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6.3.6 Lessons learned, Recommendations and Transferring Knowledge
One of the most significant lessons in legal and moral philosophy of the Turkish insurance
industry is the emphasis on compliance and governance. Another lesson is the strong support of
the government with long-term strategies for expanding the market. This is quite important for
developing Takaful in the country.
Takaful industry in Turkey is showing strong growth. The main driver of the performance is the
new entries into the market. It shows that the new players are expanding the market. It is an
obvious lesson that new players should be encouraged to invest in the Takaful industry.
Recommendations and Transferring Knowledge
 For governments: According to the survey undertaken, the market confidence, the political
stability, the government support for the Takaful industry, the transparency of regulatory
framework are very important factors for Takaful industry in Turkey. Therefore, it is
recommended that the Turkish government should support the Takaful industry by giving
full support to this new industry.
 For Takaful companies: Based on the findings of the survey, the quality operation, product
development and innovation, financial technology, Shari'ah board in Takaful companies are
in essential factors for the success of Takaful companies in Turkey. Therefore, (i) the Takaful
companies should improve the quality services they provided by innovating new products
and services. By this way, Takaful companies can attract more customers; (ii) Takaful
companies have to pay attention to the financial technology which improves the operation
of Takaful companies in Turkey; iii) it is also recommended that the Takaful companies
should set up Shari'ah Board in their organizational structure so that this Board supervise
and advise the Takaful operations in Turkey; and iv) Finally, customer awareness is the most
crucial one in the case of Turkish Takaful market. It shows the importance of educating the
customers regarding the Takaful business visa many marketing strategies such as
advertisement, promotion, talks and among others are crucial success factors in Turkish
Takaful market.
 For Regulators: The results of this survey show that the availability of Shari'ah compliant
investments and Re-Takaful are the key success factors in Turkey. Therefore, the regulatory
bodies should develop comprehensive Islamic financial system such as Islamic capital
market, Islamic money market, Sukuk, Shari'ah-compliant stocks, Re-Takaful and among
others so that there will be wider Islamic investment universe for investors.
 For Education Institutions: According to our survey, the training of agents and brokers is
the most important factor in Takaful business in Turkey. Put differently, to promote the
acceptance of Takaful in Turkey, the conducting of training and seminars for Takaful agents
and brokers is an important element in Takaful business as well. Therefore, it is
recommended that education providers should come up with various training and seminars
to educate the Takaful agents and brokers.