TAKAFUL - Neova in Central Asia push

Bulent Ozgur Koc - CEO, Neova Sigorta

Turkish insurer, Neova Sigorta, which started offering Takaful in Turkey last October, is planning to expand into Central Asia and Eastern Europe once it has strengthened its position in Turkey, its CEO said.

“Our priority is Turkey of course, but we are also interested in Central Asia and Eastern Europe in the longer term,” CEO Özgür Bülent Koç told The Islamic Globe.

 “First, we would like to develop our brand in Turkey and fulfill our potential here. After that, we may expand into the Turkic republics in Central Asia and then look into some of the Balkan countries such as Macedonia, Bosnia and Herzegovina, and Kosovo,” he added.(full story)

TAKAFUL - Neova implements Islamic insurance system in Turkey

Insurance company Neova Sigorta is set to implement takaful, an Islamic insurance system, in Turkey.

Takaful is an Islamic insurance concept which is grounded in muamalat, or Islamic banking, and observes the rules and regulations of Islamic law. According to the takaful system, the company will distribute its profits to customers.

Neova Sigorta will be able to implement the takaful system once it begins to make a profit in three to four years. (source)