" Halal " Windows in Traditional Insurance Companies as a Means of Distributing the Takaful Insurance Products in Algeria

Abstract

Algeria is somewhat lagging behind in adopting the Takaful insurance system compared to other Islamic countries, but it redressed this through law 19-14 containing the Finance Law of the year 2020 and specifically article103 of it, as well as Executive Decree 21-81 specifying the conditions and modalities of practicing Takaful insurance, provided that this insurance is exercised either in the form of Takaful insurance companies independent of the traditional insurance companies or in the form of Islamic windows within the administrative structure of the traditional insurance company, provided that operates independently of the traditional company. Indeed, accreditation has been guaranteed to two Takaful Insurance windows, which are respectively the General Insurance Mediterranean GAM and The Cardiff El Djazair company, the first in general Takaful insurance operations, the second is in family Takaful insurance. Perhaps the real challenge facing the practice of these two Islamic windows of Takaful Insurance is related to the establishing legal, technical and legal restrictions and controls that are concerned with preventing exploitation and fraud that may taint Islamic Insurance transactions from the mother traditional insurance company in order to profit and trade.