Pandangan Hukum Islam terhadap Status Muflis (Debitur Pailit) sebagai Gharimin (Mustahik Zakat)

The development of sharia economy in Indonesia is increasing. Islamic economic development can be seen from the development of Islamic financial institutions and the Islamic financial instruments they offer, ranging from Islamic banks, Islamic capital markets, and Islamic insurance. With these developments, nowadays financing activities with sharia contracts are increasing and growing rapidly. However, only a few can pay it off. In other words, non-performing financing or bad loans at Islamic financial institutions often occur. Non-performing financing caused by the inability of the customer as a debtor to pay debts to a financial institution as a creditor resulted in the customer being bankrupted by the financial institution as a creditor. Bankruptcy is defined as the inability of the debtor or debtor (can be a person, legal entity, company) which is proven based on a court decision that the debtor has stopped paying his debts (unable to pay off debts) which results in general confiscation of his assets, so that the debtor is no longer entitled to manage his assets. . If it is associated with zakat, one of the ashnaf of zakat is gharimin or people who are in debt. Zakat institutions in Indonesia have not made bankrupt customers as gharimin who are entitled to receive zakat. The formulation of the problem in this paper is to find out the views of Islamic law on the status of bankrupt debtors as gharimin. The conclusion is that the status of a bankrupt debtor can be determined as a gharimin who is entitled to receive zakat. The use of debt in question can be for personal or public interest. The distribution pattern can use the qardh hasan pattern where the zakat given to the gharimin is not to be owned but to be returned again. The zakat funds are not only used to pay off debts, they can also be used as initial capital for bankrupt debtors to restart their business. Keywords: bankrupt debtor, gharimin, zakat mustahik.

CHALLENGES FACING THE DEVELOPMENT OF TAKAFUL INDUSTRY IN BANGLADESH AND INDONESIA: A REVIEW

Takaful is the Islamic version of insurance, and the size of global takaful industry is about USD$51 billion in 2019. Limited studies have been conducted on the development of takaful sector in Bangladesh and Indonesia using a comparative approach. As such, this review aims at investigating the challenges facing the development of takaful industry in these two countries. Primary sources such as laws and regulations, and the secondary sources such as scholarly articles and books on the subject matter were reviewed to derive conclusions. This review concludes that efficiency of takaful in both countries depend on some common factors, such as having a proper and sophisticated regulatory framework for takaful with the development of required talent pool while focusing on creating awareness and education to ensure that not only the general public have the required takaful literacy; but even the existing and potential customers have the basic knowledge about takaful. Further, it is also found in this review that in order to further develop the takaful industry in both countries, it is imperative to use innovation and technology to promote takaful parallel to the conventional insurance by creating a level playing field. This review also identifies some specific issues in both countries and have suggested recommendations accordingly. It is anticipated that the outcome of this review will assist policy makers and other stakeholders to understand the inhibitions facing the development of takaful industry in these two jurisdictions with hope that these challenges can be eliminated for the sustainable development of takaful sector. Keywords: Insurance, Islamic insurance, Islamic finance, review, Shariah, Takaful. Cite as: Lubaba, S., Ahmad, A. U. F., & Muneeza, A. (2022). Challenges facing the development of Takaful industry in Bangladesh and Indonesia: A review. Journal of Nusantara Studies, 7(1), 100-113. http://dx.doi.org/10.24200/jonus.vol7iss1pp100-113

Peran Agen Dalam Menentukan Perencanaan Pemasaran dan Meningkatkan Minat Nasabah terhadap Produk Asuransi Syariah

Insurance is one of the references to meet the needs and feelings of security in the face of uncertainties that may arise in people's lives and the risks that will be experienced by the company. Insurance is one of the financial facilities (financial) of domestic life, both in the face of the risk of death and in the face of property risk. In this case, the position of the insurance agent of an insurance company is very strategic, because through this agent the company can market or sell its products to prospective consumers. Agents are also very valuable business assets. An insurance agent is a person who works alone or works in a commercial organization, represents and acts on behalf of an insurance company or sharia insurance company, who is qualified to represent the company. One of the successes of Sharia insurance companies is in the field of marketing. In addition, the agent also plays a role in carrying out activities for the community by introducing financial plans and risk management in insurance and agents also play a role in selecting risk to the customer. customer, assess and measure the extent to which risks that may arise, and determine the best approach to deal with specified risk. Marketing in Islamic insurance requires the ability to recruit, encourage, develop and sell privately (direct communication between sellers and prospective customers and arousing customer interest in the product until the customer is interested in buying the product). Keywords: Insurance, Agent, Marketing Capabilitie, Insurance Customer.

Optimizing Tabarru' Funds in Sharia Insurance by Digital Donation-Based Crowdfunding

The COVID-19 pandemic had transformed people's lifestyles in various aspects, among which is the priority shift where health is the main priority in addition to basic needs. In addition, the mobility restrictions during the pandemic have made society adapts to digitalized activities. The phenomenon of increasing donations is also a new occurrence in the era of the COVID-19 pandemic, which shall be acknowledged as the digitized version of Indonesian tradition of mutual cooperation (gotong royong) to help each other to ease the burden on people affected by COVID-19. This phenomenon is similar to the concept of tabarru’’ funds in sharia insurance which uses the mutual assistance (ta'awun) principle among insurance participants. Due to the increase of public awareness of health and high solidarity in the midst of this pandemic, Islamic insurance can find opportunities to increase the number of Tabarru’' Funds participation, with a touch of digital innovation for wider reach in the society. This research aims to develop the management of sharia insurance combined with donation-based crowdfunding management to apply in optimizing tabarru’’ funds. This research was conducted using qualitative descriptive methods, to explore the qualitative datas in several phenomenon of sharia insurance and crowdfunding, and generate a description of the relationship between these phenomena. The results of this study explain that the crowdfunding management can be applied in management of tabarru' funds in Shria insurance, including the following (1) Prospective donors and prospective respondent are both can registered as insurance participants; (2) Donations paid by donors as insurance installment are collected in tabarru’ funds; (3) Every donors and respondents has the same rights over the donation funds; (4) Sharia insurance management applies the principle of crowdfunding transparency through the public financial statements of donation funds or tabarru’ funds, and the report of donor respondent’s progress.

Determinants of Financial Stability of Islamic Insurance Companies Listed on Indonesia Financial Services Authority

Islamic insurance is an Islamic financial service that guarantees a participant's life, health, education, asset, and business. Some of them experienced a decline in their financial stability. This study aims to analyze the determinants of financial stability of Islamic insurance companies registered at the Indonesian Financial Services Authority (OJK) from 2014 to 2018. Thirty-eight data observations were acquired from eight full-fledged Islamic insurance businesses' financial reporting, analyzed using panel data regression. The dependent variable is financial stability, whilst investment, capital structure, insurance premiums, independent board of commissioners, sharia supervisory board, board of directors, and institutional ownership are the independent variables. The results show that financial stability is significantly affected by investment, insurance premiums, independent boards, and institutional ownership. The capital structure, sharia supervisory board, and board of directors do not affect the financial stability. Increasing the number of participant contributions and strategic investments should be a concern of Islamic insurance managers. The role of an independent board and Institutional owners supervisory could strengthen the financial stability of Islamic Insurance. Research on Financial stability is supporting the development of Islamic insurance companies.==================================================================================================== ABSTRAK – Determinan Stabilitas Keuangan Perusahaan Asuransi Syariah yang Terdaftar pada Otoritas Jasa Keuangan. Asuransi syariah adalah salah satu jasa keuangan Syariah untuk menjamin jiwa, kesehatan, pendidikan, aset dan bisnis. Beberapa perusahaan tersebut mengalami penurunan stabilitas keuangannya. Penelitian ini bertujuan untuk menganalisis determinan stabilitas keuangan perusahaan asuransi syariah yang terdaftar pada Otoritas Jasa Keuangan (OJK). Sebanyak 38 observasi diperoleh dari laporan keuangan 8 perusahaan asuransi syariah periode 2014-2018. Analisis dilakukan menggunakan regresi data panel. Variabel yang dipilih dalam penelitian ini adalah stabilitas keuangan sebagai variabel dependen, investasi, struktur modal, premi asuransi, dewan komisaris independen, dewan pengawas syariah, dewan direksi dan kepemilikan saham institusi. Hasil penelitian menunjukkan bahwa variabel investasi, premi asuransi, dewan komisaris independen dan kepemilikan saham institusi berpengaruh terhadap stabilitas keuangan perusahaan asuransi. Variabel struktur modal, dewan pengawas syariah dan dewan direksi tidak berpengaruh terhadap stabilitas keuangan. Peningkatan jumlah iuran peserta dan investasi strategis harus menjadi perhatian pengelola asuransi syariah. peran dewan independen dan pengawasan pemilik institusi dapat memperkuat stabilitas keuangan asuransi syariah. Penelitian stabilitas keuangan pada perusahaan asuransi memberikan dukungan terhadap pengembangan perusahaan asuransi syariah.

Analisis Faktor-Faktor yang Memengaruhi Perolehan Surplus Underwriting pada Asuransi Jiwa Syariah di Indonesia (Periode 2015-2020)

In Islamic insurance, if at the end of the period there is a surplus from the substraction result between total insurance income in the tabarru’ fund and insurance expenses, the surplus will be called as underwriting surplus. A good Islamic insurance company can be seen when the company succeeds in obtaining an underwriting surplus, because it is a proof when the company has managed the participant funds well. The underwriting surplus can be used as a reserve fund when an underwriting deficit occurs or when insurance expenses exceed insurance income, thereby it can improve the public interest in Islamic insurance. Therefore, this study aims to analyze the development of the underwriting surplus in Islamic life insurance in Indonesia and the factors that influence it by using panel data regression method. The estimation results using the REM model show that the variables of total assets and GDP have a positive and significant effect. Meanwhile, the contribution allowance, claim allowance, and inflation variables have a negative and significant effect.

Perbandingan Kontribusi Bruto Asuransi Syariah Sebelum dan Sesudah Pandemi Covid-19

Islamic insurance has a big role in the Islamic finance sector with the principle of mutual help. Gross contribution is one of the funds that can be utilized for insurance participants and companies. Covid19, which has an impact on the economic sector, makes understanding the growth of sharia insurance before and after the pandemic in terms of gross contribution very important. This study aims to further review the gross contribution from March-December to find out whether there is a significant difference from the gross contribution of sharia insurance before and after the Covid-19 pandemic. The study was conducted using a comparative quantitative approach with two paired samples. The research sample uses time series data, namely the gross contribution of sharia insurance in 2019 and 2020 for the period from March to December. The results of this study found that the comparison of gross contribution to the Islamic insurance industry seen before the 2019 pandemic and after the 2020 pandemic which was taken from March to December was normally distributed. This means that the development of sharia insurance when viewed before the 2019 pandemic and after the 2020 pandemic according to the gross contributions from sharia insurance participants did not experience a significant difference and will certainly increase.AbstrakAsuransi syariah memiliki peran besar pada sektor keuangan syariah dengan prinsip saling tolongmenolong. Kontribusi bruto merupakan salah satu dana yang dapat dimanfaatkan bagi peserta asuransi maupun perusahaan. Covid-19 yang berdampak pada sektor perekonomian, menjadikan pemahaman mengenai pertumbuhan asuransi syariah sebelum dan sesudah pandemi ditinjau dari kontribusi bruto sangat penting. Penelitian ini bertujuan untuk meninjau lebih lanjut kontribusi bruto dari Maret-Desember untuk mengetahui apakah ada perbedaan yang signifikan dari kontribusi bruto asuransi syariah sebelum dan sesudah pandemi Covid-19. Penelitian dilakukan dengan pendekatan kuantitatif komparatif dengan dua sampel berpasangan. Sampel penelitian menggunakan data time series yaitu kontribusi bruto asuransi syariah tahun 2019 dan 2020 periode bulan Maret hingga Desember. Hasil penelitian ini menemukan bahwa perbandingan kontribusi bruto pada industri asuransi syariah dilihat saat sebelum pandemi tahun 2019 dan sesudah pandemi 2020 yang diambil pada periode Maret hingga Desember berdistribusi normal. Hal tersebut berarti bahwa perkembangan asuransi syariah jika ditinjau pada saat sebelum pandemi tahun 2019 dan sesudah pandemi tahun 2020 menurut kontribusi bruto yang berasal dari para peserta asuransi syariah tidak mengalami perbedaan yang signifikan dan dapat dipastikan akan mengalami peningkatan.

Analisa Peningkatan Minat terhadap Produk Asuransi Syariah

The purpose of this research is to find out why the public interest in sharia insurance products is not too high, which is based on various factors of consideration both from the community and from the management of Islamic insurance companies. This study uses a qualitative approach, using data processing techniques based on interviews, observations, and documentation related to this research. The research results obtained are factors that are of interest to the community towards sharia insurance products, which must maintain a good reputation reflecting the quality and quantity of sharia insurance products and this is an assessment of the community itself. So that the better reputation of Islamic insurance will be an attraction for the public interest in Islamic insurance products. Keywords: Islamic Insurance, Interest, Influence.

Muzakki's Commitment Improvement Model in Distributing ZIS Funds Through Prosocial Values Behavioral Approach

<p><em>The presence of Islamic insurance is an alternative, in order to avoid conventional insurance which is considered to have elements of usury, maytsir, gharar and zholim. In the era of economic disruption, Islamic insurance players and customers are waiting for the direction of strategic policies from the government as regulator and facilitator. The formulation of a sharia insurance development strategy policy begins with analyzing the obstacles to developing sharia insurance in Indonesia. These constraints mean that the number of sharia insurance customers in Indonesia is not maximal. These obstacles include the lack of socialization and promotion, inadequate use of technology, lack of product and service development, lack of knowledge, and the existence of conventional insurance. Based on these constraints, strategies for developing sharia insurance in Indonesia that can be carried out include maximizing socialization and promotion, maximizing the use of technology, developing products and services, increasing literacy, and market penetration. This research is aimed at analyzing the constraints and development strategies of Islamic insurance using a mathematical method, namely the Analytic Network Process (ANP) method, so that policy recommendations are supported by scientific studies. Furthermore, in this study the ANP method was adopted in a survey design involving a number of respondents. The heterogeneity of the assessments of a number of respondents is expected to provide a more rational alternative. The results of the analysis using the ANP method are priority constraints in order to get more attention and priority strategies that can be used to formulate policies to make them more focused.</em></p>

Challenges and Development Strategy of Sharia Insurance in an Era of Economic Disruption

<p><em>The presence of Islamic insurance is an alternative to avoid conventional insurance, which is considered to have elements of usury, maytsir, gharar and zholim. In the era of economic disruption, Islamic insurance players and customers are waiting for the government's strategic policies as regulators and facilitators. The formulation of a sharia insurance development strategy policy begins with analyzing the obstacles to developing sharia insurance in Indonesia. These constraints mean that the number of sharia insurance customers in Indonesia is not maximal. These obstacles include the lack of socialization and promotion, inadequate use of technology, lack of product and service development, lack of knowledge, and the existence of conventional insurance. Based on these constraints, strategies for developing sharia insurance in Indonesia that can be carried out include maximizing socialization and promotion, maximizing the use of technology, developing products and services, increasing literacy, and market penetration. This research aims to analyze Islamic insurance's constraints and development strategies using a mathematical method, namely the Analytic Network Process (ANP) method so that scientific studies support policy recommendations. Furthermore, in this study, the ANP method was adopted in a survey design involving several respondents. The heterogeneity of the assessments of some respondents is expected to provide a more rational alternative. The analysis results using the ANP method are priority constraints to get more attention and priority strategies that can be used to formulate policies to make them more focused.</em></p>