Insurance, some idea is to protect themselves from any unpredictable and unacceptable accident (loss), or just to have saving account or investment for additional advantage (i.e. PruLink, product of Prudential). we have also have Loss Insurance, other than Live Insurance we mention above. Loss Insurance needed to protect our vehicles, house, or other valuable manner. Nowadays, we heard there's something new in Insurance world, called Syaria Insurance. It based from Islamic rule of live, that everything in their live, must based on their rule of live of Holy Qur'an and Al Hadist. The principal of this kind of insurance is that every stakeholders and/or participants must agree each other for all the akad (pre requisite or agreement), condition, every single of them must known and acceptable, so no one will dissapointed to take the services. The interesting piece is that customer have a right to control the premium, that they able to pay, with ofcourse agree with the procentage claim they'll get for the risk.
Insurance Company works as a underwriter (policy holders), as collector (as pool of Tabarru’ Fund), and as Fund Manager which can invest the Tabarru’ fund base on Syariah rule. This Syariah rule is that the surplus will divide fairly with all participants (stakeholders) and company as fund manager also. The Syaria Insurance system collect all the premium from customer participants, to share the risk together, and deliver the claim from those premium money. This collecting premium called Tabarru. Insurance company take fees from this Syaria insurance for their revenue, but they can not use the Tabarru fund to greed themselves, coz this fund is untouchable and become customer's right. So where the company make money? Well.. the company get the fee from this services, such as Underwriter fee, Collector & Payer fee, and Fund Management fee. Also there’s sharing for the investment surplus from the Investment Tabarru’ Fund.
1 comment:
Well said.
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