What is Interest-Free Insurance?

Kuveyt Türk, which offers a wide range of products for all your banking needs, is also with you with its insurance services.
This type of insurance, also known as takaful insurance system, is defined as a form of mutual assistance or mutual insurance by contemporary Islamic scholars. Contribution insurance is a kind of contribution made by various individuals by uniting to compensate for the damages one of them may suffer as a result of disaster.
The basic principles of Takaful Insurance System are as follows:

• Finding the element/purpose of cooperation,
• Evaluation of premiums collected from shareholders and policy holders with non-interest market instruments,
• Being selective about economic assets that are not considered as unethical or illegitimate, etc., in matters where insurance coverage is provided.

The most important principle of Katılım Emeklilik and Neova Insurance in the branches in which they operate, is the rigor they show to the principle of interest-free in all operations and deals. Our company carefully applies the principles of interest-free insurance, also known as takaful.
In this context,

• If there is a surplus amount left after deducting operational expenses (such as paid damages, agency commissions, company operating expenses) from insurance premiums collected in a pool for the purpose of contribution at the end of the period, this amount is shared relatively among those participating in the pool. There is also a clause on our insurance policies regarding this.
• Our company makes all its investments in interest-free instruments within the principles of operation on an interest-free insurance basis, and also receives opinions on all deals and new products from an expert advisory board and is audited by the same board.
• This system is also audited and reported from a financial point of view by an international independent audit firm.

You can come to our nearest branch to secure your assets and loved ones with KATILIM EMEKLILIK and NEOVA INSURANCE and to get acquainted with our Interest-Free Insurance system.