www.thejakartaglobe.com -The Association of Sharia Insurance of Indonesia (ASII) plans
to standardize the sharia insurance sector by releasing sharia insurance
policy standards by the beginning of second half of this year.
ASII
chairman M. Shaifie Zein said that standardization was needed so that
customers had certainty regarding sharia insurance policies.
The regulation will not standardize the pricing of insurance premiums.
“The
important thing is to make sure that companies behave appropriately,
not to slap them with fixed-price insurance premiums,” he told the press
during an international conference on sharia insurance on Monday.
“That's why it's important for sharia insurance companies to have actuaries.”
(source)
Developing
an international standard for sharia insurance will be difficult,
according to Zainal Kassim, a senior partner of the Malaysian actuarial
firm Actuarial Partners Consulting.
“Each country bases its
sharia insurance on different principles, hence the difficulties in
standardizing sharia insurance globally,” Kassim said.
Sharia insurance is different from conventional insurance as it uses the Islamic principle of
takaful,
a mutual support where policy holders contribute money to a fund
managed by the company for use in the event of a loss by one of its
members.
(han)
Source: http://www.thejakartapost.com/news/2012/05/14/sharia-insurance-be-standardized-year.html - May 15, 2012
No comments:
Post a Comment