Saving-based Cooperative Insurance System in Turkey: A Case Study of Eminevim Group, Analytical Study

Abstract

This paper aims to study the Saving-based Cooperative Insurance System in Turkey. It takes A case study of Eminevim Group. First it explains the history of the establishment of this company, what are the objectives it seeks, and its relationship to the Islamic economy, and the most important - the differences between it and the traditional financing systems. The study analyzes the regulations of this company and tries to find a legitimate fiqhi Islamic adaptation covering its activities. The paper presented several jurisprudential adaptations of the company, analyzed and critiqued them, and chose an adaptation that is considered to be the closest and strongest to the idea of the company. This company can be classified as one of the Islamic Takaful companies, it provides financing services to its members in return for very reasonable fees that are lower than the interest rate in banks. The closest adaptation to it is the diminishing company. It needs simple modifications and some clarifications in its operational program, in order to gain Islamic jurisprudence legitimacy.