Sharia Insurance is an insurance based upon sharia concepts when it come to mutual assistance (ta'awuni) and mutual protection (takafuli) in between the individuals through a collection of money (Dana Tabarru') managed under sharia concepts to deal with certain dangers.
Listed below are some meanings of sharia insurances:
- Akad means a composed contract which contains certain arrangements consisting of the parties' rights and responsibilities inning accordance with sharia concepts.
- Akad Tabarru' means a contract of grant where a Individual provides the money to Tabarru' Money for the purpose helpful each various other amongst the Individuals, which isn't readily in nature and purpose.
- Akad Wakalah means Akad Tijarah that licenses the Company as the agent of the Individual to manage Tabarru' Money and/or Participant's Financial investment Money according to permission with payment through ujrah (charge).
- Akad Mudharabah means an agreement share revenues from the Tabarru' Money financial investment.
- 5) Payment means a quantity of money paid by the Individuals to the Company where component of the money is assigned as Tabarru' premium and the various other component as charge (ujrah) to the Company.
- Tabarru' Money Premium belongs to payment payable by the Individual to be after that consisted of right into Tabarru' Gathered Money and Tabarru' Ageement.
- Tabarru' Money means a collection of money from the Participants' payment which system of the use is based on the Tabarru' Contract equally concurred. Financing Excess/Shortage is a excess/shortage of Participant's total payment to Tabarru' Money after dedcuted by benefit/claim payment, reinsurance payment, technological reserve, in certain duration.
The benefit of Sharia Insurance
Tabarru' Money Premium belongs to payment payable by the Individual to be after that consisted of right into Tabarru' Gathered Money and Tabarru' Ageement.
Tabarru' Money means a collection of money from the Participants' payment which system of the use is based on the Tabarru' Contract equally concurred. Financing Excess/Shortage is a excess/shortage of Participant's total payment to Tabarru' Money after dedcuted by benefit/claim payment, reinsurance payment, technological reserve, in certain duration.
The benefit of Sharia Insurance
1. Openness of Participant's Money Management Sharia insurance is based upon clear and clear initial contract according to sharia concepts. Tabarru' money
will be managed expertly by sharia insurance company through a sharia financial investment inning accordance with sharia concepts.
2. Participant's Money Management inning accordance with Islamic concept by avoiding Riba (interest), Maisir (gambling), and Gharar (Unpredictability).
Sharia Insurance gets rid of conventional insurance methods containing Riba (interest), Maisir (gambling), and Gharar (unpredictability). Tabarru' Money will be used to encounter and expect mishap/disaster/claim amongst the insurance individuals. Sharia insurance enables the individuals to prepare themselves economically based on the deal concepts inning accordance with Islamic legislation. It's therefore no skeptical to have sharia insurance.
3. Allotment and Circulation of Financing Excess
a. In case of Financing Excess, individuals consent to assign the Financing Excess as complies with:
- • 50% for Tabarru' Collection of Fund;
- • 20% for qualified Participant;
- • 30% for the Company as driver.
b. Financing Excess will be dispersed to individuals at the newest 90 schedule days following the conclusion of the computation.
c.The proceeds of Financing Excess will be dispersed to any individuals that satisfy the following certifications:
• The individual has never ever sent claim in the year where the financing excess (shortage) is calculated.
• The individual isn't sending claim on the day where the financing excess (shortage) is calculated.
decoration. In case the Financing Excess to be dispersed to the Individual is much less compared to Rp 50,000 the excess will be consisted of right into the Tabarru' Collection of
Money.
Asei Re offers the following several Sharia Basic Insurances:
1. Sharia Property Insurance
It's an insurance providing indemnity to the Guaranteed versus any damage or loss of the guaranteed property because of terminate, lightning strike, surge, hit by plane crash, and smoke from terminate of guaranteed residential or commercial homes. The Property Insurance is composed of terminate Insurance and its extended guarantee (quake, tornado, flooding, hurricane, and so forth) as well as guarantee of losses consequently of business disruption triggered by terminate.
Kinds of property insurance:
• Indonesian Terminate Insurance Standard Plan (PSAKI)
• Indonesian Quake Standard Plan (PSGBI)
• Property All Dangers (PAR) or Commercial All Dangers (IAR)
2. Sharia Design Insurance
Design Insurance is among insurance forms providing coverage versus risk of loss or damage of the guaranteed objects (usually relates to the construction; material; equipment or machineries) throughout the building or installation of equipment versus any risk of loss or damage which is unforeseeable, unexpected and considered as a mishap.
Extended coverage may be granted versus the dangers of loss of and damage to property and physical mishap of 3rd Party with maximum quantity previous concurred. Design Insurance is split right into 2 (2) main categories:
Project Design Insurance and Non-Project Design Insurance.
Kinds of plan for Design Project are:
• Professional All Dangers Insurance/CAR: provides coverage versus risk of loss of and/or physical damage to building process.
• Erection All Dangers Insurance/EAR: provides coverage versus risk of loss of and/or damage to machineries throughout the installation or commissioning.
Kinds of plan for Non-Project Design are as complies with:
• Digital Equipment Insurance/EEI
• Equipment Break down Insurance/MB
• Contractor's Grow and Equipment/CPM
3. Sharia Aquatic Freight Insurance
This insurance guarantees any damage or loss of freight transferred from one place to another by land transport (vehicle, educate, and trailer), by sea transport (ship), by airtransport (airplane) versus the dangers occurred throughout the transport of cargoes. Kinds of risk protected are split right into 3 (3) categories called Institute Freight Provisions (ICC) which are (from one of the most complete): ICC "A"; ICC "B" and ICC "C".
4. Sharia Aquatic Hull Insurance
It provides guarantee for any damage or loss of vessel, machineries and equipment from any perils of the sea and navigational perils. The guarantee is both completely terms/complete problems (CI 280) and limited terms/problems (CI 284 and CI 289)
5. Sharia Basic Mishap/Miscellaneous Insurance Liability Insurance
It provides guarantees of lawful liability to 3rd parties through physical injury and/or property damage relates to the work or business tasks of the Guaranteed.
Kinds of Liability Insurance:
• Public Liability Insurance
• Industrial Basic Liability including Public Liability, Employer's Liability, Automobile Liability, Workmen's Payment.
6. Sharia Money Insurance
It provides guarantee for the loss of money, gold and/or anything considered equal to money (inspect, financial institution keeps in mind, expense of trade) of the Guaranteed throughout they are put in a risk-free, cash box, or various other cash situation throughout exploration from one place to another; when they are put in cashier or box workplace where the deal performed; and guarantee for loss of the insurred' money because of scams of the relied on worker in managing the cash.
Kinds of Money Insurance:
• Money in Transportation (CIT)
• Money in Safe (CIS)
• Money in Cashier Box
• Integrity Guarantee
7. Sharia Individual Mishap Insurance
It provides coverage versus the dangers of fatality, long-term impairment, cost of healthcare and therapy triggered by mishap.
8. Sharia Burglary Insurance
It covers loss because of a burglary where the burglar damages right into a structure where the Guaranteed inhabits, through force/ breaking off and damaging the Insured's residential or commercial homes consequently of to such act.
9. Individual Mishap Insurance Plus Sharia
It provides protection versus risk of fatality triggered by mishap and disease and work discontinuation.