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All Journal Ikonomika : Jurnal Ekonomi dan Bisnis Islam Fair Value: Jurnal Ilmiah Akuntansi dan Keuangan International Journal of Supply Chain Management Jurnal Mantik Jurnal E-Bis: Ekonomi Bisnis ANALISIS - SCIENTIFIC JOURNAL OF ECONOMICS, MANAGEMENT, BUSINESS, AND ACCOUNTING Journal of Management - Small and Medium Enterprises (SME's) The World of Public Administration Journal The World of Business Administration Journal juremi: jurnal riset ekonomi Journal of Islamic Business and Economic Review (JIBER) Share: Jurnal Ekonomi dan Keuangan Islam International Research of Economic and Management Education Nomico ADM : Jurnal Abdi Dosen dan Mahasiswa Journal of Islamic Economy Journal of Islamic Economic and Law (JIEL)
Ronaldo, Reza
Sekolah Tinggi Ekonomi Dan Bisnis Islam Lampung
Religion Agriculture, Biological Sciences & Forestry Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Environmental Science Industrial & Manufacturing Engineering Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences Transportation Other

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Journal : Journal of Islamic Economic and Law (JIEL)

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Unlocking the Syariah Insurance Market in Indonesia: Overcoming Barriers and Enhancing Market Penetration Ronaldo, Reza; Rizal, Muhamad; Maulini, Yul
Journal of Islamic Economic and Law (JIEL) Vol. 1 No. 1 (2024): JIEL : Journal of Islamic Economic and Law
Publisher : CV. Kalimasada Group

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59966/jiel.v1i1.1667

Abstract

As the largest Muslim-majority country, Indonesia has significant potential for Syariah insurance (Takaful). However, its market penetration remains below 10% due to low financial literacy, regulatory fragmentation, and limited product innovation. This study employs qualitative thematic analysis through expert interviews and document analysis to explore the key challenges and strategic interventions needed to enhance Syariah insurance adoption. Findings reveal that digital transformation, regulatory harmonization, and financial literacy programs are crucial for sustainable growth. Lessons from Malaysia and GCC countries indicate that fintech-driven Syariah insurance solutions, such as blockchain-based takaful and AI-powered underwriting, can significantly increase accessibility and efficiency. This study proposes a regulatory alignment framework, fintech adoption strategies, and microtakaful expansion to enhance market inclusion. The results contribute to the academic discourse by providing a roadmap for policymakers, insurers, and financial regulators to strengthen Indonesia’s Syariah insurance ecosystem.
Co-Authors Abdul Qodir Zaelani Abiyajid Bustami Ahmaddien, Iskandar Alaaraj, Hasan B. Basrowi Basrowi, B. Cakranegara, Pandu Adi Edy Setiawan Eva Rahmawati Fadoli, Fadoli Hasan Alaaraj Judijanto, Loso Karsim, Karsim Kusman Yuhana M. Rizal Maulini, Yul Maya Meilia Meilia, Maya Muhammad Iqbal Fasa Putri, Mutiara Eka RINI RINI SARI, YESSI AVITA Subagja, Agus Dedi Sumadi Buton Suparman, Ade Syaiful Anam Utami, Rahayu Tri Yofy Syarkani Yul Maulini Yul Maulini Yulmaulini Yulmaulini Yulmaulini, Yulmaulini