSIAD Chairman of Risk Management and Insurance Systems Committee, Muhammet Ali Özteken, Chairman of New Tourism Resources and Investments Committee, İlhan Bilgili, Chairman of Transportation Vehicles Industry Committee, Faruk İbrahim Özbek, Chairman of Member Relations and Member Admissions Committee, Yunus Furkan Akbal, President of Young MUSIAD, Faruk Gökçen, Deputy General Manager at Bereket Insurance and Marketing Manager Nil Yazıcı, Corporate Sales Manager Pelin Atay Tuğcu, and Corporate Communications Manager İsmail Aydoğdu have attended the ceremony.

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