Riba Dalam Insurans Konvensional: Sejauhmana Konsep Takaful Berperanan Menanganinya?

Abstract

Takaful (Islamic insurance) is an alternative concept to conventional insurance, which the Shariah prohibits because it contains elements of usury (riba), features of substantial uncertainty (gharar) and gambling (maysir). The present study examines the issue of unequivocally prohibited riba in conventional insurance and how the takaful structure resolves this issue. The study suggests that the takaful model, which is structured based on the concept of mutual assistance, as rooted in the tabarru principle, can eliminate all riba arising from the exchange features of conventional insurance. The study concludes with a set of actionable policy recommendations.