An empirical research on the acceptability of takaful insurance to Turkish insurance sector

For centuries, individuals and institutions have had to take precautions against the risks they face and the insurance system, which is an important way in managing risks, has become an important part of today's financial system. It is believed that the Tekafül system, which is organized by considering the Islamic sensitivities, has emerged, in accordance with the beliefs of the Muslim sector, as a result of Muslim societies' avoiding such a risk management system and because of the conventional insurance's including interest, uncertainty, etc. In this thesis, the conventional and takaful insurance in risk management were compared and the place of takaful system in the world and inTurkey was investigated. Semi-structured interviews made with the sector officials with basic questions were recorded, deciphered and put into writing. Transcribed data were grouped and the themes of the research are created. The data were evaluated with the descriptive analysis method, which is one of the qualitative research methods. It was decided that the applicability of the definition of takaful system in Turkey has to be clarified, some modifications are required to be made in legislation, its recognition is not enough despite its potential, there is an absence of a common fatwa issued on takaful, takaful companies are faced with problems particularly in the transfer of risks and challenges in conducting interest-free fund ratings It was found that it contains. Suggestions for the determined themes were created in the light of interviews and literature studies. Keywords: Risk management, Insurance, Takaful, Turkey.