Implementation Of Sharia Insurance Operational System Based On Law Number 40 Of 2014 Concerning Insurance (Study At PT. Takaful Family Insurance Medan Branch)

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Implementation of Sharia Insurance Operational System Based on Law Number 40 of 2014

Introduction

Insurance as one of the economic activities has shown rapid development, but in the context of Muslims, there are challenges related to the interest system applied by conventional insurance. Therefore, it is very important to have financial institutions that operate in accordance with Islamic sharia principles. In Indonesia, Law Number 40 of 2014 concerning Insurance is a legal basis that supports the existence of sharia insurance. In this context, this research focuses on the implementation of the Sharia Insurance Operational System at PT. Medan Branch Family Takaful Insurance, which offers life protection using sharia principles.

Background

Sharia insurance offers solutions for Muslim communities who want to participate in insurance activities without violating Islamic law. PT. Medan Branch Family Takaful Insurance is an example of the application of this model. This company guarantees protection for insurance participants in dealing with the risk of death and accident. This sharia insurance operational system follows the provisions in Law Number 40 of 2014 and the Fatwa of the National Sharia Council governing company claims and obligations.

Sharia insurance is a type of insurance that operates based on Islamic principles, which prohibits the collection and payment of interest. This type of insurance is designed to provide protection to individuals and communities while adhering to the principles of Islamic law. In Indonesia, the government has implemented Law Number 40 of 2014, which provides a legal framework for the operation of sharia insurance. This law has enabled the establishment of sharia insurance companies, such as PT. Medan Branch Family Takaful Insurance, which offers life protection using sharia principles.

Research Methodology

This study uses normative legal methods, where the authors analyze legal documents relating to sharia insurance. In addition, this research is also descriptive empirical, carried out through field studies at PT. Medan Branch Takaful Family Insurance. The aim is to gather relevant information to support existing theories.

The research methodology used in this study is a combination of normative legal and descriptive empirical methods. The normative legal method involves the analysis of legal documents, such as Law Number 40 of 2014 and the Fatwa of the National Sharia Council, which govern the operation of sharia insurance. The descriptive empirical method involves field studies at PT. Medan Branch Takaful Family Insurance, where data is collected through observations, interviews, and document analysis.

Research Result

The results showed that PT. Takaful Family Insurance Medan Branch has a good operational system in implementing Islamic life insurance. This company follows sharia principles in the management and development of funds. Each premium received is divided into two accounts, namely a savings account and a special savings account (Tabarru '). This ensures that the participant funds are managed in a way in accordance with sharia.

The research result shows that PT. Takaful Family Insurance Medan Branch has a well-established operational system for implementing Islamic life insurance. The company follows sharia principles in the management and development of funds, which ensures that participant funds are managed in accordance with Islamic law. The company's operational system is designed to provide protection to individuals and communities while adhering to the principles of Islamic law.

Claim Implementation

In the implementation of claims, PT. Takaful family insurance follows the provisions set by the Fatwa of the National Sharia Council. Claims on the Tabarru contract 'are the right of insurance participants, and the company's obligations to pay in accordance with the agreement in the contract. The process of submitting a claim is carried out with transparent procedures and in accordance with the principle of justice.

The implementation of claims at PT. Takaful Family Insurance Medan Branch is carried out in accordance with the provisions set by the Fatwa of the National Sharia Council. The company's obligations to pay claims are based on the agreement in the contract, and the process of submitting a claim is carried out with transparent procedures and in accordance with the principle of justice.

Obstacles and Solutions

However, there are several obstacles in the implementation of claims at PT. Medan Branch Takaful Family Insurance. These obstacles are often related to community understanding of sharia insurance that is still lacking, and administrative processes that sometimes require longer than expected. Solutions that can be applied include increasing socialization regarding the benefits and procedures of sharia insurance, as well as the improvement of the administrative system to make it more efficient.

The implementation of claims at PT. Takaful Family Insurance Medan Branch is not without obstacles. The company faces challenges related to community understanding of sharia insurance, which is still lacking, and administrative processes that sometimes require longer than expected. To overcome these obstacles, the company can increase socialization regarding the benefits and procedures of sharia insurance, as well as improve the administrative system to make it more efficient.

Conclusion

PT. Medan Branch Family Takaful Insurance shows a strong commitment in implementing a sharia insurance operational system in accordance with Law Number 40 of 2014 and Islamic Sharia Principles. With good fund management and the implementation of claims in accordance with the provisions, the company is expected to provide optimal protection for the community. Increased understanding and education regarding Islamic insurance will further strengthen the position of PT. Takaful family insurance in providing services to the community, as well as answering needs in accordance with sharia values.

In conclusion, PT. Medan Branch Family Takaful Insurance has demonstrated a strong commitment to implementing a sharia insurance operational system in accordance with Law Number 40 of 2014 and Islamic Sharia Principles. The company's good fund management and implementation of claims in accordance with the provisions have enabled it to provide optimal protection for the community. Increased understanding and education regarding Islamic insurance will further strengthen the position of PT. Takaful family insurance in providing services to the community, as well as answering needs in accordance with sharia values.

Recommendation

Based on the research findings, the following recommendations are made:

  1. Increase socialization regarding the benefits and procedures of sharia insurance: The company should increase socialization regarding the benefits and procedures of sharia insurance to improve community understanding and awareness.
  2. Improve the administrative system: The company should improve the administrative system to make it more efficient and reduce the time required for administrative processes.
  3. Provide education and training: The company should provide education and training to its employees and agents to improve their understanding and knowledge of sharia insurance.
  4. Develop a comprehensive marketing strategy: The company should develop a comprehensive marketing strategy to promote its sharia insurance products and services to the community.

By implementing these recommendations, PT. Takaful Family Insurance Medan Branch can further strengthen its position in providing sharia insurance services to the community, while also improving its operational efficiency and effectiveness.
Frequently Asked Questions (FAQs) about Sharia Insurance Operational System

Introduction

Sharia insurance is a type of insurance that operates based on Islamic principles, which prohibits the collection and payment of interest. In this article, we will answer some frequently asked questions (FAQs) about Sharia insurance operational system.

Q1: What is Sharia insurance?

A1: Sharia insurance is a type of insurance that operates based on Islamic principles, which prohibits the collection and payment of interest. It is designed to provide protection to individuals and communities while adhering to the principles of Islamic law.

Q2: What are the benefits of Sharia insurance?

A2: The benefits of Sharia insurance include:

  • No interest: Sharia insurance does not collect or pay interest, which is prohibited in Islamic law.
  • Fair and transparent: Sharia insurance operates based on fair and transparent principles, which ensures that all parties are treated equally.
  • Protection for individuals and communities: Sharia insurance provides protection to individuals and communities while adhering to the principles of Islamic law.

Q3: How does Sharia insurance work?

A3: Sharia insurance works by dividing the premium received into two accounts: a savings account and a special savings account (Tabarru '). The savings account is used to manage the company's operational costs, while the Tabarru account is used to provide protection to the insured.

Q4: What is the role of the Tabarru account in Sharia insurance?

A4: The Tabarru account is a special savings account that is used to provide protection to the insured. It is a key component of Sharia insurance, as it ensures that the insured receives a fair and transparent return on their investment.

Q5: How is the Tabarru account managed?

A5: The Tabarru account is managed by the insurance company, which ensures that it is invested in a way that is consistent with Islamic principles. The company must also ensure that the Tabarru account is managed in a way that is transparent and fair.

Q6: What are the benefits of the Tabarru account?

A6: The benefits of the Tabarru account include:

  • Fair and transparent return: The Tabarru account provides a fair and transparent return on investment, which is consistent with Islamic principles.
  • Protection for the insured: The Tabarru account provides protection to the insured, which ensures that they receive a fair and transparent return on their investment.

Q7: How does Sharia insurance differ from conventional insurance?

A7: Sharia insurance differs from conventional insurance in several ways, including:

  • No interest: Sharia insurance does not collect or pay interest, which is prohibited in Islamic law.
  • Fair and transparent: Sharia insurance operates based on fair and transparent principles, which ensures that all parties are treated equally.
  • Protection for individuals and communities: Sharia insurance provides protection to individuals and communities while adhering to the principles of Islamic law.

Q8: What are the challenges of Sharia insurance?

A8: The challenges of Sharia insurance include:

  • Limited understanding: There is a limited understanding of Sharia insurance among the general public, which can make it difficult to promote and sell.
  • Regulatory challenges: Sharia insurance is subject to regulatory challenges, which can make it difficult to operate.
  • Competition from conventional insurance: Sharia insurance faces competition from conventional insurance, which can make it difficult to attract and retain customers.

Q9: How can Sharia insurance be promoted and sold?

A9: Sharia insurance can be promoted and sold by:

  • Educating the public: Educating the public about the benefits and principles of Sharia insurance can help to promote and sell it.
  • Developing a comprehensive marketing strategy: Developing a comprehensive marketing strategy can help to promote and sell Sharia insurance.
  • Building relationships with customers: Building relationships with customers can help to promote and sell Sharia insurance.

Q10: What is the future of Sharia insurance?

A10: The future of Sharia insurance is bright, as it is a type of insurance that operates based on Islamic principles, which prohibits the collection and payment of interest. Sharia insurance is designed to provide protection to individuals and communities while adhering to the principles of Islamic law, which makes it an attractive option for those who are looking for a fair and transparent insurance product.

By understanding the benefits and principles of Sharia insurance, individuals and communities can make informed decisions about their insurance needs. Sharia insurance is a type of insurance that operates based on Islamic principles, which prohibits the collection and payment of interest. It is designed to provide protection to individuals and communities while adhering to the principles of Islamic law.