MUI Fatwa About Insurance, Is it Haram or Halal?

MUI Fatwa About Insurance, Is it Haram or Halal?
MUI Fatwa About Insurance, Is it Haram or Halal?

Having insurance can be a financial protection effort for your life in the future because we do not know what things might happen, be it property insurance, life insurance, health insurance, or travel insurance.

With insurance for bad things that happen to you, you will get compensation costs by the insurance company by making a claim. This means that insurance has protection benefits for anyone who is registered as an insurance participant, both government-run insurance and private parties.

For example, you have an accident and have an accident that requires you to be hospitalized. Fortunately, you have health insurance so all your medical and hospital expenses will be covered by the insurance company. So, you don't have to worry financially anymore.

However, not all Indonesians are aware of the importance of having insurance as a form of personal protection. In fact, most of the general public still views insurance as having elements that are detrimental and contrary to religion.

Related to this, insurance in Indonesia apparently already has a fatwa from the Indonesian Ulema Council (MUI), along with a full review.

MUI Fatwa  About Insurance

Sharia insurance in Indonesia itself has been around for a long time, starting in 1994, with the establishment of PT Syarikat Takaful Indonesia (Takaful Indonesia).

Know that Islam does not forbid you to have insurance. Insurance is allowed as long as the funds collected are managed in accordance with Islamic laws.

This is stated in the fatwa of the Indonesian Ulema Council (MUI) NO: 21/DSN-MUI/X/2001 on sharia insurance guidelines. The fatwa contains about how insurance is in accordance with Islamic religious law.

The following is a summary of MUI's views on insurance that you need to know:

1. Form of Protection

In life, we need a fund for protection against bad things that will happen. This is emphasized by the MUI fatwa NO: 21/DSN-MUI/X/2001 which states, "In facing the future and efforts to anticipate possible risks in economic life that will be faced, it is necessary to prepare certain funds early on."

One solution that can be done is to have insurance that is managed with sharia principles. Insurance is needed to protect property and life financially, the risks are unpredictable.

The things that are generally insured are houses, vehicles, health, education and life. By having insurance, you don't have to worry about the risks that will happen because these risks can be minimized and get compensation.

2. Help element

All existing religious teachings must teach an attitude of helping others. In social life, mutual assistance can be done in various forms, both financially and in kind.

MUI Fatwa NO: 21/DSN-MUI/X/2001 states that in sharia insurance there is an element of mutual assistance between a number of people/parties through investment in the form of assets and/or tabarru' which provides a pattern of returns to face certain risks through contracts (contracts). ) are sharia-compliant.

3. Elements of Kindness

Every sharia insurance product contains an element of goodness or the term has a tabbaru contract. Literally, tabbaru' can be interpreted as goodness.

As a rule, the amount of premium funds collected is called a grant which will later be used for good, namely claims that are paid based on the contract agreed at the beginning of the agreement.

The amount of the premium can be determined through existing references, for example referring to the mortality table to determine premiums on life insurance and the morbidity table to determine premiums on health insurance, provided that the element of usury is not included in the calculation.

4. Share Risk and Profit

In insurance that is managed according to sharia principles, the risks and profits are shared equally among the people involved in the investment. This is considered quite fair and in accordance with religious law because according to the MUI, insurance should not be carried out in order to seek commercial benefits.

The risk in question is the risk that occurs to one of the insurance participants who is affected by a disaster, the compensation (claim) obtained from the other insurance participant. In other words, when one participant gets a disaster, the other participants also feel it. So are the benefits.

In sharia insurance, the profits derived from the premium investment in the mudharabah contract can be distributed to insurance participants and of course also set aside for investment companies.

5. Part of Bermuamalah

Muamalah is part of Islamic law that regulates human relations. Examples of relationships that are regulated in Islam are buying and selling and trading. This is also the basis of Islamic insurance.

According to the MUI, insurance is also part of muamalah because it involves humans in financial relationships. All rules and procedures must of course be in accordance with Islamic law. So in participating in muamalah, you are considered to be participating in carrying out religious orders.

6. Insurance Conference

MUI asserts in the insurance provisions, if one of the parties does not fulfill its obligations or if there is a dispute between the parties, then the settlement is carried out through the Syari'ah Arbitration Board after no agreement is reached through deliberation.

Contracts in Sharia Insurance

MUI also confirmed the contract rules used in insurance. The contract in question is an agreement between the insurance participant and the insurance company.

In the contract there should not be elements of gharar (fraud), maysir (gambling), usury, zhulm (persecution), risywah (bribes), illegal goods and immorality because the purpose of the contract is to help each other by expecting the pleasure and reward of Allah.

There are 3 types of contracts in sharia insurance that you need to know, namely:

1. Tijarah contract

Tijarah contracts are all forms of contracts that are carried out for commercial purposes. The purpose of commercial purposes in sharia insurance is mudharabah, namely investments made by insurance companies whose funds are obtained from premium funds of insurance participants. This is done in order to get a profit because in sharia insurance, insurance companies are required to invest.

2. Tabbaru contract

Tabarru' contracts are all forms of contracts that are carried out with the aim of benevolence and mutual assistance, not just for commercial purposes. The premium funds collected become grant funds managed by insurance companies. Furthermore, the collected grant funds are used for insurance claims for participants affected by the disaster.

3. Wakalah bil ujrah contract

Wakalah contract is a contract in which the participant authorizes an insurance company in exchange for an ujrah (fee). The nature of the wakalah contract is a trust, so the insurance company only acts as a representative (who manages the funds) so that the company does not bear the risk of investment losses. In addition, there is no reduction in fees received by the company, except for carelessness or default.

Don't Hesitate to Have Insurance

The explanation of the MUI fatwa on insurance allows you to have insurance as a form of protection against unpredictable economic risks in the future. The MUI fatwa confirms that insurance is allowed as long as the insurance product is managed according to sharia principles.

Now don't hesitate anymore to have insurance and protect yourself and your family. Smart in choosing insurance products that suit your needs will have a positive impact on your family's happiness.

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