This is an Open Access article distributed under the terms of the Creative Commons Attribution-Noncommercial 4.0 Unported License, permitting all non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.

This is an Open Access article distributed under the terms of the Creative Commons Attribution-Noncommercial 4.0 Unported License, permitting all non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.

Importance Considering the challenges of recent years (political isolation, economic sanctions), Russia has to revisit the future development of entire sectors and its national strategy without receding, however, from the market economy principles. Those challenges turned the spotlight onto the financial system and insurance sector, in particular. Therefore, the takaful insurance and its types become an important financial institution. Objectives I design an organizational and economic mechanism to introduce and implement the family takaful in Russia based on non-governmental pension funds. Methods I apply methods of logical and comparative analysis to detect factors, advantages, shortcomings and problems determining how exactly the family takaful can be implemented in Russia. Results The paper presents basic components of the organizational and economic mechanism of the family takaful implementation in Russia, underpins the need for its development, specifies its nature and sequence of actions to introduce the Islamic insurance in Russia. I offer a model of the organizational and economic mechanism for implementing the Islamic insurance in Russia and define its constituents. Conclusions and Relevance The offered constituents of the organizational and economic mechanism represent sophisticated scientific and methodological tools for adopting the Islamic insurance in Russia and specify the key aspects of its functioning, including its tasks and objectives, participants, targets, principles and rules.

Importance Whereas Takaful implies mutual guarantees, it does not contravene fundamental principles of Federal Law of November 29, 2007 № 286-ФЗ On Mutual Insurance as non-profit mutual insurance. The Takaful fund management mechanism does not dramatically diverge from the conventional European or American insurance. However, the implementation models differ significantly, laying the basis for this research. Objectives The research substantiates Takaful fund management models in accordance with the effective Russian laws on insurance, and infers a more adequate model. Methods The research involves analysis, synthesis, systematization, classification, generalization, comparative analysis of structure and systems approach. Results I perform a comparative analysis of the existing business models for Takaful fund management. The article substantiates such models in terms of the effective Russian laws on insurance and introduces an adequate business model which would unfold the potential of Takaful in the insurance system of Russia. Conclusions and Relevance If business models for Takaful fund management are implemented in accordance with the existing laws on insurance, this will lure the Muslim population into the insurance sector. Their participation in financial operations will contribute to the development of Islamic finance and overall financial market of Russia.

Importance Whereas Takaful implies mutual guarantees, it does not contravene fundamental principles of Federal Law of November 29, 2007 № 286-ФЗ On Mutual Insurance as non-profit mutual insurance. The Takaful fund management mechanism does not dramatically diverge from the conventional European or American insurance. However, the implementation models differ significantly, laying the basis for this research. Objectives The research substantiates Takaful fund management models in accordance with the effective Russian laws on insurance, and infers a more adequate model. Methods The research involves analysis, synthesis, systematization, classification, generalization, comparative analysis of structure and systems approach. Results I perform a comparative analysis of the existing business models for Takaful fund management. The article substantiates such models in terms of the effective Russian laws on insurance and introduces an adequate business model which would unfold the potential of Takaful in the insurance system of Russia. Conclusions and Relevance If business models for Takaful fund management are implemented in accordance with the existing laws on insurance, this will lure the Muslim population into the insurance sector. Their participation in financial operations will contribute to the development of Islamic finance and overall financial market of Russia.