Juridic Analysis of Takaful Insurance as Islamic Financial Institution in Indonesia Connected With Law No. 2 Year 1992 Concerning Insurance Business

Ramadhani, Rizal

Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences
Vol 5, No 1 (2022): Budapest International Research and Critics Institute February

Where Islamic economics always prioritizes the blessings of every economic transaction, In Islamic teachings, insurance has actually been practiced since the time of the Prophet Muhammad until this insurance practice continued to be developed during the time of Khulafa 'al-Rasyidin, especially during the time of Umar bin Khattab. At that time, the government encouraged the population to perform al-`āqilah nationally. But now insurance as one of the financial institutions engaged in coverage is a modern institution that was invented by the Western world which was born at the same time as enlightenment. This institution together with bank financial institutions became the driving force of the economy in the modern era and continues to this day. This study uses a descriptive analytical method, which is a method of writing that aims to provide an overview and analyze the operational principles of Takaful Insurance as an Islamic financial institution in Indonesia in relation to existing and still valid laws and regulations. The approach used is a normative juridical approach, which is an approach in legal research (writing) using the primary source of secondary data. The results of this study explain that, Insurance is an institution that has been practiced before Islam came, which is commonly known as al-`āqilah. The institution was later ratified by the Prophet to become part of Islamic law as outlined in the Medina Charter and further developed during the Khulafa al-Rasyidin period, especially during the time of Umar bin Khattab. Takaful insurance operations are based on the principle of protection and profit sharing in accordance with Islamic Shari'ah, in the At-Takaful principle contained a broad meaning, in which the principles of mutual responsibility, mutual cooperation or mutual assistance, and mutual protection of each other's suffering are enforced each other. These three principles, basically worship, are in the form of tabarru (Dana). The difference between the operational principles of Takaful insurance and conventional insurance can be seen from the element of uncertainty (Gharar), namely in conventional insurance, life insurance agreements include Tabadduli contracts or exchange contracts in which premium payments are exchanged with the sum assured.