Vol. 1 No. 1 (2025): Contemporary Challenges in Private and Islamic Law
Articles

Sharia Principles in Takaful in Indonesia: A Legal Study

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  • Zulkarnaen Ahmad
Zulkarnaen Ahmad
The National University of Malaysia
PRIVATE LAW INSIGHT

Published 2025-08-22

Keywords

  • takaful,
  • sharia,
  • Islamic Law,
  • finance,
  • regulation

Copyright (c) 2025 Zulkarnaen Ahmad (Author)

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstract

This article conducts a comprehensive legal analysis of the sharia principles underpinning Takaful (Islamic insurance) in Indonesia, reflecting on its historical roots and current regulatory framework. Takaful distinguishes itself from conventional insurance by adhering to Islamic laws that prohibit gharar (uncertainty), maysir (gambling), and riba (usury), thereby aligning its operations with ethical investments and risk-sharing mechanisms. The core of Takaful is the mutual assistance among participants, which is implemented through contributions to a collective pool that guarantees financial aid to any member encountering predefined risks, without yielding profit from the misfortune of others. In Indonesia, Takaful has seen significant growth since its establishment by the Minister of Finance Decree No. Kep-385/KMK.017/1994. The development of Takaful aligns with the rising demand for financial services that comply with Islamic principles, reflective of Indonesia’s majority Muslim population. This study examines the legal texts, including the Indonesian Commercial Code and the Insurance Law No. 40 of 2014, to elucidate how Takaful operates within these statutes and the specific roles of entities such as the Sharia Supervisory Board. Additionally, the paper discusses the challenges and innovations within the Takaful industry, such as capital requirements and the adaptation to Indonesian economic customs and Islamic financial principles. The findings aim to contribute to the broader discourse on the integration of Islamic finance into mainstream financial systems, offering insights into the balance of religious values with economic needs in a pluralistic society. This study not only underscores the significance of Takaful in enhancing financial inclusivity but also its role in fostering a resilient financial environment in Indonesia.

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