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
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
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
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 kedua dengan sub-tema “Mengapa Kita Perlu Alternatif untuk Asuransi Konvensional?” telah terlaksana pada hari Sabtu, 13 Juni 2020, pukul 10.00-12.00 WIB atau 11.00-13.00 waktu… Continue reading MES Malaysia Webinar Series: Mengapa Kita Perlu Alternatif untuk Asuransi Konvensional?
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?
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)
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