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VOL. 10, ISSUE 4 (2024)
Characteristics of unit link-based sharia life insurance in the insurance law
Authors
Nensi Dirjayanti, Fries Melia Salviana
Abstract
This research discusses unit-linked sharia-based life insurance
agreements in Indonesia, in accordance with sharia principles and Law No.
40/2014 on Insurance. This product combines insurance protection with
investment, following the DSN-MUI fatwa that prohibits elements of usury,
gharar, and maisir. Premiums paid by the insured are invested in halal
instruments such as Islamic stocks and sukuk, with profit sharing based on
Wakalah and Mudarabah contracts. The study highlights the legal relationship
between the insurance company, the insured, and the beneficiaries, as well as
the role of the Financial Services Authority (OJK) in supervision. The analysis
shows that compliance with sharia principles improves investment performance
and customer confidence. In addition, government regulations, such as tax
incentives and premium subsidies, encourage product innovation and
competitiveness in the market. With stricter and more structured regulations,
it is expected that the Islamic insurance industry will experience stable and
sustainable growth.
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Pages:90-94
How to cite this article:
Nensi Dirjayanti, Fries Melia Salviana "Characteristics of unit link-based sharia life insurance in the insurance law". International Journal of Law, Vol 10, Issue 4, 2024, Pages 90-94
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