|First Takaful insurance company, based on the Islamic Laws, is established in Russia, reports the Kommersant newspaper. The company is going to offer its clients to participate in profits in order to enter into the segment of Islamic insurance in Russia. The potential market size is estimated at $2.6 billion.
The Russian Takaful Insurance company, established by Safinat and Al'ans Kapital investment groups, will open offices in Moscow and Kazan.
Among the first services the company announces motor insurance, property insurance and pilgrim insurance. The clients willing to participate in profits will get a discount for the next year insurance period; in case of termination of the contract the clients will get a compensation payment.