Conventional Insurance And Sharia
Life insurance and life insurance conventional sharia has the same goal, namely the management or risk mitigation. The fundamental difference between the two is how conventional management of insurance risk management and transfer of risk from the participants to the insurer (risk transfer), while life insurance adheres to the principles of sharia please help by sharing the risk among participants life insurance (risk sharing).
In addition to differences in the way risk management, there are differences in how to manage the savings element of the insurance product. Fund management in life insurance embrace sharia Islamic investment and free from elements of usury
In addition to differences in the way risk management, there are differences in how to manage the savings element of the insurance product. Fund management in life insurance embrace sharia Islamic investment and free from elements of usury
In detail the difference between life insurance and life insurance conventional sharia can be seen in the following description:
1. Contract or Agreement
The clarity of the contract or agreement in principle into practice muamalah because it will determine the validity of sharia . Similarly, the contract between the participants with an insurance company . Applying conventional insurance contracts in Shariah -called contract of sale ( tabaduli ) .
The clarity of the contract or agreement in principle into practice muamalah because it will determine the validity of sharia . Similarly, the contract between the participants with an insurance company . Applying conventional insurance contracts in Shariah -called contract of sale ( tabaduli ) .
In this contract must fulfill the terms of the contract of sale . Ketidakjelasaan issue of the amount of premium to be paid because it
depends on the age of the participants of which only God knows when we
die resulting in the conventional insurance contains what is called
gharar - ketidakjelasaan contract resulting contract on the exchange of
property in the conventional insurance practice legally flawed
So in life insurance contracts used sharia not purchase agreement contract but please help ( takafuli ) . So life insurance sharia uses what is called a contract tabarru which can be interpreted as a charity or donation . This contract is valid and justified an alternative currency in escaping the practices that are forbidden in conventional insurance .
The purpose of the fund tabarru ' This is giving charity fund with sincere intentions for the purpose assist each other among the Takaful participants if there affected them . Therefore tabarru funds ' deposited in the account specifically, where if there is a risk , given the claim funds from the account fund is tabarru ' which was intended by all participants for the sake of helping .
So in life insurance contracts used sharia not purchase agreement contract but please help ( takafuli ) . So life insurance sharia uses what is called a contract tabarru which can be interpreted as a charity or donation . This contract is valid and justified an alternative currency in escaping the practices that are forbidden in conventional insurance .
The purpose of the fund tabarru ' This is giving charity fund with sincere intentions for the purpose assist each other among the Takaful participants if there affected them . Therefore tabarru funds ' deposited in the account specifically, where if there is a risk , given the claim funds from the account fund is tabarru ' which was intended by all participants for the sake of helping .
2. Al - Mudaraba contract
The above explanation , the contract tabarru ' is a grant that is allocated when a disaster occurs . While elements of life insurance can also be a savings . In sharia insurance , savings or investments must meet the sharia .In this case , the pattern of results is characteristic of an investment for which the insurance company is just managing the funds collected from the participants . Technically , al - mudaraba partnership venture is an agreement between two parties where the first party provides a whole ( 100 percent ) of capital , while others become managers .Mudaraba business profits are divided according to the agreement set forth in the contract , while if the loss , borne by owners of capital loss is not due to negligence on the manager . If the loss was caused by fraud or negligence of the manager , then the manager should be responsible for the losses.Disepkati sharing contract in front so that if there is a profit then the division will follow the production sharing contracts . Suppose a contract for the result is 60:40 , in which participants get 60 percent of the profits of insurance companies currently gets 40 percent of profit .In connection with the investment , which is one element in insurance premiums , must satisfy Islamic law which does not recognize what is commonly called riba . All conventional insurance invest funds with interest mechanism .Thus the conventional insurance is hard to avoid usury . While Islamic insurance daolam should save their money to invest in various investments based on Islamic law with al - mudaraba system .
The above explanation , the contract tabarru ' is a grant that is allocated when a disaster occurs . While elements of life insurance can also be a savings . In sharia insurance , savings or investments must meet the sharia .In this case , the pattern of results is characteristic of an investment for which the insurance company is just managing the funds collected from the participants . Technically , al - mudaraba partnership venture is an agreement between two parties where the first party provides a whole ( 100 percent ) of capital , while others become managers .Mudaraba business profits are divided according to the agreement set forth in the contract , while if the loss , borne by owners of capital loss is not due to negligence on the manager . If the loss was caused by fraud or negligence of the manager , then the manager should be responsible for the losses.Disepkati sharing contract in front so that if there is a profit then the division will follow the production sharing contracts . Suppose a contract for the result is 60:40 , in which participants get 60 percent of the profits of insurance companies currently gets 40 percent of profit .In connection with the investment , which is one element in insurance premiums , must satisfy Islamic law which does not recognize what is commonly called riba . All conventional insurance invest funds with interest mechanism .Thus the conventional insurance is hard to avoid usury . While Islamic insurance daolam should save their money to invest in various investments based on Islamic law with al - mudaraba system .
3. Scorched fund
In conventional insurance fund known charred , where participants can not continue to pay the premium and wanted to resign before the maturity date . Similarly, the non - conventional life insurance and savings ( not an element of savings ) or life insurance , if the MSA contract runs out and there is no claim , then the insurance premium paid into a charred or insurance company profits .In the Takaful concept , the mechanism does not recognize funds forfeited . Participants who had entered though for some reason it wants to resign , then the funds or premiums previously paid may be taken back except a small portion that was intended to fund tabarru ' that can not be retrieved .Similarly, the general Islamic insurance , if the contract expires and there is no claim , then the company returns a portion of the premium with the pattern of results , eg 60:40 or 70:30 in accordance with the contract agreement in advance . In this case it is possible that the premium paid at the beginning of the year can be taken back and the number is very dependent on the level of investment in that year .
In conventional insurance fund known charred , where participants can not continue to pay the premium and wanted to resign before the maturity date . Similarly, the non - conventional life insurance and savings ( not an element of savings ) or life insurance , if the MSA contract runs out and there is no claim , then the insurance premium paid into a charred or insurance company profits .In the Takaful concept , the mechanism does not recognize funds forfeited . Participants who had entered though for some reason it wants to resign , then the funds or premiums previously paid may be taken back except a small portion that was intended to fund tabarru ' that can not be retrieved .Similarly, the general Islamic insurance , if the contract expires and there is no claim , then the company returns a portion of the premium with the pattern of results , eg 60:40 or 70:30 in accordance with the contract agreement in advance . In this case it is possible that the premium paid at the beginning of the year can be taken back and the number is very dependent on the level of investment in that year .
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