Nihat Kırmızı, CEO of Doğa Insurance, has stated that Turkey will cover a distance about interest-free finance by the end of 2016 and Turkey will be one of the most developed countries in the World even before 2023.

Acts stipulated taking part in the Tenth Development Plan to enhance participation banking and insurance, cooperative system and interest-free finance system in order to empower İstanbul for becoming a potential center of interest-free finance have come into force by the decree of the Council of the Ministers. The Decree about application, coordination and monitoring of programme of 2016 is published in the (official) Gazette. Putting into practice of 31 actions has been initiated with the decree of Higher Planning Council dated and numbered 2015/3 under policies such as enhancing present perception of interest-free finance system, developing human resources and enriching literature related to interest-free finance system, developing legal substructure and institutional structure of interest-free finance system, increasing variety of interest-free finance products and services. 

Nihat Kırmızı, CEO of Doğa Insurance, has said that they have come to these days with the support of Secretariat of Treasure Insurance Directorate General of Insurance Department and General Directorate of Cooperatives for development of participation insurance. Emphasizing decisions taken about development of participation insurance and cooperatives in this action plan, Kırmızı: “Our government made this support to participation policy and cooperatives a government policy with these decisions (decrees?). We want to make contributions by accelerating our action plans in accordance with these policies in order for İstanbul to be a financial center in this sense. Doğa Insurance aims at making participant (partner?) numbers reach to 1.000.000 in 2016 and will do its part in this action plan within the frame of Tenth Development Plan in cooperative insurance and participation insurance.” 

Kırmızı has mentioned that some people from burocracy and private sector, who don’t want this field to develop since they have begun, should restore themselves by thinking more realistic. Kırmızı: “We have been attacked to block participation insurance, cooperative insurance and domestic capital. This attitude has caused hesitation for foreign capital about their investment on interest-free finance and participation insurance. We will tell these people, who have failed at denigrating policies, which it is national matter patiently without fighting and arguing and we will carry on our struggle until we convince everyone. We will spend more energy to Show that it is a national matter and it has a very important meaning on our country’s development. It is a very new and developing matter.”

Nihat Kırmızı, CEO of Doğa Insurance, has stated that government’s policies and determination on this matter draw investors like themselves on more secure grounds. Kırmızı: “This will increase attention of both foreign capital and national capital. Foreign capital will make investments more securely and comfortably. By the end of 2016, our country will progress in the course of interest-free finance. Capital inflow to our country will increase and speed up. İstanbul will become one of the most important centers on interest-free finance. I believe that our country will be one of the most developed countries even before 2023. As it is known to all, Doğa Insurance has been working on interest-free insurance since it has been established and has accomplished to actualize interest-free insurance, in other words, participation insurance in a separate category since 2015.

I want to make some evaluations on this matter assuming that Banking and Insurance Companies which are the basic institutions in finance system to benefit effectively from actions mentioned above (before?). I believe that in interest-free Finance System, financial institutions such as Participation Banks, Participation Insurance and therefore, Cooperative Insurance will flourish in the Tenth Development Plan period.” 

Kırmızı has emphasized that by the end 2015, foreign capital rate in total capital paid in insurance industry is 71, 7 percent; in other words, foreign partner rate of 39 companies in 63 companies of the insurance industry is above 50 percent. Kırmızı has ended his words: “Doğa Insurance has explained well the cooperative insurance both to the industry and to the insured since it has started insurance business in 2014 and has become leader in this field by maximizing reliability to insurance services of cooperative companies. Aiming at reaching 1.000.000 members and/or partners, Doğa Insurance is growing fast in producing policies and member numbers. There are two cooperative companies active in our country for the time being. Doğa Insurance has the feature of being the only company applying interest-free insurance to the Turkish insurance industry in cooperative insurance.”

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