A design of mathematical modelling for the mudharabah scheme in shariah insurance

The Indonesian Operations Research Association (IORA) - International Conference on Operations Research 2016

Cahyandari, R.^1 ; Mayaningsih, D.^2 ; Sukono^3

Faculty of Sciences and Technology, UIN Sunan Gunung Djati Bandung, Indonesia^1

Faculty of Shariah and Law, UIN Sunan Gunung Djati Bandung, Indonesia^2

Faculty of Mathematics and Natural Sciences, Universitas Padjadjaran, Indonesia^3

关键词: Analysis process;    Fund management;    Indonesians;    Insurance companies;    Management mechanisms;    Operational model;    Precautionary policies;   

Others  :  https://iopscience.iop.org/article/10.1088/1757-899X/166/1/012015/pdf
DOI  :  10.1088/1757-899X/166/1/012015

来源: IOP

【 摘 要 】

Indonesian Shariah Insurance Association (AASI) believes that 2014 is the year of Indonesian Shariah insurance, since its growth was above the conventional insurance. In December 2013, 43% growth was recorded for shariah insurance, while the conventional insurance was only hit 20%. This means that shariah insurance has tremendous potential to remain growing in the future. In addition, the growth can be predicted from the number of conventional insurance companies who open sharia division, along with the development of Islamic banking development which automatically demand the role of shariah insurance to protect assets and banking transactions. The development of shariah insurance should be accompanied by the development of premium fund management mechanism, in order to create innovation on shariah insurance products which beneficial for the society. The development of premium fund management model shows a positive progress through the emergence of Mudharabah, Wakala, Hybrid (Mudharabah-Wakala), and Wakala-Waqf. However, 'model' term that referred in this paper is regarded as an operational model in form of a scheme of management mechanism. Therefore, this paper will describe a mathematical modeling for premium fund management scheme, especially for Mudharabah concept. Mathematical modeling is required for an analysis process that can be used to predict risks that could be faced by a company in the future, so that the company could take a precautionary policy to minimize those risks.