The History Of Sharia Insurance ~ michelineinsurance

The History Of Sharia Insurance

The history of sharia insurance in the world began in 1979 when a life insurance company in Sudan, the Sudanese Islamic Insurance Takaful was first introduced. Later in the same year a life insurance company in the United Arab Emirates also introduce Sharia insurance in the Arab region.

<img src="The History Of Sharia Insurance.png" alt="The History Of Sharia Insurance" style="width:304px;height:228px;">

After that in 1981 a Swiss life insurance company, named Dar Al-Maal Al-Islami Takaful introduced in Geneva. Accompanied by the second issuance of Islamic insurance in Europe which was introduced by Islamic Takafol Company (ITC) in Luxembourg in 1983. (Read: Market for Takaful Insurance in europe is looking brighter)

At the same time, a company called Islamic Takaful and Re-Rakafol takafol Company also established in the Bahamas Islands in 1983. Similarly, Bahrain, a life insurance company bebasis sharia, namely Syarikat Al-Takafol Al-Islamiah Bahrain was established in 1983 ,

In Asia, Islamic insurance was first introduced by Malaysia in 1985 through a life insurance company named Takaful Malaysia. While in Indonesia the insurance company that pioneered the business is Family Takaful Insurance Ltd (life insurance) and General Takaful Insurance was established in 1993.

Both of these companies, is a subsidiary of PT Sarikat Takaful Indonesia whose founder was initiated by the Association of Indonesian Muslim Intellectuals through the Eternal Nations Foundation together with Bank Muamalat and insurance companies Tugu Mandiri.

 Judging from the history of existing premises as a country with a Muslim majority population has lagged far behind its neighbors Malaysia or countries - non-Muslim countries in Europe in terms of the development of Islamic insurance. One contributing factor is the lack of education to the community, especially Muslims about the importance of insurance to minimize the impact of risks in the future.

However, since its establishment in 1993 until today, the insurance company opened sharia business unit started moldy. Conventional insurance companies see a potential market which is currently in Indonesia with the largest Muslim population in the world and the number of policyholders are still small. Hopefully with the continued development of regulation and education on Islamic insurance will make Islamic insurance has a strong position in Indonesia.