Sharia insurance or takaful is a form of insurance which is accordance to the islamic law in which the investment in the form of asset is used to help another people. So, the money which is given to the insurer is given based on the willingness to help each other who faces risk (Aziz, 2010, p.190). Sharia-compliant insurance is based on the principle of ‘Ta’awun’ which means ‘mutual protection’. The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) defines it as “a system through which the participants donate part or all of their contributions which are used to pay claims for loss suffered by some of the participants.”
Different with the conventional insurance, this type of insurance is free from some elements that forbidden according to sharia which are gharar, maysir, and riba. This conventional one has some issue because it trades a risk as a product by transferring the risk to the other party (fully transfer of risk) and ensure something unsure, i.e. insuring the sickness which is an unsure circumstance. Moreover, all of the profit from managing the money goes to the insurer only, different with the sharia one. Those elements are some of the causal why the conventional insurance is not suitable for the moslem.
Although there are a lot benefits offered by the sharia insurance, there is a little amount of people who use this financial product. The causal is the monopoly of the market by a well-known company which the society prefer to trust to rather than another small or new company. This condition causes a gap between the most successful sharia insurance company and the new emerging one. The gap actually can be a way to promote the competition among the insurance company, but this also can be a big barrier to entry for the other company who wants to gain profit in this type of business. Furthermore, this barrier to entry can also bring some good impact. Due to the little amount of company, the number of customer in each company are larger, thus the risk sharing will be lesser for each customer.
Indonesian society is actually also lack of insurance awareness. The reason why is many of the society are categorized as a low-middle income class, makes them not really care about the insurance which is considered to be less prioritized need for their life. The best way to solve this problem is by socializing to the society about the advantage of sharia insurance and explain them about its recent growth in Indonesia. If we see deeper, we will find out that this type of insurance is actually very advantageous for the MSME (Micro Small Medium Enterprises) as their risk management in financial way. The other option is to develop it to enter the agricultural sector, makes it to be an agriculture insurance based on sharia principle. This type of insurance will compensate crop failure of the farmer, of course, with certain condition.
From the explanations above, we can take conclusions that sharia insurance is more advantageous, which in the other hand also gives more blessing due to the compliance to the sharia law. Beside of that, this kind of insurance able to bring another good impact by entering to the other sector to help the most dominant type of enterprises in Indonesia, which is Micro Small Medium Enterprises and also help to support the agriculture sector which for a long time, become a livelihood for a lot of Indonesian society. Thus, supporting the growth of sharia insurance is a necessary for Indonesia.
Referensi :
Aziz, A. (2010). Manajemen Investasi Syariah. Bandung: Alfabeta
Mufti, Aries dan Sula, Muhammad Syakir. 2007. Amanah bangsa : konsep sistem ekonomi syariah. Jakarta : Masyarakat Ekonomi Syariah
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