An Overview on Window Model in Participation Insurance (Takaful) System

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Lacinbala Y., ÜNSAL H.

SOSYOEKONOMI, vol.27, no.42, pp.181-202, 2019 (ESCI) identifier

  • Publication Type: Article / Article
  • Volume: 27 Issue: 42
  • Publication Date: 2019
  • Doi Number: 10.17233/sosyoekonomi.2019.04.10
  • Journal Name: SOSYOEKONOMI
  • Journal Indexes: Emerging Sources Citation Index (ESCI), TR DİZİN (ULAKBİM)
  • Page Numbers: pp.181-202
  • Keywords: Participation Insurance, Takaful, Window Model, Retakaful, Islamic Insurance
  • Ankara Haci Bayram Veli University Affiliated: Yes


There are two essential systems for participation insurance, which is based on mutual assistance and voluntary contribution: "full-fledged takaful system" and "window takaful system". The full-fledged takaful firms do not carry out non Shari'ah compliant insurance activities. In the window system, conventional insurance firms offer Shari'ah compliant products together with conventional products. In this study, the pros and cons of the window model together with some country practices and the legal structure for window model in Turkey are presented. Moreover, this study concludes that enabling the window model will be beneficial to Turkish insurance sector both in the short and the medium terms.