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The first insurance company operating under Shariat laws is established in Russia

Moscow, November 9, Interfax - There has been concluded an agreement to establish the first Russia's "Takaful business", an insurance company operating under Shariat laws.

In the first quarter of 2010, a new organization intends to offer its customers the services of motor hull insurance and pilgrimage trips, Kommersant daily reports Monday morning.

One distinction of the Islamic insurance concept is that the customer shares the company's revenue in the form of discounts for the insurance period of the next year or any side payments in case of customer's insurance termination.

"We had to substantively upgrade the classic Takaful model applicable within the Middle East; our model is closer to a more liberal Malaysian one," Shamil Murtazaliev, Vice-President on investments of Saphinat Group, told.

The potential Takaful insurance market in Russia is estimated at US $2.6 billion. The size of international financial services market operating under the Islamic laws exceeds US $750 billion.

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