Saturday, May 28, 2011

Development of Islamic Insurance Indonesia

According to a survey of Karim Business Consulting (KBC), the potential of Islamic insurance market in Indonesia, at least can be classified into three groups of potential, namely:
1. Users who want the Islamic financial products for its insurance transactions actually have Islamic orientation. The number of such users is not too large, given the awareness of insurance products worth sharia still not significant.
2. Users of Islamic financial products that make the shift (switching) from the conventional insurance model. They want profit and benefit more than the value of sharia. The numbers are very dominant and generally come from middle-class.
3. Users of Islamic financial products that have been loyal to conventional insurance products and difficult to move to other models because it feels comfortable and confident. The only cause they make the shift is because the quality of Islamic insurance model is considered equal to or better than conventional models that had been their preference.
Therefore, both the company and its customers, the concept of sharia-based insurance company has to offer and demand by its customers rather than solely on the Islamic-oriented its course, but also consider the business strategy and profit.
Insurance in Islamic literature more nuanced shades of economic or social rather than profit oriented (business profits). This is due to the aspect of helping a primary basis in upholding the practice of insurance in Islam. So when the concept of Islamic insurance is packaged within an organization to profit-oriented company, will result in a merger of two different visions, the vision of the social (social oriented) should be the main foundation and economic vision that became the foundation periphery.
Furthermore Hasanuddin in Gemala (2004) says that,
"The main foundation in building the institutions of Islamic economics in the real level, a sort of banking and insurance is the fulfillment of values; prohibition of usury and bank interest rates, prioritize and promote trade and sale, justice, solidarity and mutual help, and encourage each other to improve performance. Several key principles must exist in an Islamic financial institutions, particularly the principle of usury-free. Thus an Islamic financial institution has not said when in reality still wear flowers as stepping operational instruments "
As said before, that now there are about 30 more Islamic insurance company in Indonesia, where the Islamic insurance industry consists of a pure Islamic insurance company and the whole offer products syar'i and conventional companies that founded the division of sharia or Islamic product offering. Asuransi Takaful Indonesia, as one insurance company who is genuinely stands as the insurer that applies the principles of sharia in the operational systems and management of funds, now compete with conventional insurance companies that offer similar products and services. Like for example Asuransi Allianz Life Indonesia, which has been offering Islamic insurance products but is on a roof with conventional insurance products they have. Indonesia was the first country in which Allianz Asia began to create and offer products of his sharia. This is very interesting, given the conventional insurance company Allianz is a leading in some countries in the world.
Based on this reality will require a study and research on the suitability of the concept of Islamic insurance to practice in both these types of Islamic insurance company, Takaful insurance is a pure Islamic insurance company and insurance company Allianz Life Indonesia as conventional insurance with Islamic products therein.
Based on the above description, the author wants to examine and analyze the extent to which Islamic concepts are actually implemented in the real level, and compare this to the two types of insurance companies who have different backgrounds, through a study entitled

Source: shvoong











Development of Islamic Insurance Indonesia

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