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All Journal Journal of Islamic Economic Laws
Denizar Abdurrahman Mi'raj
Airlangga University
Arts Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice

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Islamic Insurance in Indonesia: Opportunities and Challenges on Developing the Industry Faricha Maf'ula; Denizar Abdurrahman Mi'raj
Journal of Islamic Economic Laws Vol 5, No 1: January 2022
Publisher : Muhammadiyah University Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v5i1.16764

Abstract

Islamic insurance is a minor industry compared with other Islamic financial institutions in Indonesia. However, it has enormous potential to grow together with its challenges. This study aims to analyze the opportunities and challenges of the Islamic insurance industry in Indonesia. This research uses a qualitative methodology and descriptive analysis. The result summarizes that the possibilities are:  domino effect from Halal Value Chain and other development of government-owned enterprises; digitalization in Islamic Finance; and potential market of micro takaful. The challenges are needing a set regulatory framework as a catalyst to force supply and demand; market penetration is low, issues of Islamization insurance and the inadequate development of Islamic insurance products, limited retakaful company and qard hassan fund issue in retakaful.
Co-Authors Faricha Maf'ula