Development of Islamic Insurance
Sharia own insurance first appeared in the 1990′s. Starting from the Islamic economic methods developed by several banks in Indonesia, one of which is the Bank. The birth of Islamic economics is based on two things, first the religious teachings which prohibit usury or interest, and recommend sadaqah. Both because of the emergence of surplus dollars from Middle Eastern countries and export oil producer. Since the existence of Islamic economy, the Islamic Insurance began to flourish in Indonesia.
Principles of Islamic insurance is essentially the clarity of funds, does not contain gambling and usury or interest. As with Islamic banking, saw the potential of Muslims in Indonesia, Islamic insurance is very promising prospect. In fact, a CEO of Malaysia-based Islamic insurance company, Syed Moheeb estimates, Islamic insurance for 2008 will reach 10 percent market share of conventional insurance. Data from the Insurance Association of Sharia in Indonesia say, sharia economic growth rate during the last 5 years reached 40 percent, while only 22.7 percent of conventional insurance. Banking and insurance, only one of the Islamic finance industry is currently booming.
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Insurance
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Indonesia, Insurance, Islam, Islamic economic jurisprudence, Middle East, Muslim, Sharia, Takaful
