Understanding Insurance

16. Reading Fatwa no. 53 /DSN-MUI/III/2006 on the Contract of Tabarru’ in Islamic Insurance

In the last two articles Conventional Insurance vs Islamic Insurance: Relationship between Parties and Conventional vs. Islamic Insurance: The Roles, Rights and Obligations of the Parties, we have discussed how structure of Islamic insurance is different from conventional. The difference is so fundamental leading to different roles, rights and obligations of the parties involved. We should also… Continue reading 16. Reading Fatwa no. 53 /DSN-MUI/III/2006 on the Contract of Tabarru’ in Islamic Insurance

Understanding Insurance

15. Conventional vs. Islamic Insurance: The Roles, Rights and Obligations of the Parties

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

Understanding Insurance

14. Conventional Insurance vs Islamic Insurance: Relationship between Parties

We have ended the previous article How to Make Insurance in line with Shariah? with the statement that takaful or Islamic insurance that we know today is the result of a modification to conventional insurance. The modification was carried out by removing the concept of risk transfer which is problematic part from Shariah point of… Continue reading 14. Conventional Insurance vs Islamic Insurance: Relationship between Parties

dkhairatTV, Learning

MES Malaysia Webinar Series: Risiko & Asuransi – Industri yang sering disalahpahami

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

Understanding Insurance

13. How to make Insurance in line with Shariah?

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?

Understanding Insurance

12. Why is conventional insurance not in line with Shariah? (part 2)

Riba Riba (usury) is divided into two groups, namely riba fadl and riba nasi'ah. Riba fadl is usury from an exchange between two objects (for example money with money, gold with gold, silver with silver, and so on). Whereas riba nasi'ah occurs due to a delay in delivery or payment. Thus, bank interest is clearly… Continue reading 12. Why is conventional insurance not in line with Shariah? (part 2)

Riskonomics

Menimbang adakah metode reasuransi excess of loss sejalan dengan Syariah

Note: English version of this article is available at Assessing Shariah compliance of excess of loss retakaful. Pada suatu Jumat sore yang cerah, seorang kandidat PhD Islamic Finance yang masih muda datang untuk berdiskusi tentang metode retakaful (reasuransi syariah) non-proporsional. Ia membawa sebuah makalah ISRA yang secara singkat menyentuh topik ini, namun tanpa kesimpulan. Ia… Continue reading Menimbang adakah metode reasuransi excess of loss sejalan dengan Syariah

Understanding Insurance

5. Risk Management and Insurance

The previous four articles in the series of Understanding Insurance have laid a basic understanding of risk. Article number one, What is risk?, is defining risks and making arguments about the conservation of risk. The second article, Categorizing risks, sorts risks out into four categories based on a combination of frequency and severity. Several actions… Continue reading 5. Risk Management and Insurance

Understanding Insurance

3. Holding hot potato: transfer or avoid

We closed second article of this series with three choices of actions available in dealing with risks, namely to ignore, to retain and to transfer. Earlier part of the same article discussed that risk can be divided into four categories based on a combination of frequency and severity. Let's continue our discussion to the risks… Continue reading 3. Holding hot potato: transfer or avoid

Mengerti Asuransi

21. Asuransi Syariah: Kalau Tekor, Siapa Setor?

Pada artikel Asuransi Syariah: Siapa untung, siapa buntung? telah sekilas kita singgung bahwa tidak hanya surplus, bahkan defisit dana tabarru' pun adalah milik para peserta dalam kapasitas kolektif mereka. Artinya, defisit dana tabarru' yang terjadi karena kontribusi tabarru' tidak mencukupi untuk membayar klaim, merupakan tanggung jawab peserta secara bersama-sama. Akan tetapi fatwa DSN-MUI no. 53… Continue reading 21. Asuransi Syariah: Kalau Tekor, Siapa Setor?