Sharia Insurance Exception ~ Insurance Academy
The definition of 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 returns to face certain risks of contracts or agreements that are in accordance with sharia. This understanding is in accordance with the Fatwa of the National Sharia Council of the Indonesian Ulema Council (DSN-MUI) Fatwa of the DSN No. 21/DSN-MUI/X/2001 concerning General Guidelines for Sharia Insurance.
There are some exceptions to sharia insurance that you should know. This exception is related to sharia insurance principles.
Maisyir
Maisyir is an act of gambling which means that someone wants to get wealth without having to work hard as well as an act of enriching oneself by harming others. Literally, maisir is getting something very easily without hard work or earning profit without working. There is also the context of business activities in which it is clear that the nature of chancy or speculation is irrational, illogical, and the goods offered are not clear, both quantitatively and qualitatively.
Gharar
Gharar is an act of fraud that can harm other people, where in the transaction there are hidden elements committed by one party to gain profit. In gharar, the terminology refers to fraud and not knowing something that is being contracted in which it is estimated that there is no element of willingness. There are elements of business activities that are not clear on the quantity, quality, price, and time of the transaction. Usually, gharar business activities contain high risk and are uncertain.
Usury
That is in addition to a transaction that is usually carried out in accounts payable, namely in the form of interest. Islam does not justify usury in any form even though both are equally willing, except in the form of bonuses or in the form of gratitude from the borrower to the lender. Riba means additional taking, both in buying and selling transactions and lending and borrowing in vanity or contrary to the principle of muamalat in Islam.
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