Lately a lot of popping up Sharia-compliant insurance products such as bumiputera that bumiputera issue of sharia, Islamic PRUlink Assurance prudential with Accounts and so forth. This phenomenon is characterized by the emergence, PT. Asuransi Takaful Indonesia which established in 1994, a Sharia-based insurance company. This phenomenon invites a question. What is the advantage of Islamic insurance products?
The question above is a big question that should be a consideration for us all. Hotbonar Sinaga, director of Social Security, said that the Islamic insurance benefits not only based on the sharia as the absence of usury in the investment, the element of gambling or not filled with uncertainty factors. Real superiority of Islamic insurance, as well as other Islamic financial products, none other than the profit-sharing or mudaraba. That's why in Islamic insurance is not known the existence of risk transfer, but better known as risk sharing.
The main advantage creates other advantages, which differentiate these products significantly by non-Islamic products. In the mechanism of contribution payments from customers, immediately separated into two: first, to the account of tabarru 'or protection and the second went into a savings account for the results. So from the beginning has been separated. Those advantages compared to conventional insurance with the account for the results show that some of the premium had been allocated for distribution to the result of investment returns to our policyholders.
Unlike conventional insurance, because there is no separation of premium then in the early formation of reserves, none of which customers are entitled to the policyholder. As a result, when the policyholder no longer able to continue to sell the policy back to the company asurani to get the cash value to be received can be nil. If anything, the magnitude of the cash value in the early years will be far different from the accumulated premiums ever paid.
Account for the possible existence of Islamic insurance companies to share the portion of investment returns by policy holders if there is no claim within one year policy period. In conventional insurance, known as the so-called no claim bonus. Namely, the bonus will be obtained policyholders in insurance losses, especially if the closure policy for several years there was never any claim lodged. In Islamic insurance, with a system of profit-sharing bonuses allows the insured even if the closure policy had lasted for one year. These bonus options given various alternatives such as cash deposited, reducing the premium renewal periods, assigned to various foundations in the form infak and charity.
However, constraints on the state of Indonesia Islamic insurance products not so well known by people so many people who do not know the benefits of this insurance. Unlike neighboring countries namely, Malaysia, Brunei and Singapore. Due to incessant promotion that they do cause the market Islamic products not only enjoyed by Muslims but also non-Muslim parties. Apparently this can be a lesson to us all.
