THE CONCEPT OF SHARIA INSURANCE ARRANGEMENT IN ASEAN COUNTRIES (COMPARISON OF MALAYSIAN AND INDONESIAN ARRANGEMENT CONCEPTS)

Insurance basically consists of conventional insurance and Sharia insurance. The implementation of sharia insurance as one of the principles please help among fellow Muslims, in order to avoid everything that is forbidden in Islam, Sharia insurance eliminates uncertainty (gharar), Elements of Gambling (maisir) and elements of interest (RIBA) in business activities, so that the insured feel free from the practice of the wrongdoing. This sharia insurance uses principles of Islamic law that distinguishes it from conventional insurance. Sharia insurance concept based on Qur "an Surat Almaidah verse 2, then is concreted with the discharge of the Fatwa MUI No 21/DSN MUI/X/2001. With the release of law no 40 year 2014 on the new insurance is recognized as the existence of Sharia insurances. However, the Sharia insurance arrangement is incorporated into conventional insurance. 2. Sharia insurance (takaful) is the main choice of Malaysian society that emerged in Malaysia year 1984. Malaysia's regulatory and supervision framework related to sharia insurance is governed by the Islamic Financial Services Act 2013 (IFSA) effective June 30, 2013. Before IFSA, the basis of Sharia insurance law in Malaysia was Takaful Act 1984.