Sharia Insurance made Only for Muslims ?

Sharia Insurance made Only for Muslims ? – Hearing about sharia insurance is something
that is thought in the minds of others about why it should be sharia, whether
it is because the population in Indonesia is majority Islamic or there are
other things that may be beneficial for everyone who uses this sharia
insurance, in this case, sharia insurance certainly uses sharia principles that
prioritize mutual benefit and of course free from usury and gharar.

And in sharia insurance is not only for
Muslims because there are many components in it, including Islamic finance,
sharia economy, and sharia insurance, it has an inclusive and universal nature.
And here are the benefits of sharia insurance, namely:

Sharing of Risk 

Sharia insurance uses the concept of
sharing of risk, the conventional difference is that conventional insurance
uses the concept of transfer of risk where the money paid by customers is

The funds became the property of the insurance company. When there
is no customer who gets a customer and makes an insurance claim? The money
automatically belongs to the company. 

Meanwhile, the basic concept of sharing
of risk that is taken is to help each other, meaning that if there are a group
of people who agree to join sharia insurance, they agree to cover each other’s
Mexico through contributions called tabarru funds or kindness funds,
benevolence funds and donations that will be used to help other participants
who are experiencing disasters or experiencing difficulties. 

Now, in this case,
we can also get to know the concept of socially responsible or joint
responsibility, sharia insurance is actually a takaful contract, if the
customer does not experience a disaster, will the funds be forfeited? certainly
not, because the funds will be used to help others.


Riba comes from the term riba fall, which
means the excess (fadhl). Thus, usury is an excess or increase in quantity in
the transaction of buying and selling similar goods, such as money, gold,
wheat, or other objects, the amount of which is not the same. 

insurance is categorized as containing usury because the amount of premium
deposited by the participant is not the same as the amount of claim or
compensation he receives. 

The handover between premiums and claims is not
carried out at the same time. Investments contained in conventional insurance
are also placed in usury instruments. On the contrary, sharia insurance is
called usury-free because no participant’s funds are forfeited. 

This is because
Sharia insurance will provide customers in the form of claims, compensation, or
Underwriting Surplus. In addition, incoming funds will be managed in investment
instruments in accordance with sharia principles supervised by DSN-MUI and OJK.
The investment offered in Sharia Insurance also uses a clear contract so that
participants are more comfortable.

More transparent

The management of funds by sharia insurance
companies is carried out more transparently both in terms of the use of Insurance
participant contributions, Underwriting Surplus, and distribution of investment
returns. When there is Surplus Underwriting, the Insurance company will divide
it into three parts whose value has been stated in the contract. This profit
sharing consists of the part that goes to the Tabarru Fund’, the share given to
the participants, and the part that will be given to the Insurance company.

The distribution of profits is also carried
out in proportion. That is, participants who make a lot of contributions, will
get a lot of profit sharing as well. The provisions regarding profit sharing
contained in the contract from the beginning of this agreement show that Sharia
insurance is transparent.

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