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)

INSURANCE - TAKAFUL - Insurance company aims at conservatives in Turkey

Neova Insurance, a joint venture by five companies, aims at atracting customers who are cool towards insurance because of the their religious concerns, said the chief executive officer Tuesday at a press meeting in Istanbul.

Neova Insurance succeeded to realize premium generation of 44 million Turkish Liras by the end of September.

Özgür B. Koç, the CEO of the company said Neova aims to reach people living in Anatolian cities through different applications developed with concept of “Insurance of the Future.”