Takaful (Participation) Insurance
As of 19.06.2021, the Agricultural Insurance Pool (TARSİM) has adapted all its transactions regarding insurance policies issued through member insurance companies engaged in participation insurance activities to the principles of participation insurance in line with the rules and methods approved by the Advisory Committee. For this purpose, "Implementing Principles and Procedures for the Establishment and Operation Principles of the Participation Pool within the Scope of Participation Insurance" was prepared and put into practice.
What is Takaful (Participation) Insurance?
Definition
It refers to insurance activities carried out in accordance with participation principles.
Participation Principles: It refers to the procedures and principles determined by the advisory committee based on the relevant provisions in order to ensure that insurance or private pension activities are carried out within the framework of the "Regulation on Insurance and Private Pension Activities within the Framework of Participation Principles".
Organization: It refers to the Agricultural Insurance Pool and Natural Disaster Insurance Pool, which have products or services based on participation or offer products and services through companies operating within the framework of the provisions of the "Regulation on Insurance and Private Pension Activities within the Framework of Participation Principles"; the Assurance Account, Turkish Motor Vehicle Bureau and other related pools, funds, accounts and the company holding them, which perform their duties with the contributions from the said companies..
Participation Pool: It refers to the Participation Pool where financial assets arising from participation-based activities are managed within the framework of participation principles.
Participation Reinsurance: It refers to the assurance of the risks belonging to the Participation Pool established within the scope of Participation Insurance within the framework of participation principles.
Deficit Coverage: It refers to the loan or donation given by TARSİM and/or participants in order to meet the possible cash needs of the Participation Pool..
Advisory Committee: It refers to the committee tasked with ensuring the execution of insurance and private pension activities within the framework of participation principles.
Legislation
Company Applications
Branches Where Participation Insurance is Applied
TARSİM offers its products in the branches of "State Subsidized Crop Insurance, State Subsidized Greenhouse Insurance, State Subsidized Village-Based Drought Yield Insurance, State Subsidized Cattle Insurance, State Subsidized Sheep and Goats Insurance, State Subsidized Poultry Insurance, State Subsidized Aquaculture Insurance and State Subsidized Bee Hives Insurance" to producers through member insurance companies operating on a participation basis within the framework of the Advisory Committee's approval.
State Supported Agricultural Insurance contracts are issued on a participation basis through member insurance companies and/or their agents holding participation insurance licenses, and all kinds of business and transactions related to State Supported Agricultural Insurance policies issued on a participation basis are carried out within the framework of participation principles under the supervision of the Advisory Committee.
Reinsurance Practices and Reinsurer Partnerships
Reinsurance is the transfer of a risk that has been insured by insurance companies to other insurance and/or reinsurance companies. This process is realized by transferring the State Supported Agricultural Insurance premiums to the other insurance and/or reinsurance company within the scope of the agreement
The reinsurance companies (Reinsurers) with which the Agricultural Insurance Pool (TARSİM) has made an agreement within the framework of the Advisory Committee approval in order to manage the risks of the participation pool are listed below.
-Advisory Committee
TARSİM Authorization Documents
Annual Compliance Reports
Advisory Committee Member Information
Advisory Committee refers to the committee tasked with ensuring the execution of insurance and private pension activities within the framework of participation principles.
TARSİM receives Advisory Committee service from the Islamic Economics Research Foundation. Prof. Dr. Servet BAYINDIR serves as the Chairman of the Advisory Committee.
Prof. Dr. Servet BAYINDIR (Chairman of the Advisory Committee)
Servet Bayındır was born in Erzurum in 1965. He graduated from Marmara University Faculty of Theology in 1993 and Anadolu University Faculty of Economics in 2005. He completed his master's degree at Marmara University with his thesis titled "Evaluation of Private Finance Institutions in terms of Islamic Law" (1995) and his doctorate with his thesis titled "The Place of Interest-Free Banking Transactions in Islamic Fiqh" (2004). He studied Arabic at the University of Jordan for eight months (2002-2003). He completed his second post-doctoral master's degree at the INCEIF institute in Malaysia with the Certificate of Islamic Finance (CIFP) program (2008-2010).
He became Associate Professor in 2008 and Professor in 2014 with his studies in the field of Islamic economics and finance. He established the Department of Islamic Economics and Finance at Istanbul University and served as the Head of the Department for three years. He founded the Foundation for Islamic Economics Research (İKTİSAT) (2019) and is still its president.
Servet Bayındır, who worked as a teacher at the Ministry of National Education between 1995 and 2001, was appointed as a member of the Presidential Economic Policies Board on October 13, 2018, while he was working as a lecturer in Islamic Law and Islamic Economics and Finance at Istanbul University Faculty of Theology. Servet Bayındır was appointed as a Member of the Board of Directors of Vakıf Participation as of December 31, 2020, while continuing his membership in the Presidential Economic Policies Board and as a faculty member at the University.
Dr. Fatih ORUM (Vice Chairman of the Advisory Committee)
He was born in Eskişehir in 1975. Following primary school, he completed his hafiz education in Eskişehir Ziya Pasha Qur'an Course. In 1995, he graduated from Eskişehir IHL and in 2000 he graduated from Marmara University Faculty of Theology. He completed his master's degree at the same faculty. He did his doctorate on Basic Islamic Sciences and Islamic Law at Istanbul University Institute of Social Sciences.
He worked as a teacher of Religious Culture and Moral Knowledge in various schools and as a lecturer at Istanbul University Faculty of Theology, Department of Basic Islamic Sciences and Islamic Law.
Orum, who has books on Istihsan Method in Fiqh Procedure, Qiyas Method in Fiqh Procedure, Method of Understanding the Qur'an, teaches Main Topics of the Qur'an and Fiqh Procedure courses at SUSEM.
Prof. Dr. Yahya ŞENOL (Advisory Committee Member)
Born in 1980 in Istanbul. He graduated from Küçükköy Imam Hatip High School in 1999 and Istanbul University Faculty of Theology in 2003.
In 2007, he completed his master's degree at Istanbul University Institute of Social Sciences, Department of Islamic Law, In 2013, he completed his PhD on Halal Food at the same university and the same department.
Şenol, who is the editor of the website www.fetva.net, gives seminars on Islamic Worship Principles, Islamic Law and Current Fiqh Problems within SUSEM (Süleymaniye Foundation Distance Seminar Center).
Dr. Candidate Serdar ÖZALP (Advisory Committee Member)
Born in 1991 in Ağrı, he completed his primary and secondary education in Düzce. In 2009, he graduated from Düzce Anatolian Imam-Hatip High School with first place. In 2009, he graduated from Istanbul University Faculty of Theology in 2013. In the same year, he started his master's degree at Istanbul University Institute of Social Sciences, Department of Basic Islamic Sciences. He completed his master's degree in 2016 with his thesis titled "Evaluation of Short Selling Transactions Applied in the Stock Exchange in Terms of Islamic Law" prepared under the supervision of Prof. Dr. Servet Bayındır. In the same year, he started his doctorate education at Istanbul University Institute of Social Sciences, Department of Basic Islamic Sciences and his education is still continuing. In 2014, he started to work as a research assistant in the field of Islamic Law at Osmaniye Korkut Ata University Faculty of Theology within the scope of the Faculty Member Training Program (ÖYP). He is currently working as a research assistant in the field of Islamic Law at Istanbul University Faculty of Theology.
Ömer Mahmut KUZANLI (Rapporteur of the Advisory Committee)
Ömer Mahmut Kuzanlı was born in Istanbul in 1968. He graduated from Istanbul High School for Boys and Istanbul University, Faculty of Business Administration, Department of Business Administration in English. He is currently pursuing his master's degree with a thesis at I.U., Department of Islamic Economics and Finance. In 1991, he started his career at Global Securities and worked as a senior executive at various brokerage houses. He is currently working as an Honorary Rapporteur at İKTİSAT Islamic Economics Research Foundation. Mr. Kuzanlı holds the PBAT Interest-Free Banking Principles and Standards Compliance and Audit Certificate, Capital Market Activities Level 1, 2, 3 and Derivative Instruments Licenses and speaks German and English.