Islamic Insurance In Indonesia Research Articles

Implementasi Maqashid Syariah Pada Asuransi Syariah di Indonesia

The presence of Islamic insurance in Indonesia was marked by the existence of PT Syarikat Takaful Indonesia which operated in 1994 and after that Islamic insurance companies began to stand The presence of Islamic insurance is the answer to the prohibition of conventional insurance. This study aims to determine the implementation of maqashid sharia in Islamic insurance. The method used in this article uses a literature study (Library Reasearch). The results obtained are that the practice of maqashid sharia has been implemented by Islamic insurance. Insurance protection in maintaining religion (hifdzu din) to realize the perfection of worship, namely pilgrimage insurance. Keeping the soul (hifdzu nafs) to prevent things that will threaten the soul and cause disability or death, namely accident insurance. Keeping the mind (hifdzu aql) to protect the mind from damage, namely by learning, such as education insurance. Keeping offspring (hifdzu nasl) can be realized with education insurance that will help heirs to be able to continue their lives for the better. Keeping property (hifdzu mal) to overcome the risk of loss, namely with general takaful.

SWOT analysis of fire insurance product marketing strategy at PT Chubb Life Insurance Indonesia Medan Branch: An Islamic perspective

IntroductionIndonesian people are familiar with and use many sharia insurance products. However, research specifically discussing fire insurance products is still limited.ObjectivesThis study carries out a SWOT analysis of fire insurance products from the marketing strategy aspect and Islamic perspective.MethodThis study used a quantitative approach with a sample of PT. Chubb Life Insurance (Persero) Medan Branch, Indonesia. Data collection was carried out using interviews and questionnaires. This study uses SWOT Analysis to evaluate internal and external factors that influence a company to identify strengths and weaknesses.ResultsThe research results show that the strengths of PT. Chubb Life Insurance were in its principles that are not usury, its brand is strong and its policies and claims services are well served. The opportunity can be found around office buildings that requires fire insurance. The weaknesses faced are low market share and human resources. The threat is the large number of competing companies that have similar products and the public's lack of understanding about insurance.ImplicationsThis study shows a strong internal position and indicates that the company responded well to existing opportunities and avoided threats in the market.Originality/NoveltyThis study contributes to the study of fire insurance as part of Islamic insurance in Indonesia.

Influence of GDP and Interest Rate on the Return on Assets of Sharia Life Insurance Companies in Indonesia During the COVID-19 Pandemic

This paper examines the relationship between the effect of GDP and Interest Rate on the Return on Assets of Islamic insurance companies in Indonesia during the COVID-19 pandemic, using the period 2020 to 2022. Multiple linear regression is used to test the degree of relationship between macroeconomic factors and company performance. The results of the study show that GDP and Interest Rate have no significant effect on the ROA of Islamic life insurance companies in Indonesia. There are three reasons provided, the sharia insurance industry has different characteristics from other industries, the social behavior factor during the COVID-19 pandemic, and there are also other factors that affect the ROA of sharia insurance companies. The findings contribute to the operation of Islamic insurance in Indonesia for regulators, investors, and policyholders.

N-Vivo Analysis on Indonesia Islamic Insurance Studies

This study seeks to map research related to Islamic insurance in Indonesia published by Dimensions indexed journals from 2006 to 2023. NVivo 12 Plus was used to conduct a thematic review and frequency was used to evaluate 207 publications in the scientific literature. The results found that the number of publications fluctuates from year to year related to Islamic insurance research in Indonesia, indicating that this topic is an interesting topic and must continue to be developed. In addition, various foci of discussion and cluster analysis that describe the research path in Islamic insurance research in Indonesia include Efficiency and Islamic Insurance in Indonesia, Policy and Islamic Insurance in Indonesia, Banking and Islamic Insurance in Indonesia, and Company and Islamic Insurance in Indonesia. This research can be used as a starting point for experts to build graphic visualizations of Islamic insurance research patterns in Indonesia in published scientific research.

EVALUASI KEBIJAKAN SPIN OFF PADA INDUSTRI ASURANSI SYARIAH DI INDONESIA

<p><em>The purpose of this paper is to evaluate of spin off on islamic insurance in Indonesia. This research used data participant funds from the financial report from 22 sharia business unit consisting of 14 sharia life insurance and 8 sharia general insurance in 2015-2020 period. Data processed using autoregressive integrated moving average (ARIMA) with R-Studio tools analysis. The result shown no sharia insurance unit has been able to meet the criteria of spin off, the proportion of funds which are not able to achieve as much as 50% headquarter participant funds base on act number 40/2014 about insurance in Indonesia. The main steps that need to be taken by a sharia insurance business unit that wants to spin-off is to ensure that its financial condition is healthy and choose the right spin-off model. Meanwhile, regulators need to evaluate the spin-off criteria. It is hoped that the aim of the spin off to encourage the development of the sharia insurance industry can be achieved and not become a burden.</em></p>

Sentiment Analysis on Islamic Insurance in Indonesia

This research was conducted to review Islamic insurance within the scope of sharia economics both in terms of scientific research in the form of published journals and the sentiments of the Indonesian people in response to the development of Islamic insurance. The method used is descriptive bibliometric statistical analysis and sentiment analysis from secondary data in the form of more than 50 published papers in the past 5 years and primary data in the form of more than 100 questionnaire respondents from Jabodetabek area which are then processed using VOSViewer and SentiStrength. The results showed that the bibliometric mapping was divided into 5 clusters; cluster 1 consists of 6 topics, cluster 2 consists of 6 topics, cluster 3 consists of 5 topics, cluster 4 consists of 4 topics and cluster 5 consists of 3 topics. The results of the sentiment analysis show good sentiment (positive) by 24%, bad sentiment (negative) by 14% and the rest have neutral sentiment (neutral) 62%. This study is the first comprehensive study to discuss the sentiment analysis of the Islamic insurance theme with primary and secondary data.

Prospects and Challenges of Shar’i Insurance in Efforts to Compensate Victimsof Natrual Disaster in Indonesia

<p><em>The presence of sharia insurance in Indonesia complements the presence of types of insurance in Indonesia. The existence of sharia insurance in an effort to compensate victims of natural disasters is very important because the existence of Muslims requires halal certainty from insurance, how it differs from conventional products, what are the prospects in Indonesia and what are the challenges faced. Qualitative descriptive method was chosen to describe the condition of Islamic insurance in Indonesia. The results of the study indicate that in the development of sharia insurance in an effort to compensate victims of natural disasters, there are prospects, obstacles and various supports needed for the development of sharia insurance in Indonesia, synergy between Ulama, government Umara in the form of regulation and supervision</em></p>

Islamic Insurance in Indonesia: Opportunities and Challenges on Developing the Industry

Islamic insurance is a minor industry compared with other Islamic financial institutions in Indonesia. However, it has enormous potential to grow together with its challenges. This study aims to analyze the opportunities and challenges of the Islamic insurance industry in Indonesia. This research uses a qualitative methodology and descriptive analysis. The result summarizes that the possibilities are: domino effect from Halal Value Chain and other development of government-owned enterprises; digitalization in Islamic Finance; and potential market of micro takaful. The challenges are needing a set regulatory framework as a catalyst to force supply and demand; market penetration is low, issues of Islamization insurance and the inadequate development of Islamic insurance products, limited retakaful company and qard hassan fund issue in retakaful.

STRATEGI PEMASARAN DALAM MENINGKATKAN NASABAH PADA ASURANSI SYARIAH PT ASURANSI JIWA SYARIAH BUMIPUTERA CABANG SURABAYA

Sharia Insurance is an institution that provides services in the service sector that appears among people who still do not understand about sharia insurance and its mechanisms, so that people are still awkward to use the insurance services. Islamic insurance in Indonesia has the potential to grow along with the growth of the Islamic financial market. The sharia insurance strategy to increase product sales is carried out by conducting outreach to the public. In terms of increasing the number of customers, especially by expanding the market, especially for people who have not used sharia insurance services through direct socialization, maintaining and improving existing markets by trying to always maintain communication with customers to provide quality services, introducing financial planning and management. risk in Islamic insurance. Fast service provides convenience for more strategic management of needs so that it creates public interest in using sharia insurance services.

THE INNOVATION OF ISLAMIC INSURANCE AS A SOLUTION FOR PENETRATION

The penetration of Islamic insurance in Indonesia is not directly proportional to the number of Muslim population in Indonesia. This article aims to look at the causes of the low penetration of Islamic insurance in Indonesia. Literature study is the method used in this article by conducting content analysis, the data used in the form of writing, graphics, pictures and figures sourced from the OJK and the ASEAN Economic survey. The result of this research is the lack of innovation in Islamic insurance which caused the low penetration of Islamic insurance. Islamic insurance penetration can increase with innovation. Social insurance is a manifestation of the mandate of 1945 Constitution of Indonesia Republic which obliges to provide basic protection for all Indonesian people. With the large number of Muslim population in Indonesia, the opportunities for Sharia social insurance innovation can be taken into consideration. Sharia social insurance can be a solution to increasing the penetration of Sharia social insurance in Indonesia. In terms of regulation, the growth of Sharia social insurance can develop. This article has major implications for practitioners, policy makers and regulators.

The importance of trust factor in the intentions to purchase Islamic insurance (takaful) in Indonesia

Purpose The purpose of this study is to examine the role of attitude, religiosity, awareness and subjective norm toward trust which influences purchase intention regarding Islamic insurance in Indonesia. Design/methodology/approach This research uses quantitative methods. Online questionnaires are distributed and collected for people who already have an insurance policy, have the knowledge and are interested in buying Islamic insurance in Indonesia. A total of 322 valid responses were collected using non probability purposive sampling and snowball sampling method. To achieve the purpose of this study, an analysis using SEM or structural equation model for hypothesis testing was performed. Findings The results show that trust significantly affected purchase intention regarding Islamic insurance. Other than that, trust is significantly influenced by awareness, religiosity and subjective norm. Moreover, the attitude toward trust found that not significantly related. Originality/value The originality of this study is the first research integrating attitude, religiosity, awareness and subjective norm, mediating by trust toward a purchase intention of Islamic insurance in Indonesia.

Pengaruh Pemasaran Media Sosial Terhadap Purchase Intention Asuransi Syariah di Indonesia

Indonesia has a large potential as a potential market share of Islamic insurance. However, in reality the large muslim population does not necessarily guarantee the large market share of Islamic insurance in Indonesia. Based on AAJI data, insurance users in Indonesia have only reached 7.5%, and only around 5% of that number uses sharia insurance. The low awareness, knowledge and exposure to sharia insurance is the reason for the lack of sharia insurance participation rates. It can be seen from the low literacy rate of sharia insurance in Indonesia that only reached 2.51%. With the rise of the use of social media in Indonesia, Islamic insurance operators use social media as a means of bridging communication between them and consumers. This study seeks to find out how the influence of social media marketing on buying interest in Islamic insurance. Analysis of data from the results of a survey of 324 respondents using Lisrel-SEM found that social media marketing and product compliance with sharia rules had a positive effect on purchase intention through an intermediary attitude towards sharia insurance. While social media marketing compliance to sharia rules has proven to have a negative effect on attitudes towards sharia insurance.

Islamic insurance in Indonesia: Future and prospects

<p>In Indonesia, insurance companies started operating in 1853 and are still experiencing ups and downs due to the emergence of various community movements. Insurance in Indonesia continues to grow, which is marked by the increasing number of insurance companies to more than 100 companies. Some of the insurance companies are categorized as Shariah or Islamic insurance. The purpose of this paper is to investigate the current condition of Islamic insurance in Indonesia and the prediction about its prospects and future. Using secondary data from various sources, we find that Islamic insurance in Indonesia has experienced a decline over the past year. One of the causes of the decline in the growth of Islamic insurance is the domino effect of the Covid-19 pandemic. In addition, Islamic insurance is also quite challenging to develop in Indonesia, even though the majority of the population is Muslim.</p>

Perkembangan Wakaf Asuransi Syariah di Indonesia Pasca Terbitnya Fatwa DSN-MUI No. l06 Tahun 2016

This research aims to explain how the development and potential of Waqf of Islamic insurance in Indonesia after published the fatwa by DSN-MUI in 2016 concerning the Waqf of insurance benefits and investment benefits in Islamic life insurance. This study uses a qualitative approach and use documentation methods as a data collection technique. All data will be analyzed by describing and making a general sense of the all data about the development of Waqf of Islamic insurance. The results of this research show that Waqf of Islamic insurance developed positively and has potential in the next future with a provision of conceptual and concrete constraints that can impede the development of Waqf of Islamic insurance can be responded to by the management of Waqf and public in general.

Perbandingan Pengembangan Asuransi Syariah di Indonesia dan Malaysia (Analisis Aliran Mazhab Sejarah dan Law as a Tool of Social Engineering)

This research discusses the development of Islamic insurance or known as takaful. The focus of discussion on sharia insurance in Indonesia and Malaysia by tracing the history of regulation and the growth of the industry. These two things are compared with the conclusion that you can understand the factors that cause differences in the development of Islamic insurance in Indonesia and Malaysia. With a comparative approach, the conclusion is that Islamic insurance regulations in Indonesia and Malaysia are formed based on the soul of the nation by historical flow of law. Have the same foundation, but Indonesia is slower in responding to regulations. As a result, the growth of the Islamic insurance industry in Indonesia lags behind that of Malaysia. The basic couse is due to the role of law in Indonesia is less responsive because the law acts as a means of social control, for changes in Islamic insurance to be more developed.

Perbandingan Pengembangan Asuransi Syariah di Indonesia dan Malaysia (Analisis Aliran Mazhab Sejarah dan Law as a Tool of Social Engineering)

This research discusses the development of Islamic insurance or known as takaful. The focus of discussion on sharia insurance in Indonesia and Malaysia by tracing the history of regulation and the growth of the industry. These two things are compared with the conclusion that you can understand the factors that cause differences in the development of Islamic insurance in Indonesia and Malaysia. With a comparative approach, the conclusion is that Islamic insurance regulations in Indonesia and Malaysia are formed based on the soul of the nation by historical flow of law. Have the same foundation, but Indonesia is slower in responding to regulations. As a result, the growth of the Islamic insurance industry in Indonesia lags behind that of Malaysia. The basic couse is due to the role of law in Indonesia is less responsive because the law acts as a means of social control, for changes in Islamic insurance to be more developed.

FAKTOR INTERNAL DAN FAKTOR MAKROEKONOMI YANG MEMPENGARUHI PROFITABILITAS ASURANSI SYARIAH DI INDONESIA PERIODE 2016-2018

This research aims to examine the company's internal factors and macroeconomic factors partially and simultaneously on the profitability of islamic insurance companies in Indonesia with proxied by Return On Assets. This study uses a quantitative approach with panel data regression analysis techniques. The population of this study is sharia insurance companies in Indonesia during the period 2015-2018. The purposive sampling method is used to determine the sample used and obtained 36 Islamic insurance companies, which consist of Islamic general insurance companies and Islamic life insurance companies. The estimation results of the Fixed Effect Model with the Weighted Least Square (WLS) method show that company size, contribution growth, retakaful, leverage, investment returns, GDP and inflation simultaneously affect the profitability of islamic insurance companies in Indonesia. Partially, contributions growth and investment returns have positive and significant effect on the profitability of Islamic insurance companies in Indonesia. The variabel Company size and GDP have positive and not significant effect on the profitability of Islamic insurance in Indonesia. While the variabel leverage, retakaful, and inflation have a negative and not significant effect on the profitability of Islamic insurance companies in Indonesia. Keywords: Profitability, Islamic Insurance, Company Size, Contribution Growth, Retakaful, Leverage, Investment Results, GDP, Inflation

Effect of Market Share and Firm Size on Efficiency and its Implications to Profitability of Sharia Insurance in Indonesia

Since Indonesia as a developing country which consists of 87.2% of Muslim citizens, sharia insurance plays an important role. However, this presence of sharia insurance does not show significant growth compared to Malaysia. This study aims to determine whether efficiency may serve as an intermediary variable in linking market share and company size to the profitability of Islamic insurance in Indonesia. It employs secondary data to collect data by involving 11 sharia insurance companies with 4 years ranging from the year 2014 to 2017. The collected data were analyzed through Path analysis and Sobel test with the DEA VRS as an indicator of efficiency. In analyzing the collected data, the Path equation has passed the classic assumption test. The findings reveal that the market share and company size have respectively significant positive and negative influences on efficiency. It indicates that market share is a variable that shows a significant positive effect on profitability compared to the other two variables. Whereas, the results of Sobel tests show that efficiency cannot serve as an intermediary in this research model

PENGARUH DANA TABARRU� DAN UJRAH TERHADAP HASIL INVESTASI PADA PERUSAHAAN ASURANSI SYARIAH DI INDONESIA PERIODE 2013-2018

The future of sharia insurance in Indonesia is very bright. Rapid economic growth, rising savings rates and the development of the middle class economy bodes well for the Islamic life insurance industry. Sharia life insurance in Indonesia registered in the Financial Services Authority Institute totaling 52 companies. Of the many companies in this study only took 6 (six) companies in the 2013-2018 period. Researchers took in the company PT. Panin Daichi Life, PT. Central Asia Raya Life Insurance, and PT. Life Insurance Manulife Indonesia, PT. AIA Financial, PT. Prudential Life Assurance. In 4 (four) companies have fluctuating report results that are not directly proportional to investment. But the company PT. Sun Life Financial Syariah between funds of Ujrah participants and investment returns always increases.
 Based on the above background, the formulation of the issue is taken as follows: 1. How is the influence of Tabarru funds' on investment returns in Islamic insurance companies in Indonesia for the period 2013-2018 ?. 2. How is the effect of ujrah on investment returns in sharia insurance companies in Indonesia for the period 2013-2018 ?. 3. How big is the influence of tabarru funds' and ujrah on investment returns in sharia insurance companies in Indonesia for the period 2013-2018?
 The research objectives are: 1) To determine the effect of Tabarru funds' on investment returns in sharia insurance companies in Indonesia for the period 2013-2018. 2) To find out the effect of ujrah on investment returns in sharia insurance companies in Indonesia for the period 2013-2018. 3) To determine the effect of Tabarru funds' and ujrah on investment returns in sharia insurance companies in Indonesia for the period 2013-2018.
 The method used in this study is a quantitative method. From the results of the calculation of the simultaneous regression coefficient test (F test) it was concluded that the tabarru funds variable (X1) and the Ujrah variable (X2) simultaneously affect the investment return on Islamic insurance in Indonesia. This can be seen from the simultaneous test (F test), namely the value of Fcount <Ftable (69.945> 3.28) with a significance value of 0.000> 0.05. As the coefficient of determination test (R2) obtained a value of 0.798 which means it can be concluded that the influence of Tabarru funds and Ujrah on investment returns is 79.8% while the remaining 20.2% is influenced by other variables not included in this study.

COMPARISON ANALYSIS OF RISK-BASED CAPITAL (RBC) PERFORMANCE AND ITS EFFECT ON ISLAMIC INSURANCE PROFITABILITY IN INDONESIA AND MALAYSIA

The minimum value of risk-based capital of Islamic insurance is 30% in Indonesia, while Malaysia is 130%. RBC is one of indicator to measure people interest in Islamic insurance products. This paper aims to compare the risk-based capital (RBC) of Islamic insurance companies in Indonesia and Malaysia and analyze its financial ratios. This study used quantitative approach through two analysis techniques, the Mann-Whitney test and multiple linear regression. The results of this study showed that there is difference in risk between capital (RBC) of Indonesian and Malaysian Islamic insurance. Further, RBC, liquidity and investment balance ratios have a significant impact to the profitability of Islamic Insurance in Indonesia, while investment returns have no significant impact. In the other hand, RBC, liquidity, investment balance ratio, and investment returns have significant impact to the profitability of Islamic Insurace in Malaysia.