The Model Implemented by Our Company

Neova Participation Insurance adopts the principles of participation insurance in all insurance branches in which it operates, and conducts all transactions related to policy issuance, claims payments, investment activities, and other areas in accordance with participation principles under the supervision of the Neova Participation Insurance A.S. Advisory Committee.

The company conducts its insurance activities in compliance with the 2022/4 numbered "Facilitation Model" and the "Facilitation Model in Other Participation-Based Activities" issued with the Participation Banking legislation.

The term "Facilitation Model," which means "facilitation" in dictionary sense, refers to an insurance practice where religiously permissible subjects and risks are covered, financial assets are managed in accordance with participation principles, and Islamic corporate governance mechanisms (advisory committee, participation compliance unit, participation internal audit) are established. Additionally, in the Facilitation model, it is possible to distribute technical profit to policyholders.

In payments received by the company, the selection and evaluation of investment assets, as well as cash management and other financial activities, are carried out in accordance with participation principles.