Identify and Understand the Differences Islamic Insurance and Conventional

Talking about risk, all people certainly have a risk of life. Why? Because there is always uncertainty in the future.

Then are we ready with the risks that come in life, especially with regard to the health and financial? In fact, many who claimed to not ready. Whereas expression of the wise willing umbrella before it rains so often heard, that less is more meaningful before the risks that come, we must prepare ourselves, especially about the affairs of the financial.

You certainly never offered a variety of insurance products such as health insurance or life insurance . But have You ever find out more about the islamic insurance? Did You know that islamic insurance turns out to not only help prepare You in the face of risk, but can also help others? Let's get to know a protection sharia is in!

What is it Sharia Insurance?

Based on the fatwa DSN MUI 21/DSN-MUI/X/2001 on General Guidelines for Islamic Insurance, understanding islamic insurance is an attempt to help each other and share among a number of people or parties through investment in the form of assets or tabarru which gives the pattern of returns to face certain risks to use the contract in accordance with sharia

Islamic Insurance company as the Operator/Manager performs the management of the fund “tabbaru” from the participants to help each other in between them (sharing risk). On peraktiknya, funds tabbaru contributed by the participants of the islamic insurance only used for 4 (four) things; Ujrah, insurance compensation (claims risk), Pay Reinsurance and Surplus Underwriting.

Then, the principle of sharia insurance is please help (takaful/ta'awun) in which each participant to contribute to help other participants in the virtues as well as provide a sense of security when the risk occurred among the participants. Therefore, the protection of sharia can strengthen a sense of caring, brotherhood, and mutual assistance for the participants in the concept of sharing risk.

The difference takaful and Conventional Insurance (Non-Islamic)

The difference most of the main between takaful and conventional insurance (Non Sayriah) is from the concept of management. Protection of Sharia have the concept of Sharing Risk, while Insurance Conventional (Non-Islamic) Transfer of Risk.

The concept of the management of conventional insurance in the form of Transfer of Risk is the protection in the form of a transfer of the risk of economical over the death or life of someone who is insured to the insurance company as the insurer's risk. Or in other words, Participants with the purchase or join as a participant conventional insurance will be borne by the risk of economic by the insurance company.

While Sharing Risk is the management of islamic insurance is a concept in which the participants have the same goal of helping each other, namely through the investment of assets or tabarru which gives the pattern of returns to face certain risks to use the contract in accordance with sharia which represented its management to the Islamic Insurance Company in return for Ujrah.

In addition to these fundamental differences, there are some practical difference between the protection of sharia and the remote control need to be aware:

Contract/Agreement/ Contract

The contract/the Contract in sharia insurance is a contract of grant (the type of contract tabbarru’) as a form of ta'awwun (please help each other bear the risk among participants) in accordance with Islamic law. While the contract on conventional insurance is a contract pertanggungang by the insurance company to the participants of the insurance as the insured.

The Ownership Of The Funds

Protection Sharia apply the ownership of the joint fund (the fund collective participants). If there are participants who had the misfortune then the other participants will help (give compensation) through the collection of dana tabarru’. This is part of the principle of sharing of risk. Sharing of risk is not applicable in conventional insurance, where the insurance company that manages and determines the funds customer protection that comes from the premium payment per month.

Surplus Underwriting

Surplus Underwriting is the excess (positive) of the risk management underwriting dana Tabarru which has been reduced by payment of compensation, reinsurance, and technical reserves, calculated in a specific period.

Proteksi Syariah share Surplus Underwriting to the participants in accordance with the existing regulations and product features that have been previously agreed. While for conventional products knows no surplus underwriting or with other words a profit underwriting conventional insurance becomes a party to the belgian insurance and there is no division to the participants of the insurance.

Have A Sharia Supervisory Board

Different with the conventional, to ensure the principle of islamic, islamic insurance company required to have a Sharia Supervisory Board performs the function of supervision over the fulfillment of sharia principles on business activities of islamic financial institutions, including the protection of sharia

Do not Do the Transaction which is Prohibited In Islamic Finance 

Transactions in Islamic Insurance should be protected from the elements Maysir (chancy), Gharar (obscurity), Riba & Programs (bribe). 


Investment-shaped Tabarru’ is done according to Islamic law, so that the investment portfolio will only involves an instrument that is halal only.

Islamic Insurance Products

In its development to meet the needs of the community protection of the sharia, the current islamic insurance products is very diverse in the market. With the purpose and spirit of the same as well as the growing industry of sharia in Indonesia, pt asuransi jiwa Manulife Indonesia has a sharia-compliant products that MiSmart Insurance Solution Sharia (MiSSION Sharia) that provide benefits:

Compensation Insurance Maximum as well as the Optimal Investment Allocation based on Sharia

The Benefits Of The Loyalty Of A Total Of 750% 

Comes with Health Insurance as additional Insurance

Please help via Dana Tabarru’ and Surplus Underwriting

With the diverse Benefits provided, the Contribution offered by the MiSSION of Sharia affordable, ranging from 300 thousands per month. Affordable isn't it? Now, equip the comforts of life, sowing the blessings and sharing is no longer just a dream.

The Advantages Of Choosing Islamic Insurance

By selecting a product of islamic insurance, the participants get 2 (two) benefits at the same time: First, Protection for yourself/personal, and the Second, do good to set aside some funds to help others.

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