INTEGRATION OF SHARIA PRINCIPLES IN THE INSURANCE SECTOR: LEGAL ANALYSIS AND BUSINESS PRACTICES OF ISLAMIC INSURANCE IN INDONESIA
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Abstract
Insurance plays an important role in modern economies as a risk management mechanism, shifting the financial burden of unexpected events to another party, supporting financial stability, and facilitating investment and economic growth. Islamic insurance, which integrates Islamic economic principles, operates based on the concepts of profit sharing and solidarity, offering ethical and faith-based financial solutions, especially in Indonesia where the growth of the Islamic insurance market reflects the high demand for financial products that are in line with Islamic values. However, there are challenges in integrating Islamic principles into conventional insurance frameworks, requiring a more adaptive and inclusive legislative approach. This study aims to examine the legal analysis and business practices of Islamic insurance in Indonesia from the perspective of Sharia principles in the insurance sector. The research method used in this study is normative juridical with a conceptual approach and legislation. This study found that the Sharia insurance industry in Indonesia has established a solid foundation by adopting Sharia principles and is supported by regulations such as Law No. 24 of 2004 and POJK No. 6/POJK.05/2016. Despite challenges such as lack of understanding and support from the government, the sector has recorded significant growth, driven by demand from the Muslim community for ethical financial services. This conducive legal framework demonstrates Indonesia's commitment to developing an inclusive and sustainable Islamic financial ecosystem, potentially cementing the country's position as a global Islamic economic hub.
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