In order to be considered shariah-compliant, financial products must meet a number of criteria, namely refraining from interest and not encouraging speculation. The Islamic form of insurance is called Takaful and is comparable in its functioning to the German mutual insurance association.
Techafull has been offering takaful insurance policies via digital distribution channels since autumn 2022 on its website www.techafull.com. The company has a licence in Germany as an insurance agent according to § 34 d (1) GewO and cooperates with Element Insurance AG.
Fieldfisher advised Techafull on all regulatory, IT and civil law issues in connection with the opening of the German business and the design of the insurance products.
Team: Dr. Rüdiger Litten, Dr. Katja Michel, Nicole Gerlach (all regulatory law), Thorsten Ihler, Melanie Ludolph, Martin Lose (aIl IT law), Anke Sassmannshausen (general terms and conditions law). All of the lawyers mentioned belong to Fieldfisher's TechMeetsFinance (TMF) initiative, in which the firm bundles its expertise for the digital financial market.
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