5 Characteristics of Sharia Insurance ~ Insurance Academy
Sharia insurance is an effort to protect and help each other between a number of people or parties through investment in the form of assets and or tabarru’ which provides a pattern of return to deal with certain risks of contracts or engagements that are in accordance with sharia.
Islamic insurance is quite unique and different from conventional insurance. The following are some of the characteristics of Islamic insurance according to the Insurance Academy:
Premium is not forfeited
The term premium may not be appropriate. In Islamic insurance it is more accurately referred to as ‘funds’. In Islamic insurance, funds can still be taken, although there is a small portion that is given to Islamic insurance companies.
Contribution funds belong to participants
Sharia insurance funds are wholly owned by the insurance participants. Insurance service providers are only fund managers. This is different from conventional insurance which has full authority for each allocation of funds and investment allocations owned by insurance participants.
Contract
Conventional insurance uses tabaduli contracts, namely buying and selling contracts. Of course, in the sale and purchase contract according to syara’, it must be clear that there is a seller, a buyer, the goods (objects) being traded, the price, and sighat (ijab qabul). While in sharia insurance, the contract used is a takaful contract (a contract of help), which is a contract to help fellow participants, if one participant is affected by a disaster, the other participants help with tabarru’ funds (social funds).
waqf
There are benefits of Sharia insurance products that are not in conventional insurance, namely waqf. Waqf is the surrender of durable property rights or property to the recipient of the Waqf or Nazhir, which aims for the benefit of the people. Because Waqf has protection benefits, customers can donate insurance benefits in the form of Death Insurance Compensation and the cash value of the policy.
Zakat
Sharia insurance requires participants to pay zakat, the amount of which will be adjusted to the amount of profit earned by the company. Of course, in addition to getting the reward from the mutual help contract, the community has the opportunity to pay zakat through sharia insurance.
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