CONCEPT AND PRINCIPLES OF ISLAMIC INSURANCE

Abstract

With the operation of sharia banks, there is a need to provide sharia-based insurance
services as well. Based on this idea, the Association of Muslim Scholars throughout
Indonesia (ICMI) on July 27 1993 through the Abdi Bangsa foundation together with
Bank Muamalat Indonesia (BMI) and the Tugu Mandiri Insurance company agreed to
initiate the establishment of takaful insurance by forming the Indonesian Takaful
Insurance Formation Team (TEPATI). Types The research methodology used is a field
report, where the author explains the conditions and situations that occurred and the
references come from the field, which are intensively explored accompanied by analysis
and rearrangement of all the references that have been collected. The approach used in
this research is is descriptive analysis. The results of this research are that sharia
insurance must apply seven principles, namely monotheism, justice, mutual help,
cooperation, trust, willingness, not containing ghoror (uncertainty