Sharia Life Insurance Policy

Sharia Life Insurance Policy – Barium Sorption Behavior During Gas Field Water Regeneration in a Sandstone Reservoir: A Water-Rock Interaction Study

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Sharia Life Insurance Policy

Sharia Life Insurance Policy

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Sharia Life Insurance Policy

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Sharia Life Insurance Policy

What Is Takaful Insurance And How Does It Work?

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Submission received: 12 April 2023 / Revised: 10 May 2023 / Accepted: 11 May 2023 / Published: 17 May 2023

Sharia Life Insurance Policy

The demand for Sharia Life Insurance Policy products is increasing significantly in the Muslim community. Shariah insurance provides stability in overcoming the risk of economic loss based on the principles of Islamic law. Moreover, Shariah insurance can be a sustainable solution in providing financial risk management. This study aims to analyze the development and sustainability of Islamic insurance as an alternative risk management method, and its future sustainability. The overview is on the nature of the products offered and the operating system models in the Sharia insurance sector. A systematic literature review method was used to obtain an overview and overview of Islamic insurance, using 774 data points from 2010 to 2022. According to the analysis, discussions about Islamic insurance show significant growth every year. Reducing risks by introducing the principles of Islamic law represents an added value to the Islamic insurance industry. In addition, five models of Sharia insurance system were introduced and implemented; namely Mudharab model, Modified Mudharab model, Wakala model, Hybrid model and Waqf model. However, the products offered in Sharia Life Insurance Policy are not many and still focus on individual risk. Based on these findings, Sharia insurance will be further developed in terms of products offered and risk management. Of course, it may lead to changes in the development of sustainable Sharia insurance.

What Is Riba In Islam, And Why Is It Forbidden?

Studies and discussions of Islamic economics have changed significantly [1, 2]. This can be seen in the significant increase in research and discussion among Muslim researchers and scholars in the field of Islamic economics. This situation can be confirmed in the growing Islamic economic products, including the banking sector, saving and lending, and other economic activities that include the Sharia system [3, 4, 5]. In times of change, the need for Shariah-based security and financing services is increasing due to the needs of Muslims to conduct business and reduce the risk of loss [6, 7, 8]. Sharia insurance has been developed to eliminate the risk of loss using Islamic law [9, 10, 11]. The application of the concept of Takaful as Shariah insurance is shown by the presence of many Takaful insurance companies in different countries that use Islamic values ​​and legal principles. The principle developed in this Shariah insurance is to implement the business with halal profit by using the Mudharab system [12, 13]. Shariah insurance uses the principle of Tabarru or unity, and investors can benefit and not suffer. Depending on the quality and development of the Shariah insurance company, it can provide satisfactory service to investors [14, 15].

Sharia Life Insurance Policy

Sharia Life Insurance Policy companies are established to support and protect politicians or stakeholders [16, 17, 18]. The measures taken are in the form of fund raising and management, which provides an example of compensation in view of certain risks through agreements (contracts) based on the principles of Shariah. In addition, before insurance, customers (policies) can transfer the risk of economic loss they receive. Thus, the economic activity of consumers can continue with the money received from the proposed claims. Conventional insurance and Sharia insurance have their advantages and disadvantages [19, 20]. Thus, the choice of insurance products is returned to the customers according to their needs and abilities. Sharia insurance uses the principle of risk sharing, where the risk from one person/group is borne by all people/groups, including politicians [21, 22, 23]. Conventional insurance uses a risk system where the risk is transferred from the policyholder to the insurance company [24, 25, 26, 27, 28]. The role of a Sharia insurance company is to manage operations and invest some of the money received from policyholders, unlike conventional insurance companies, which may be risky [29]. The contract used in Shariah insurance uses the principle of cooperation between politicians and representatives and the principle of cooperation between politicians and Shariah insurance companies, while the contract used in conventional insurance is based on the principle of exchange or buying and selling [30].

All factors are important in making decisions on Sharia insurance. Aspects of Islamic law are important in making Sharia insurance decisions. Shariah insurance payments, policy preparation, claims settlement, driver payments, and Shariah insurance fund management, as well as the application of Islamic law, should be considered. Discussions on Sharia insurance were developed and conducted by earlier researchers. For example, a study conducted by [31] discussed the working model of Sharia insurance, which is still a problem that needs to be solved. Several models are commonly used in research findings; o.t. hybrid model, Wakala model and Mudharab model. Furthermore, Tanuvijaya et al. (2022) [12] developed a mathematical model and premium management system for Shariah life insurance based on Mudharab scheme. The developed model considers Sharia insurance policies based on gender groups. According to the results of the study, the rate of benefit obtained from the policy of the female participants was higher than that of the policy of the male participants. Research [32] discussed the motivation of Sharia insurance practitioners or employees. Research shows that incentives can be given to operators or workers in Sharia insurance through the distribution of Wakala surplus.

Sharia Life Insurance Policy

Why Do High Income Executives Need Life Insurance?

Based on the research done, Sharia Life Insurance Policy definitely a different approach to the process. This is achieved by adjusting the level of needs within the community and the type of risk being insured. The public’s interest in purchasing Sharia insurance products has influenced and led to an increase in research on the development of Sharia insurance products. A systematic literature review in the field of Shariah insurance is an interesting and challenging task. This was the first impetus for research into the development of Sharia insurance products using the principles of Islamic law. Moreover, the process of working in Sharia insurance is very interesting because there are significant differences compared to conventional insurance. The research aims to ascertain the development of research in the field of Sharia insurance. This article discusses in detail Sharia insurance, Sharia insurance products, and Sharia insurance programs. The assessment conducted in this study was based on updated articles on Sharia insurance. Based on the results of the assessment, the growth and level of the future needs of Sharia insurance to meet the risks facing society can be determined. Research related to Shariah insurance is very useful to the public as it can help to understand Shariah insurance. Thus, it can increase public interest

Sharia Life Insurance Policy

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