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All Journal MUSLIM HERITAGE: JURNAL DIALOG ISLAM DENGAN REALITAS El-Barka: Journal of Islamic Economics and Business Muslim Heritage
Syahruddin
Karabuk University, Turkey
Religion Arts Humanities Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Social Sciences

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Risk Mitigation Effectiveness in Takaful and Conventional Insurance: : A Claims Ratio Comparison in Indonesia Haya Nabila; Amin Wahyudi; Syahruddin
El-Barka Journal of Islamic Economics and Business Vol. 9 No. 1 (2026)
Publisher : El-Barka

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Abstract

This study analyzes the effectiveness of risk mitigation in Takaful (Islamic insurance) and conventional insurance in Indonesia during the 2020–2024 period, employing a comparative quantitative approach grounded in risk management theory and insurance effectiveness indicators, as measured by the claims ratio. Secondary data were obtained from the Financial Services Authority (Otoritas Jasa Keuangan/OJK), the Indonesian Sharia Insurance Association (Asosiasi Asuransi Syariah Indonesia/AASI), and the Indonesian Life Insurance Association (Asosiasi Asuransi Jiwa Indonesia/AAJI). The data were analyzed using a quantitative descriptive method and comparative ratio analysis, comparing claims ratios between Takaful and conventional insurance to examine the effect of premium growth and claims ratios on risk-mitigation effectiveness. The findings indicate that conventional insurance demonstrates greater premium stability and more effective claims management than Takaful. Meanwhile, Takaful exhibits considerable growth potential but continues to face challenges, including low market penetration, fluctuating claims ratios, and suboptimal efficiency in risk management. These findings suggest that strengthening Islamic financial literacy, enhancing product innovation, improving industry governance, and reinforcing regulatory frameworks are critical factors in improving the effectiveness of risk mitigation and the competitiveness of Indonesia's Takaful industry. Theoretically, this study contributes to the literature on risk management and financial intermediation theory by establishing the claims ratio as an empirical indicator of risk-mitigation effectiveness; practically, it offers an evidence-based reference for regulators, industry associations, and Takaful operators in formulating policies to strengthen the stability and competitiveness of Indonesia's Sharia insurance industry.
Bridging Waqf and Sukuk: Cross-Country Insights from Indonesia and Malaysia on Islamic Social Finance Innovation Mufti Afif; Syahruddin; Khurun’in Zahro’; Nur Suriana Awaludin
MUSLIM HERITAGE Vol 10 No 1 (2025): Muslim Heritage: Jurnal Dialog Islam dengan Realitas
Publisher : Universitas Islam Negeri Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/muslimheritage.v10i1.10510

Abstract

Abstract The integration of waqf and sukuk is a strategic innovation in productive waqf management to support socio-economic development. Indonesia and Malaysia, as two countries with the largest Muslim populations and rapidly growing Islamic financial infrastructures, are relevant case studies to explore the implementation of this model. This research aims to examine sukuk-based productive waqf management in Indonesia and Malaysia, highlighting the challenges, potentials, and implementation of the integration model. This research utilizes a descriptive qualitative method with a phenomenological approach. The results show that waqf-based sukuk is a strategic innovation to optimize waqf assets and promote Islamic economic growth. However, its implementation still faces obstacles in the form of structural complexity, the need for regulatory harmonization, and low investor awareness. Waqf-based sukuk faces challenges in the form of structural complexity that requires careful planning and regulatory compliance that requires a harmonized legal framework. Low investor awareness of the instrument is also an obstacle to increasing its widespread adoption.   Abstrak Integrasi wakaf dan sukuk merupakan inovasi strategis dalam pengelolaan wakaf produktif untuk mendukung pembangunan sosial-ekonomi. Indonesia dan Malaysia, sebagai dua negara dengan populasi Muslim terbesar dan infrastruktur keuangan syariah yang berkembang pesat, menjadi studi kasus yang relevan untuk mengeksplorasi implementasi model ini. Penelitian ini bertujuan mengkaji pengelolaan wakaf produktif berbasis sukuk di Indonesia dan Malaysia, dengan menyoroti tantangan, potensi, dan implementasi model integrasi tersebut. Penelitian ini menggunakan metode kualitatif deskriptif dengan pendekatan fenomenologi. Hasil penelitian menunjukkan bahwa sukuk berbasis wakaf merupakan inovasi strategis untuk mengoptimalkan aset wakaf dan mendorong pertumbuhan ekonomi Syariah. Namun, implementasinya masih menghadapi hambatan berupa kompleksitas struktural, kebutuhan harmonisasi regulasi, dan rendahnya kesadaran investor. Sukuk berbasis wakaf menghadapi tantangan berupa kompleksitas struktur yang memerlukan perencanaan matang dan kepatuhan terhadap regulasi yang membutuhkan kerangka hukum harmonis. Rendahnya kesadaran investor terhadap instrumen ini juga menjadi hambatan dalam meningkatkan adopsi secara luas. Keywords: Integrasi Wakaf; Sukuk; Wakaf Produktif; Indonesia; Malaysia.
Bridging Waqf and Sukuk: Cross-Country Insights from Indonesia and Malaysia on Islamic Social Finance Innovation Mufti Afif; Syahruddin; Khurun’in Zahro’; Nur Suriana Awaludin
MUSLIM HERITAGE Vol 10 No 1 (2025): Muslim Heritage: Jurnal Dialog Islam dengan Realitas
Publisher : Universitas Islam Negeri Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/muslimheritage.v10i1.10510

Abstract

Abstract The integration of waqf and sukuk is a strategic innovation in productive waqf management to support socio-economic development. Indonesia and Malaysia, as two countries with the largest Muslim populations and rapidly growing Islamic financial infrastructures, are relevant case studies to explore the implementation of this model. This research aims to examine sukuk-based productive waqf management in Indonesia and Malaysia, highlighting the challenges, potentials, and implementation of the integration model. This research utilizes a descriptive qualitative method with a phenomenological approach. The results show that waqf-based sukuk is a strategic innovation to optimize waqf assets and promote Islamic economic growth. However, its implementation still faces obstacles in the form of structural complexity, the need for regulatory harmonization, and low investor awareness. Waqf-based sukuk faces challenges in the form of structural complexity that requires careful planning and regulatory compliance that requires a harmonized legal framework. Low investor awareness of the instrument is also an obstacle to increasing its widespread adoption.   Abstrak Integrasi wakaf dan sukuk merupakan inovasi strategis dalam pengelolaan wakaf produktif untuk mendukung pembangunan sosial-ekonomi. Indonesia dan Malaysia, sebagai dua negara dengan populasi Muslim terbesar dan infrastruktur keuangan syariah yang berkembang pesat, menjadi studi kasus yang relevan untuk mengeksplorasi implementasi model ini. Penelitian ini bertujuan mengkaji pengelolaan wakaf produktif berbasis sukuk di Indonesia dan Malaysia, dengan menyoroti tantangan, potensi, dan implementasi model integrasi tersebut. Penelitian ini menggunakan metode kualitatif deskriptif dengan pendekatan fenomenologi. Hasil penelitian menunjukkan bahwa sukuk berbasis wakaf merupakan inovasi strategis untuk mengoptimalkan aset wakaf dan mendorong pertumbuhan ekonomi Syariah. Namun, implementasinya masih menghadapi hambatan berupa kompleksitas struktural, kebutuhan harmonisasi regulasi, dan rendahnya kesadaran investor. Sukuk berbasis wakaf menghadapi tantangan berupa kompleksitas struktur yang memerlukan perencanaan matang dan kepatuhan terhadap regulasi yang membutuhkan kerangka hukum harmonis. Rendahnya kesadaran investor terhadap instrumen ini juga menjadi hambatan dalam meningkatkan adopsi secara luas. Keywords: Integrasi Wakaf; Sukuk; Wakaf Produktif; Indonesia; Malaysia.
Co-Authors Amin Wahyudi Haya Nabila Mufti Afif Nur Suriana Awaludin Zahro’, Khurun’in