The Investment Concept of Sharia Insurance According to National Sharia Council and Its Regulation in Indonesia

Thohir Luth (), Burhanuddin Burhanuddin () and Budi Santoso ()
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Thohir Luth: Universitas Brawijaya Indonesia, Postal: ID
Burhanuddin Burhanuddin: Universitas Brawijaya Indonesia, Postal: ID
Budi Santoso: Universitas Brawijaya Indonesia, Postal: ID

Journal of Advanced Research in Law and Economics, 2017, vol. 8, issue 7, 2188-2195

Abstract: It is a fact that contemporary Islamic scholars have different opinion related to legalization of insurance ta m n The differences indicate there is a plurality in Islamic legal thought in responding contemporary issues which dynamic along with the change of time This article is aimed to analysis the investmen concept of sharia insurance explained on dictum fatwa National Sharia Council NSC and its regulations which legitimize those enforcement This discussion is important to introduce the new concept of investing in the insurance products which later has caused controversy from the aspect of validity The methods used to write this article is critical content analysis by making the NSC s fatwa and the regulation of sharia insurance as its object so both of which can be found the excellence and weakness of the concepts offered The interesting of this concept is that the investment can be incorporated with insurance products so that participants who pay a premium not only get guaranty indemnity of risk but also entitled to get a profit sharing of their fund investment As for the weakness of this concept is the using of hybrid contract which tends to imposed to fullfil pragmatism needs so that has opened new scientific debate from side of validity

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:srs:jarle0:v:8:y:2017:i:7:p:2188-2195

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