Proceedings of the 1st International Seminar on Sharia, Law and Muslim Society (ISSLAMS 2022)

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Ensuring Sharia Compliance in Waqf on Insurance Benefits and Waqf on Investment Benefits: Sadd Al-Zari’ah’s Perspective

Authors
Fauzia Ulirrahmi1, *, Afnan Arummi2, Asiah Wati1
1Syariah Faculty, UIN Raden Mas Said University Surakarta, Sukoharjo Regency, Indonesia
2Arabic Department, Sebelas Maret University, Surakarta, Indonesia
*Corresponding author. Email: fauziaulirrahmi@staff.uinsaid.ac.id
Corresponding Author
Fauzia Ulirrahmi
Available Online 22 December 2022.
DOI
10.2991/978-2-494069-81-7_6How to use a DOI?
Keywords
waqf; takaful; waqf on investement benefits; waqf on insurance benefits; saddu al-dzari’ah
Abstract

Waqf governance in sharia insurance products must consider various aspects. From the perspective of saddu al-zari’ah, it can be studied the integrity of the product (intention, purpose, process, and maslahat) because if one of them is indicated to be defective, it is considered to violate the principle of goodness. This research is literature research with descriptive-analytical methods. This study concluded that the implementation of saddu dzari’ah is very concerned with applying waqf insurance and investment benefits, seen from several factors (1) The appointed heirs (as beneficiaries) must pledge (wa’d mulzam). The promise is not included in the pillars that can cancel the insurance benefit waqf contract but needs to be implemented so that the heir’s commitment remains awake and have the force of law. (2) The maximum limit of the proportion of waqf may not be set 45%, but this will harm one of the parties (3) Shari’a insurance companies (with the agreement of insurance participants) may take profits from investment activities periodically and be allocated directly for waqf. However, to fulfil the rights of the heirs, the investment benefits are accumulated, and the heirs still get a share after deducting 1/3 part of the total investment benefits.

Copyright
© 2022 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 1st International Seminar on Sharia, Law and Muslim Society (ISSLAMS 2022)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
22 December 2022
ISBN
978-2-494069-81-7
ISSN
2352-5398
DOI
10.2991/978-2-494069-81-7_6How to use a DOI?
Copyright
© 2022 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Fauzia Ulirrahmi
AU  - Afnan Arummi
AU  - Asiah Wati
PY  - 2022
DA  - 2022/12/22
TI  - Ensuring Sharia Compliance in Waqf on Insurance Benefits and Waqf on Investment Benefits: Sadd Al-Zari’ah’s Perspective
BT  - Proceedings of the 1st International Seminar on Sharia, Law and Muslim Society (ISSLAMS 2022)
PB  - Atlantis Press
SP  - 45
EP  - 56
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-494069-81-7_6
DO  - 10.2991/978-2-494069-81-7_6
ID  - Ulirrahmi2022
ER  -