The Development of Sharia Insurance and Its Future Sustainability in Risk Management: A Systematic Literature Review
Abstract
:1. Introduction
2. Materials and Methods
2.1. Scientific Article Data
2.2. Methods and Systematic Analysis of Data
- (a)
- Visualization of the article database using VOSviewer software. This visualization was carried out to map the most discussed word quotations in the database, the relationships and interrelationships between different word quotations in the database, and the development of research topics based on word quotations in the database;
- (b)
- The database used, based on the numbers of articles from 2010 to 2022, was mapped annually and presents the operational system models for Sharia insurance.
3. Results
3.1. Bibliometric Visualization
3.2. Research Topic Focus
3.3. Sharia Insurance Operational Model
3.3.1. Mudharabah Model
3.3.2. Modified Mudharabah Model
3.3.3. Wakalah Model
3.3.4. Hybrid Models
3.3.5. Waqf Model
4. Discussion
4.1. Development of Sharia Insurance
4.2. Differences between the Sharia Insurance Operational Models
5. Conclusions
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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Topic | Description | References |
---|---|---|
Analysis of the factors affecting public interest in Sharia insurance | The research that has been undertaken, in general, discusses which variable factors influence people’s interest in buying Sharia insurance products Some of the variables that are of concern are related to the Sharia insurance products offered and the public’s understanding of Sharia insurance | [33,34,35,36,37] |
Islamic law studies related to Sharia insurance | Based on the database of articles, there has been much discussion about the extent to which Sharia insurance has implemented Islamic law | [38,39,40,41,42] |
Sharia insurance vs. conventional insurance | Many studies have been conducted comparing Sharia insurance with conventional insurance Comparisons made discuss the advantages and disadvantages of the two types of insurance | [20,29,33,43,44] |
Sharia insurance risk management | Research that discusses Sharia insurance risk management has focused on the efficiency of company costs and the operational system of Sharia insurance | [45,46,47,48,49] |
Mudharabah | Modified Mudharabah | Wakalah | Hybrid | Waqf | |
---|---|---|---|---|---|
Contribution | |||||
Operator’s fee | |||||
Underwriting cost | |||||
Retakaful | |||||
Reserve | |||||
Claim payment | |||||
Underwriting surplus (for participants) | |||||
Underwriting surplus (for companies) | |||||
Investment returns: Takaful fund (for participants) | |||||
Investment returns: Takaful fund (for companies) | |||||
Interest-free loan (if deficit) | |||||
Waqf fund (initial) | |||||
Initial capital |
Draft | Sharia Insurance | Conventional Insurance |
---|---|---|
Oversight of the Sharia council Contract | There is a Sharia supervisory board | There is no oversight |
Contract | Mutual help (Takaful) | Buy and sell |
Investment fund | Profit-sharing system | Based on interest |
Fund ownership | Belongs to the participant | Company-owned |
Payment of claims | From the Tabarru accounts of all participants | From the company fund account |
Profit | Shared between the company and participants according to the principle of profit sharing | Company-owned |
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Share and Cite
Cahyandari, R.; Kalfin; Sukono; Purwani, S.; Ratnasari, D.; Herawati, T.; Mahdi, S. The Development of Sharia Insurance and Its Future Sustainability in Risk Management: A Systematic Literature Review. Sustainability 2023, 15, 8130. https://doi.org/10.3390/su15108130
Cahyandari R, Kalfin, Sukono, Purwani S, Ratnasari D, Herawati T, Mahdi S. The Development of Sharia Insurance and Its Future Sustainability in Risk Management: A Systematic Literature Review. Sustainability. 2023; 15(10):8130. https://doi.org/10.3390/su15108130
Chicago/Turabian StyleCahyandari, Rini, Kalfin, Sukono, Sri Purwani, Dewi Ratnasari, Titin Herawati, and Sutiono Mahdi. 2023. "The Development of Sharia Insurance and Its Future Sustainability in Risk Management: A Systematic Literature Review" Sustainability 15, no. 10: 8130. https://doi.org/10.3390/su15108130
APA StyleCahyandari, R., Kalfin, Sukono, Purwani, S., Ratnasari, D., Herawati, T., & Mahdi, S. (2023). The Development of Sharia Insurance and Its Future Sustainability in Risk Management: A Systematic Literature Review. Sustainability, 15(10), 8130. https://doi.org/10.3390/su15108130