Sharia Insurance is a system in which participants donate part or all of the contributions / premiums they pay that are used to pay claims for the misfortune experienced by other participants.
The Concept of Sharia Insurance
In Sharia Insurance there is the term Tabarru ‘which is a commitment (in the meaning of Islam = Grant – Dana Kebajikan). There are a few unique terms between Sharia Insurance and ordinary protection.
On Sharia Insurance, the back up plan completes chance imparting to alternate members. While on regular protection, the members perform chance exchange (chance exchange) to the insurance agency. Along these lines, if the Shariah Insurance client makes a claim, the claim finance originates from the tabarru ‘account (ideals) of all members. Rather than ordinary protection claims got from insurance agencies.