Application for Wakalah bi al-Ujrah Contract in Various Banks, Insurance, and Syariah Mutual Funds Indonesia According to Wahbah Zuhaili

Abstract

Wakalah is one of the most frequently used transactions in insurance, mutual funds, and especially Islamic banking. Insurance is one of the economic activities that we often hear about, many of these activities, such as health insurance, education, and etc. This paper uses a literature analysis method by using journals as its primary source. According to Wahbah Zuhaili there is insurance that is allowed to do and there is insurance that is illegal to do. Basically, the purpose of the insurance is having a mutual help. So if the participant does not use the insurance premium they have been paid, this premium will be allocated to others. Until there is a help-seeking action based on sincerity. However, it will be illegal if the purpose of this insurance activity is based solely on profit. Thus, it will create a synergy that will eliminate the benefits. So this insurance being an illegal activity. which is containing five elements, there are riba, gharar, gaban, qimar, and jahalah, which can damage human benefits and harms. Then insurance activity is illegal.

The concept of al-Ujrah and how its adjustments during the Covid-19 period: An Islamic perspective

“…Source: BPS (2023) Figure 1. Average Wage/Salary (Rupiah), [2019][2020][2021][2022][2023] Previous studies have been documented related to wages from an Islamic perspective (i.e., Ghozali et al, 2021;Hasanah, 2020;Liswardi, 2018). However, in contrast to previous studies, which focused on the concept and application of wages in a sector, our study focuses on the application of al-ujrah in crises (COVID-19 pandemic).…”

Implementation of Fiqh Muamalah Contracts in Electronic Money (E-Money) Transactions

“…38 Moreover, Wakalah bi Al-Ujrah is the process of surrendering or delegating affairs/power to others who have authority and responsibility for the people they represent. 39 As for ujrah in a wakalah contract, it means the delegation of power/authority is accompanied by a reward/fee given by the party represented to the representative. 40 The contracts used between the issuer and the digital financial service agent are ijarah contracts, ju'alah contracts, and wakalah bi al-ujrah contracts: 41 1.…”