Sharia law Health Insurance

Many who still doubt the health insurance law, including health insurance law sharia Sharia law health insurance is associated with its illegitimate or not if we want to register this health insurance. This is reasonable because so much of the info out there about the maze of health insurance law.
Some things about the health insurance law has been my review on insurance law page on this blog. This page is only as an adjunct since many who want to know more about health insurance laws.
Some things about the health insurance law has been my review on insurance law page on this blog. This page is only as an adjunct since many who want to know more about health insurance laws.

Islamic system of insurance at its core indeed have a fundamental difference with conventional ones, among others:

• The principle of Takaful contract is Takafuli (mutual assistance). Where the customer is the one helping the other customers who were experiencing difficulties. While conventional insurance contract is tadabuli (buying and selling between customer and company).
• Funds collected from customers' insurance companies (premiums) are invested according to sharia sharing system (mudaraba). While in conventional insurance, investments made in any sector fund with a system of interest.
• Premiums collected still treated as funds belonging to clients. The company only as a fiduciary to manage it. While in conventional insurance, the premium belongs to the company and the company who has full authority to establish funds management policy.
• If there is an affected participant, for payment of customer claims the funds deducted from the account tabarru (social funds) all participants who already Relax for the purposes of mutual assistance. While in conventional insurance, the claim payment funds taken from accounts held by the company.
• Investment profits divided between the customer as the owner of the funds with the company as manager, with the principle of revenue sharing. While in conventional insurance, the benefits become fully owned by the company. If there is no claim, customers do not get anything.
• The existence of the Sharia Supervisory Board in Islamic insurance company which is a must. The Council is instrumental in overseeing the management, products and investment policies in order to keep in line with Islamic law. As in conventional insurance, then it does not receive attention.

What is the difference Sharia Insurance with Conventional Insurance

There are some differences between Islamic insurance with conventional insurance, the difference is:

1. According to the contract used

In conventional insurance contract based on sale - buy, while the Islamic insurance contract on the basis of helping.

2. Operational

• In the conventional insurance funds collected from the participants belong to the company, while the Islamic insurance funds collected from customers is a customer-owned. Insurance companies are not the owner just as the manager of the fund.
• In the conventional insurance fund uses interest (usury) as the basis for the calculation of the investment, while in the Islamic insurance based on the profit-sharing investment funds
• In the mechanism, do not recognize Islamic insurance fund as found charred in conventional insurance, if the contract period the participant is unable to continue payment of premiums and want to resign before reversing period, the fund that has been entered can be retrieved
• Payment of claims on Islamic insurance funds were taken from all participants are merit since AWL has been in Relax that there is provision for funds to be used as helping fund among the participants in case of disaster. While in conventional insurance claim payment is taken from the account of company funds.
• Profit sharing in Islamic insurance company is divided among the participants in accordance with the principle of profit sharing with the proportion who have been determined, whereas in conventional insurance all profits belong to the company.

3. Monitoring System

In Islamic insurance have Sharia Supervisory Board, so the insurance operations do not deviate from Islamic sharia, while in conventional insurance no Sharia Supervisory Board.