Welcome to the second episode of our new series: Understanding Insurance, where we bring you quick and bite-sized information on the topic of insurance. Today, we discuss how we categorize risks and what should we do to manage them. https://youtu.be/0x3aOi7-htQ Subscribe to dkhairatTV YouTube channel for videos on risk, insurance, Islamic Finance, covid-19 and various… Continue reading Understanding Insurance #2: How to Handle Your Risks?
We have discussed in the previous article Conventional Insurance vs Islamic Insurance: Relationship between Parties that conventional and Islamic insurance has a fundamental difference in terms of the nature of the agreement between the parties involved. In conventional insurance, there is only one agreement or contract i.e. buying and selling, where the insured is the buyer… Continue reading 15. Conventional vs. Islamic Insurance: The Roles, Rights and Obligations of the Parties
Masyarakat Ekonomi Syariah (MES) Perwakilan Khusus Malaysia menyelenggarakan serial webinar bertema besar "Takaful bukan sekedar asuransi". Serial webinar ini dibagi ke dalam 5 (lima) sesi, setiap sesi berdurasi kurang lebih 2 (dua) jam. Sesi pertama dengan sub-tema "Risiko dan Asuransi: Industri yang sering disalah pahami" telah terlaksana pada hari Senin, 11 Mei 2020, pukul 10.00-12.00… Continue reading MES Malaysia Webinar Series: Risiko & Asuransi – Industri yang sering disalahpahami
Discussions in the last two articles Why is conventional insurance not in line with Sharia? (part 1) and Why is conventional insurance not in line with Sharia? (part 2) have led us to the conclusion that the principal problem that makes conventional insurance unacceptable to Shariah is the mechanism of transferring risk from the insured… Continue reading 13. How to make Insurance in line with Shariah?
As promised in the previous article Why do we still need Sharia compliant insurance?, let us now discuss the reasons why conventional insurance is not acceptable by Shariah even though it plays very noble role and several legally recognized fences have been created to protect it from falling into gambling or speculation. Risk transfer and… Continue reading 11. Why is conventional insurance not in line with Shariah? (part 1)
Previous nine articles have introduced what risk is, how it is categorized based on frequency and severity, briefly discussed how insurance deals with risk through pooling of risks and law of large numbers. We have also defined (conventional) insurance and introduced several fences to keep insurance away from gambling or betting and prevent the misuse… Continue reading 10. Why do we still need Shariah compliant Insurance?
Dalam sebuah pertemuan diawal pekan lalu, seorang kawan praktisi reasuransi syariah mengajak diskusi tentang model reasuransi syariah wakalah bil ujrah yang dipraktekkan di Indonesia, terutama disektor asuransi umum. Inti dari pertanyaan sahabat praktisi ini adalah bagaimana dampak dari kecenderungan perusahaan asuransi syariah yang menaikkan porsi ujrah (sehingga menurunkan porsi dana tabarru') terhadap reasuransi syariah? Source:… Continue reading Memerangi gejala, menafikan penyakit
Previous article Gambling vs Insurance: Basic Principles of Insurance (part 1) briefly discussed the first three of the basic principles of insurance, namely insurable interest, utmost good faith and proximate cause. We continue now with remaining three principles namely indemnity, subrogation and contribution. 4. Indemnity This principle asserts that insurance will only pay claim for… Continue reading 9. Gambling vs insurance: Basic principles of insurance (part 2)
We end previous article Between Gambling and Insurance with a statement that basically only pure risks are insurable, while speculative risks are not. However, it is not necessarily that every pure risks are insurable. In other words, pure risk is not the only condition for a risk to be insurable. To ensure insurance does not… Continue reading 7. Gambling vs Insurance: Requirements for insurable risks
Previous articles in the series of 'Understanding Insurance' have discussed what risk is, how it is grouped based on frequency and severity, at a glance how insurance works based on the principle of pooling of risks and law of large number and also briefly alluded to concept of hazard . We continue now to discuss… Continue reading 6. Between gambling and insurance