Sharia Insurance is Insurance Based on Sharia Principles
A contract is a written agreement that contains certain agreements, including the rights and obligations of the parties in accordance with sharia principles.
Akad Tabarru 'is a grant agreement in the form of granting funds from one Participant to the Tabarru Fund' for the purpose of help between the Participants, which is not for commercial purposes.
Akad Wakalah bil Ujrah is a Tijarah Contract which authorizes the Company as a Participant's representative to manage the Tabarru 'Fund and / or Participant Investment Fund, according to the power or authority given, in return for a ujrah (fee).
Mudharabah Agreement is a contract to provide profit sharing for Tabarru 'Fund investments.
Contributions are a number of funds paid by Participants to the Company, some of which will be allocated as Tabarru 'contributions and others as fees (ujrah) for the Company.
Tabarru 'Funds Contribution is a portion of contributions paid by Participants which are then included in the Tabarru' Fund Collection with Tabarru 'Contract.
Tabarru 'Fund is a collection of funds derived from the contributions of the Participants, whose mechanism of use is in accordance with the agreed Tabarru' Agreement.
Surplus / Underwriting Deficit is the difference of more / less than the total contribution of Participants into the Tabarru 'Fund after deducting compensation payments / claims, reinsurance contributions, and technical reserves, in a certain period.
Advantages of Sharia Insurance
1) Transparency of Takaful Participant Fund Management with an agreement that is clear and transparent as well as aqad in accordance with sharia, tabarru 'funds will be managed professionally by Islamic insurance companies through shariah investment based on sharia principles.
2) Islamic Participant Fund Management by avoiding Riba (Interest), Maisir (Gambling) and Gharar (Unclear).
Sharia insurance avoids conventional insurance functions that contain Riba (Bunga) Maisir (Judi) and Gharar (Unclear). Tabarru 'funds will be used to deal with and anticipate disasters / claims that occur among insurance participants. Through Islamic insurance, you can prepare yourself financially while maintaining the principles of transactions that are in accordance with Islamic fiqh. So there is no doubt about sharia insurance.
3) The existence of Underwriting Surplus Surplus Allocation and Distribution
a. In the event of an Underwriting Surplus, the Participant agrees to allocate the Underwriting Surplus as follows:
• 50% for the Tabarru 'Fund Collection;
• 20% for Participants who meet the criteria;
• 30% for the Company as an operator.
b. Underwriting surplus will be distributed to Participants no later than 90 calendar days after the calculation is complete.
c. Distribution of Underwriting Surplus results is only given to Participants who fulfill the following conditions:
• Participants never submit claims in the calculation of the underwriting surplus / deficit.
• Not being filed a claim on the calculation date of the underwriting surplus / deficit.
d. If the Underwriting Surplus amount to be distributed to each Participant is less than Rp. 50,000, then the Underwriting Surplus is included in the Tabarru Funds' collection.
Asei Insurance has several types of AsURAN Umum Syariah products as follows:
1) Sharia Property Assets Insurance
Insurance that provides compensation to the Insured for damage or loss of insured property caused by fire, lightning strikes, explosions, falling aircraft, and smoke from the fire of the insured property. Property insurance includes fire insurance and extended collateral (earthquakes, storms, floods, typhoons, etc.) and also guarantees for losses as a result of business interruption caused by fires.
Types of property insurance:
• Indonesian Fire Insurance Standard Policy (PSAKI)
• Indonesian Earthquake Standard Policy (PSGBI)
• Property All Risks (PAR) or Industrial All Risks (IAR)
2) Sharia Engineering Insurance
Engineering Insurance is a form of insurance that provides coverage for the risk of loss or damage to the insured object (usually related to construction; material; equipment or machinery) during the construction or installation of machinery against any risk of unexpected loss or damage; sudden and an accident.
Expansion of coverage can be given to the risks of loss or damage to property and physical accidents from a third party with a maximum value agreed upon in advance. Engineering Insurance is divided into 2 (two) large groups, namely: Insurance
Project Engineering and Non-Project Engineering Insurance.
Type of insurance (policy) for Project Engineering, namely:
• Construction Insurance (Contractor All Risk Insurance / CAR): provides coverage for the risk of loss and / or physical damage to the implementation of development.
• Installation Insurance (Erection All Risks Insurance / EAR): provides coverage for the risk of loss and / or damage to the machines during installation or
installation. Types of insurance for Non-Project Engineering, namely:
• Electronic Equipment Insurance (EEI) Insurance
• Machine Damage Insurance (MB)
• Heavy Equipment Insurance (Contractor's Plant and Machinery / CPM)
3) Sharia Goods Transportation Insurance
Insurance that guarantees damage or loss of goods transported from one place to another either by land transportation (truck, train, trailer), sea (ship) or air (aircraft) to the risks that occur during the transportation of goods. The type of risk covered is divided into three (3) groups called Institute Cargo Clauses (ICC), namely (from the most complete): ICC "A"; ICC "B" and ICC "C".
4) Sharia Ship Frame Insurance
Giving guarantees for damage or loss to ships, machinery and equipment from marine hazards (perils of the sea) and navigational perils. The guarantee is the full terms / full conditions (Cl 280) and the limited terms / limited conditions (Cl 284 and Cl 289).
5) Aneka Syariah Insurance
Liability Insurance: guarantees legal liability to third parties in the form of bodily injury and / or property damage in relation to work or business activities carried out by the Insured.
Types of Insurance Liability:
• Public Liability Insurance
• Commercial General Liability or CGL (which includes Public Liability, Employer's Liability, Automobile Liability, Workmen's Compensation)
6) Sharia Money Insurance
Providing collateral for loss of money, gold and / or equivalent to money (Checks, Bank Notes, Wesel) owned by the Insured as long as it is stored in a safe, vault or other depository; during delivery from one place to another; when stored at the cashier or counters where transactions are carried out; and guarantee the loss of the insured's money due to dishonesty of employees who are trusted in managing money.
Types of Money Insurance:
• Cash in Transit (CIT)
• Cash in Safe (CIS)
• Cash in Cashier Box
• Fidelity Guarantee
7) Sharia Personal Accident Insurance
Provide guarantees for the risk of death, permanent disability, and the cost of treatment or treatment caused by an accident.
8) Sharia Traffic Insurance
To bear losses due to theft that the thief entered the room occupied by the Insured, by means of violence / demolition and also damage to the Insured's goods as a result of the act.
9) Personal Accident Insurance plus Sharia
Provide a guarantee of the risk of death caused by accidents and illness and the risk of termination of employment.
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