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Advantages And Disadvantages Of Mutual Insurance

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Back in 2002, the media reported that insurance company NASCO in Tatarstan offered its customers a service for the accumulation of funds for the hajj in accordance with the principles of Shariah [Kashapov 2002; Insurance Case 2005]. Subsequently, the company made a clarification: they were talking about the programme Idel-Hajj started in 2001. This programme has been presented a joint project of the Spiritual Board of Muslims of the Republic of Tatarstan (DUM RT), insurance company NASCO and Tatfondbank [Kashapov 2002]. However, in practice it turned out that there are no such endowment insurance services, consistent with the principles of Shariah neither in NASCO, nor in the Idel-Hajj. Thus the information circulated in the media was nothing but a marketing ploy. Situation did not change after the Idel-Hajj became an independent company, one of the leading Russian hajj operators. Nevertheless, until today one can find articles and even monographs that tout the “pioneer experience” …show more content…

The form of mutual insurance society for takaful business possessed in the eyes of businessmen some major disadvantages. They can all be summarized as follows: to start takaful business in the form of mutual insurance society is risky and unprofitable. The form of mutual insurance society has limitations in terms of capital and number of participants (no more than 2000 people). The opponents of mutual insurance argued that this form of insurance business is defeated in competition with insurance business in its commercial form. The idea of mutual insurance is still not very popular among conventional (non-Islamic) insurers. The special law on mutual insurance was promulgated in 2007. However, by 2012 only 7 mutual insurance societies had been licensed. So, it is hardly surprising that some big Russian insurers started to study if it is possible to realize the idea of takaful within the framework of commercial insurance

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