Determinants of sharia life insurance productivity in Indonesia

Sukmaningrum, Puji Sucia; Hendratmi, Achsania; Shukor, Syadiyah Binti Abdul; Putri, Mutiara Ramadhani; Gusti, Rosin Putra

doi:10.1016/j.heliyon.2023.e16605

Cited by 5 publications

(3 citation statements)

References 27 publications

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“…The transition from conventional insurance to Islamic (sharia-compliant) insurance represents a significant step that involves fundamental changes in the underlying principles of insurance products. The basic principles underlying conventional insurance are interest and uncertainty, whereas Islamic insurance follows Islamic principles prohibiting interest (riba) and ambiguity (gharar) (Anand, 2014;Kholis & Afifah, 2022;Sukmaningrum et al, 2023).…”

Section: Discussionmentioning

confidence: 99%

The impact of implementing Aceh Qanun No. 11 of 2018 concerning Sharia Financial Institutions on the management of sharia insurance institutions

Simanjuntak,

Sudiarti,

Yanti

2023

J. Islam. Econ. Lariba

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IntroductionArticle 65 of Aceh Qanun No. 11 of 2018 concerning Sharia Financial Institutions regulates that financial institutions operating in Nagroe Aceh Darussalam are required to make adjustments no later than three years from the promulgation of the qanun. PT Asuransi Sinarmas Syariah Banda Aceh is one of the financial institutions that is transitioning from conventional to sharia as the implementation of this qanun.ObjectivesThis research aims to find out the impact of implementing this Qanun on PT Asuransi Sinarmas Syariah Banda Aceh. MethodThis qualitative research uses interviews, observation, and documentation for data collection. The data is then reduced, simplified and presented to draw conclusions.ResultsThe results of the research show that there were changes in the payment mechanism carried out by PT Asuransi Sinarmas Syariah Banda Aceh before and after the implementation of the qanun. Apart from that, the implementation of the qanun caused PT Asuransi Sinarmas Syariah Banda Aceh to experience a decline in business of up to 70% in the initial stages. However, subsequently, PT Asuransi Sinarmas Syariah Banda Aceh began to experience an increase in business. ImplicationsThe sharia insurance industry in Nanggroe Aceh Darussalam needs to provide education and information about the implementation of the sharia system for the wider community.Originality/NoveltyThis research is unique because it contributes to the analysis of the impact of sharia legislation on the sharia insurance industry.

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Section: Discussionmentioning

confidence: 99%

The impact of implementing Aceh Qanun No. 11 of 2018 concerning Sharia Financial Institutions on the management of sharia insurance institutions

Simanjuntak,

Sudiarti,

Yanti

2023

J. Islam. Econ. Lariba

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“…In insurance law, the insured object is always tangible and can be valued in money, like a house, boat, or vehicle (Nys et al, 2014;Sukmaningrum et al, 2023). Scheltema describes an intangible "interest" as the principal of coverage, which can be the object of insurance (Ramadhania, 2023).…”

Section: Introductionmentioning

confidence: 99%

Settlement of Bad Loans with Guarantee of Dependent Rights at Banks and Auction Houses Based on the Law on Dependent Rights No.4 of 1996 (Case Study: Decision No.550/Pdt/2019/PT MDN)

Ghani,

Tanawijaya

2024

Adv

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The interaction between economic development and the banking sector, particularly in the provision of credit, is crucial, with the resolution of non-performing loans (NPLs) being a significant issue. This study, titled "Resolution of Non-Performing Loans with Collateral Rights in Banks and Auction Houses," aims to investigate the mechanisms for resolving NPLs through the execution of collateral rights as stipulated by Law No. 4 of 1996. Utilizing Verdict No. 550/Pdt/2019/PT MDN as a case study, the research employs normative and legal analysis methods to explore the implementation of collateral rights in the auctioning of collateral assets when debtors default on their loans. The findings reveal the legal procedures and effectiveness of collateral execution in mitigating NPLs. The study concludes that the proper application of collateral rights laws can significantly aid in resolving NPLs, with implications for improving banking sector stability and credit recovery processes.

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“…Law No. 3 of 2004 that banking institutions have the function of collecting funds from the public and channeling these funds back to society through business credit (Nguyen, 2021;Sukmaningrum, Hendratmi, Shukor, Putri, & Gusti, 2023). The establishment of banking using an Islamic Sharia system with a formal juridical basis has been regulated in Law Number 21 of 2008 concerning Sharia Banking, hereinafter referred to as the Sharia Banking Law (Astuti, Rozali, & Cakhyaneu, 2019;Choiriyah, Saprida, & Sari, 2021).…”

Section: Introductionmentioning

confidence: 99%

Implementation of Murabahah in Sharia Banks According to the Al-Qur'an Surah Al-Baqarah Verse 275

Zamroni,

Purwati,

Kausar

2023

drs

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Murabahah is an effort to find sustenance through buying and selling. Murabaha is buying and selling based on consensual between the two parties who transact. This article aims to find out the implementation of Murabahah in Islamic banking according to the Qur'an Surah al-Baqarah verse 275. Why Murabaha financing dominates compared to other financing. This writing method uses a book survey technique (library research) regarding the literature related to the implementation of murabahah. The result of this article is that Murabahah is permissible and does not conflict with the teachings of Islamic Shari'ah. Murabahah financing is widely used because it has a relatively lower risk, both from the bank and the customer side. From the customer's side, there is certainty about the number of installments because, in this buying and selling scheme, the margin value (bank profit) is set which does not change until the financing is paid off.

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Determinants of sharia life insurance productivity in Indonesia

Cited by 5 publications

References 27 publications

The impact of implementing Aceh Qanun No. 11 of 2018 concerning Sharia Financial Institutions on the management of sharia insurance institutions

The impact of implementing Aceh Qanun No. 11 of 2018 concerning Sharia Financial Institutions on the management of sharia insurance institutions

Settlement of Bad Loans with Guarantee of Dependent Rights at Banks and Auction Houses Based on the Law on Dependent Rights No.4 of 1996 (Case Study: Decision No.550/Pdt/2019/PT MDN)

Implementation of Murabahah in Sharia Banks According to the Al-Qur'an Surah Al-Baqarah Verse 275

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