113 / 178
108
T
ABLE
18: G
ROWTH OF
G
ENERAL AND
F
AMILY
T
AKAFUL
IN
T
URKEY
(%)
Takaful
Plan
2014
2015
2016
2017
2018
General
35.7
97.5
24.5
20.2
70.1
Family
405.5
54.4
77.1
1.1
55.9
Total
39.0
96.1
25.8
17.4
69.6
Source: IAT
Figure 25shows the total market share of the
Takaful
sector in Turkey. As of 2018, the share of
Takaful
was TRY2.23 billion while it was only around TRY 383 million in the year 2014. In terms
of total market share, it accounted for only 1.51%market share in total insurance sector in year
2014. Then, it substantially increased to 4.31% by year 2018. In a nutshell, these figures indicate
that there is a huge potential for
Takaful
sector of Turkey with market acceptance and
government support.
F
IGURE
25: T
OTAL
T
AKAFUL
M
ARKET
S
HARE IN
T
URKEY
Source: IAT
6.3.4. The Most Preferred
Takaful
Structures
The most preferred
Takaful
structure in Turkey is
wakalah
-
mudarabah
hybrid model (se
e Table 19).
The diagram is represented i
n Figure 8as a hybrid model.
T
ABLE
19: L
IST OF
F
ULL
-F
LEDGED
T
AKAFUL
C
OMPANIES WITH
O
PERATING
M
ODELS
Company Name
Type
Takaful
Model
Neova Insurance
General
Takaful
Hybrid
Katilim Pension and Life
Family
Takaful
Hybrid
Bereket Insurance
General
Takaful
Hybrid
Bereket Pension and Life
Family
Takaful
Hybrid
Source: Authors
As mentioned above, the regulation covers only three main models;
mudarabah
,
wakalah
, and
1,51
1,76
2,67
2,93
4,31
0,00
0,50
1,00
1,50
2,00
2,50
3,00
3,50
4,00
4,50
5,00
2014
2015
2016
2017
2018