Sharia Insurance made Only for Muslims ?
Sharia Insurance made Only for Muslims ? - Hearing about sharia insurance is something that is thought in the minds of others about why it should be sharia, whether it is because the population in Indonesia is majority Islamic or there are other things that may be beneficial for everyone who uses this sharia insurance, in this case, sharia insurance certainly uses sharia principles that prioritize mutual benefit and of course free from usury and gharar.
And in sharia insurance is not only for Muslims because there are many components in it, including Islamic finance, sharia economy, and sharia insurance, it has an inclusive and universal nature. And here are the benefits of sharia insurance, namely:
Sharing of Risk
Sharia insurance uses the concept of sharing of risk, the conventional difference is that conventional insurance uses the concept of transfer of risk where the money paid by customers is collected.
The funds became the property of the insurance company. When there is no customer who gets a customer and makes an insurance claim? The money automatically belongs to the company.
Meanwhile, the basic concept of sharing of risk that is taken is to help each other, meaning that if there are a group of people who agree to join sharia insurance, they agree to cover each other's Mexico through contributions called tabarru funds or kindness funds, benevolence funds and donations that will be used to help other participants who are experiencing disasters or experiencing difficulties.
Now, in this case, we can also get to know the concept of socially responsible or joint responsibility, sharia insurance is actually a takaful contract, if the customer does not experience a disaster, will the funds be forfeited? certainly not, because the funds will be used to help others.
Usury-Free
Riba comes from the term riba fall, which means the excess (fadhl). Thus, usury is an excess or increase in quantity in the transaction of buying and selling similar goods, such as money, gold, wheat, or other objects, the amount of which is not the same.
Conventional insurance is categorized as containing usury because the amount of premium deposited by the participant is not the same as the amount of claim or compensation he receives.
The handover between premiums and claims is not carried out at the same time. Investments contained in conventional insurance are also placed in usury instruments. On the contrary, sharia insurance is called usury-free because no participant's funds are forfeited.
This is because Sharia insurance will provide customers in the form of claims, compensation, or Underwriting Surplus. In addition, incoming funds will be managed in investment instruments in accordance with sharia principles supervised by DSN-MUI and OJK. The investment offered in Sharia Insurance also uses a clear contract so that participants are more comfortable.
More transparent
The management of funds by sharia insurance companies is carried out more transparently both in terms of the use of Insurance participant contributions, Underwriting Surplus, and distribution of investment returns. When there is Surplus Underwriting, the Insurance company will divide it into three parts whose value has been stated in the contract. This profit sharing consists of the part that goes to the Tabarru Fund', the share given to the participants, and the part that will be given to the Insurance company.
The distribution of profits is also carried out in proportion. That is, participants who make a lot of contributions, will get a lot of profit sharing as well. The provisions regarding profit sharing contained in the contract from the beginning of this agreement show that Sharia insurance is transparent.