Participation Insurance

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Participation Insurance

Tekâfül, which is known as Participation Insurance in our country, is a mutual insurance made by the method of cooperation.

The definition used as “participation” or “tekâfül” insurance is mostly used as participation insurance in Turkey. ‘ Tekâfül ‘, which comes from Arabic, means “to give mutual guarantees”, “to guarantee each other”. The main purpose of this insurance is to bring together the insured with the aim of mutual aid and solidarity and to use the collected contributions by the persons exposed to the risk. Participation insurance; It is a cooperation that different individuals do together to compensate the damages of the participants who have been harmed from among themselves. The money collected in this system is accumulated in the premium pool called the mutual fund and the losses of the members (policy holders) who are in a risky situation are compensated from this pool.

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