Scholarly article on topic 'Hybrid Contract and Funds Efficiency Management of Islamic General Insurance Company (Study In Indonesia)'

Hybrid Contract and Funds Efficiency Management of Islamic General Insurance Company (Study In Indonesia) Academic research paper on "Economics and business"

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Abstract of research paper on Economics and business, author of scientific article — Novi Puspitasari

Abstract The purpose of this study is to analyze the implications of hybrid contracts and company funds efficiency in Islamic general insurance in Indonesia. This study used the Islamic Split Fund Theory approach. The study found that the implementation of hybrid contract has implications to split the funds between company and participant funds. Fund management based on hybrid contratcs led to the company only permitted to use the company funds. This condition causes the company income tended to decrease and it was influence the development of the company. Company must be efficient to survive and thrive.

Academic research paper on topic "Hybrid Contract and Funds Efficiency Management of Islamic General Insurance Company (Study In Indonesia)"

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Procedía - Social and Behavioral Sciences 211 (2015) 260 - 267

2nd Global Conference Business and Social Science-2015, GCBSS-2015, 17-18 September 2015,

Bali,Indonesia

Hybrid Contract And Funds Efficiency Management Of Islamic General Insurance Company (Study In Indonesia)

Novi Puspitasari*

Faculty of Economic, University of Jember, 68121, Jember, Indonesia

Abstract

The purpose of this study is to analyze the implications of hybrid contracts and company funds efficiency in Islamic general insurance in Indonesia. This study used the Islamic Split Fund Theory approach. The study found that the implementation of hybrid contract has implications to split the funds between company and participant funds. Fund management based on hybrid contratcs led to the company only permitted to use the company funds. This condition causes the company income tended to decrease and it was influence the development of the company. Company must be efficient to survive and thrive.

© 2015 The Authors. PublishedbyElsevierLtd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.Org/licenses/by-nc-nd/4.0/).

Peer-review under responsibility of the Organizing Committee of the 2nd GCBSS-2015 Keywords: hybrid contracts, Islamic Split Fund Theory, company funds, decrease, efficient

1. Background

Islamic insurance or Takaful insurance is a phenomenon of economic activities based on the Islamic system. Islamic insurance practice was first conducted in Sudan by Syarikat Islam insurance in 1979. In the 1980s followed by the Dar al-Mal al Islam company which is based in Geneva, which established an Islamic Takaful in Luxemburg, Islamic Takaful in the Bahamas, and al-Takaful al -Islami in Bahrain in 1983 (Saharuddin,2015: 2-3). Practice of Islamic Insurance in Indonesia was established by the holding company PT Syarikat Takaful Indonesia (STI) in 1994 by establishing two subsidiary companies. They are PT Asuransi Takaful Keluarga and PT Asuransi Takaful Umum. PT Asuransi Takaful Keluarga was established on August 25th,1994, and PT Asuransi Takaful Umum established on

* Corresponding author. Tel.: 081233488999; 08230303854. E-mail address: vie_salva@yahoo.co.id

1877-0428 © 2015 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.Org/licenses/by-nc-nd/4.0/).

Peer-review under responsibility of the Organizing Committee of the 2nd GCBSS-2015 doi: 10.1016/j.sbspro.2015.11.033

June, 2nd, 1995 (Puspitasari,2011: 36).

Practice of Islamic insurance in Indonesia had a change in the use of contract. At the beginning, Islamic insurance companies used mudharabah. Around in 2006, there was a fatwa issued by the National Sharia Board the Indonesian Ulema Council. The fatwa stated that the all Takaful practitioners must implement tabarru and wakalah bil ujrah contracts. However, the Islamic insurance company does not directly run this fatwa because of the many obstacles and have to make adjustments related operations. Islamic insurance companies immediately respond to commands such fatwa were PT Asuransi Takaful Keluarga and PT Asuransi Takaful Umum. Implementation of the new contracts were executed in 2008.

Implementation of the tabarru and wakalah bil ujrah contracts implicated to the changes in corporate financial management of Islamic insurance (Puspitasari, 2011b: 263). Islamic insurance companies are required to separate by separating the funds used for the purposes of the participants from the funds used for compnay purposes. The funds separation system requires that Islamic insurance companies only use funds as the corporate rights, as embodied in the concept of Islamic Split Fund Theory (ISFUT). Islamic split fund theory is the concept of financial management with separation and division of welfare funds that accountability can be accounted to God, man, and nature are based on the values of justice, honesty, and transparency. Separation of funds in the concept of Islamic split fund theory is funds separation management based on the source of funds because stakeholders have different rights and obligations from shareholders and comply with the rules in the management of these funds is based on Islam (Puspitasari, 2011a: 178182). The concept of separation of these funds obviously have an influence on the sources of funding for the company, which the company acquired the largest funding source only from ujrah (fee) that given by the participants. This is reflected in the interview to the employees of the company as research informant as follows:

"Ideally, if we want to establish Islamic insurance bussiness, from the beginning we have had this mission, tabarru and ujrah, so from the beginning we've been able to take into account. Because as I said earlier, because we are already carrying passengers much so that when this change is not easy to adjust. That once we could take ujrah 100% now have to limit ourselves to 42.5%, so with only 16.5% we have to be very efficient really. To that Islamic insurance company from the beginning has been committed to wakalah bil ujrah, how tabarru'-ujrah then how much expenses, employees should be as optimal as possible and streamlined, and then only engaged in retail. It was the most good ".

The main thing which can be inferred from these interviews is that the Islamic insurance company should act efficient and optimize the ability of employees to run the company's operations. This is because the company could only manage around 42,5% of the total contributions given by the participants as company ujrah.

Efficiency can be defined as the ratio of output to input (Kost and Rosenwig, 1979:41). There are three sizes which lead to efficiency. They are (1) the same inputs produce greater output, (2) smaller inputs produce the same output, (3) large inputs produce greater output. Judging from economic theory, there are two senses of efficiency, ie technical efficiency and economic efficiency. Economic efficiency has a macro point of view that has a wider range than the efficiency of the technique of micro-angle of view. Efficiency measurement techniques tend to be limited to technical and operational relationships in the process of converting inputs into outputs. As a result, efforts to improve the technical efficiency requires only micro policy internally by controlling and optimalization resource allocation Economic efficiency does not consider the price given because the price can be affected by macro policy (Walter, 1999).

Informant statement as written in the previous paragraph indicates that the Islamic insurance company always has the efficient character. This of course raises the suspicion of a change in the management of funds related to the company's internal operations. To answer these allegations, this study aims to explore the implications of the application of a separate fund management system as a compliance of the implementation of the hybrid contract based on the Islamic Split Fund Theory concept on the efficiency of fund companies. It is interesting to study because the split fund management system between funds participants and a fund company can be regarded as a new method to study and also the theme is still limited. This research is empirical research. The study design use positivist paradigm approach with emphasis on qualitative data. Data collection is done by direct interview to the informant associated with policy makers in the company. Interview was done in Indonesian. In addition, this study also used study literature

to data collection to adjust the theoretical concepts with conditions in the field. The study was conducted on a general insurance company that uses a full fledge Islamic system.

2. Result And Discussion

2.1 Single to Hybrid Contract on Islamic Insurance Business Practice

At the beginning, a Islamic general insurance company in Indonesia applied mudharabah contract. Mudharabah concept is a partnership contract (partnership) which is based on the principle of profit sharing by someone giving their money to others to do business and both parties share the profits or losses based on the content of agreement. The first party, the supplier or the owner of the capital called shahibul mall and the second parties, the user or manager or entrepreneur called mudharib (Sumanto, et al, 2009: 79). Based on Ayub (2007: 426), Mudharabah concept is highly suitable as a base for Islamic banking business, particularly on the deposite, it is not suitable for the insurance business. In a mudharabah models of Takaful, amounts paid by the of participants and the investment incomes are used to pay the claim, retakaful cost and other claims-related expenses from the general takaful fund. Normally, the shareholders meet all management and marketing related expenses from their share and any remaining amount is their net profit.

In this arrangement the cooperative nature of the contract is undermined. The relationship between the participant should based on Tabarru' and not mudharabah, profit-sharing can not be applied here. A donation can not be as the mudharabah capital at the same time (Ayub, 2007: 426). In fact, the use of tabarru' contract in the Islamic insurance industry has also been stated by National Sharia Council of the Indonesian Ulema Council (DSN MUI). The fatwa stated in No. 53/DSN-MUI/III/2006 concerning the Agreement Tabarru' on Islamic Insurance and Reinsurance (Majelis Ulama Indonesia, 2011). The definition of tabarru is exerting every effort to provide property or benefit to others, either directly or future without any compensation, with the aim of kindness and acts goodness (Sumanto, et al, 2009: 71).

The practice of Islamic general insurance in Indonesia generally use wakalah models. The appointment of an agent by the insurer and the broker is of utmost importance. In fact, such an appointment was a common practice as it made the transactions and dealings between the insurer and the insured more effective. The governing principles between agents and brokers as Billah (2007:154) stated below.

.... Wakalah is for someone to put his business of one another and to the make him stand in his own place in respect of reviews their business

Based on terms of language, wakalah means maintaining, guarantees, submit, and replace. While the terms of the wakalah is surrender of a person to another person to do something. The representative valid during which represents surviving (Sumanto, et al, 2009: 90).

Wakalah is grouped into three types: (1) wakalah ammah and wakalah khasah, where this wakalah terms of specific and generally something that represented; (2) wakalah mutlaqah and muqayyadah ie wakalah seen from the side bound and not bound objects are represented; and (3) wakalah bil ujrah and wakalah bidunil ujrah, namely wakalah seen from the presence or absence of compensation. Based on the character of Islamic insurance business, wakalah bil ujrah applied to complete the contract tabarru '. Wakalah bil ujrah is a contract that represents the second party to grind by providing fee/wages (ujrah) for representing them. Party appointed as representative should perform the task well and should not unilaterally cancel (Sumanto, et al, 2009: 95). Fatwa on the application wakalah bil ujrah contained in the DSN-MUI fatwa No. 52/DSN-MUI/III/2006 .

The use of tabarru and wakalah bil ujrah contracts in Islamic general insurance business can be regarded as a hybrid contract that means engaging in a transaction contract of Islamic general insurance. The majority of scholars Hanafiyah, some scholars think Malikiyah, scholars Syafi'iyah, and Hanbali found hybrid contract law is valid and permissible according to Islamic law. Scholars who allow reasoned that the legal origin of the contract is permissible and legitimate, is not forbidden and canceled for no proposition of law which forbids or cancel (Muhamad, 2014: 241). Unless the combining of two contract that raises usury or riba resemble, such as combining qardh with another contract, because of the ban on the sale and purchase of hadith combine and qardh. Similarly combine installment purchase and

selling of cash in one transaction. Nazih Hammad in the book al-'Uqüd al-Murakkabah fi al-Fiqh al-Islamy write 'Basic Law in Syara' is a hybrid contract to allow the transaction, for each contract that is built when done individually is permissible and there is no proof that forbid , When there is a proposition that prohibits, then the theorem does not apply in general, but exclude the case that is forbidden according to the proposition. Therefore, the case was said to be an exception to the general rule that the freedom of contract and execute agreements that have been agreed (Muhamad, 2014:241).

Muhamad (2014:244) divides the hybrid contract into 4 groups, First, multi covenants mukhtalithah (mixed) which gave rise to a new name, such as bay 'istighlal, bay' Tawarruq, Musharaka mutanaqishah and bay wafa '; Second, the hybrid contract that mujtami'ah / mukhtalitah with the new contract name, but the name of the old contract, such as hire purchase (bay 'at-takjiry) Lease and purchase, mudaraba musytarakah on life insurance and deposits of Islamic banks; Third, the hybrid contract is the contract-akadnya not mixed and not bore the name of the new contract but the name remained essentially contract exists and exists and is practiced in a transaction, another example is kafalah wal Ijara on credit cards, wa'ad to wakalah murabaha, Ijarah, Musharaka , to the overdraft or line financing facility, wal wakalah murabaha murabaha financing basithah, wakalah bil ujrah on L/C, RTGS, general insurance, factoring; Fourth, hybrid contract that mutanaqidhah (contract-opposite). This form is forbidden in Shariah. For examples, it combines sale and purchase agreement and loan (bay'wa Salaf).

2.2 Hybrid Contract, Islamic Split Fund Theory, and Funds Efficiency of Islamic General Insurance Company

Islamic general insurance business in Indonesia is currently using the third hybrid contract pattern that is contract that the contracts are not mixed and not bore the new name of contract but the contract names essentially remain and exist and be practiced in a transaction. Contracts used are tabarru and wakalah ujrah bil. Tabarru contract 'is a contract that aims for good and not for profit. Wakalah bil ujrah is the kind of contract tijarah used for business and commercial purposes. Differences in the nature and purpose of the contract tabarru and tijarah mandating that funds must be separated either in terms of recording, physical, and management. Mixing different funds with the contract is not allowed because it would undermine the nature of the underlying contract that led to it unlawful transactions. The use of contract in this business is the embodiment of wealth management and ownership, subject to the rules of Allah. In addition, another purpose of treasures and wealth management at financial institutions by using general insurance sharia-contract agreement is to meet the halal element and avoid gambling element, gharar, and usury.

Wealth management and ownership in Islamic commercial insurance company subject to the rules of Allah. It is reflected in the concepts embodied in Islamic Split Fund Theory. Islamic split fund theory is the concept of financial management with separation and division of welfare funds that accountability can be accounted to God, man, and nature are based on the values of justice, honesty, and transparency (Puspitasari, 2011: 178). Separation of funding and accountability of financial management division of welfare is to segregate funds stakeholders based on the source of funds for shareholders and stakeholders have different rights and obligations and comply with the rules in the management of these funds is based on sharia (based on the law of God), in which the welfare division accounted for accountability Allah SWT (main stakeholders), human (direct and indirect participants), and nature. The value of justice is realized with stakeholders and accountability of funds memisahan welfare division of thoroughly accountable to God, man, and nature, so there is not dzalim to one of the parties. While the values of honesty and transparency is reflected in the attitude in the management of funds in accordance reality, which aims to maintain harmonious relations between God, man, and nature as well as the absence of something that is hidden and use clear data for each transaction.

ISFUT concept includes two dimensions of the world and the hereafter. The world dimension is shown by the funding arrangements for the operations of companies whose results are used for the needs of the world. The hereafter dimension is indicated by submission companies on the rules of Allah by implementing the contract that can avoid maisir, gharar, and usury. The contract is tabarru and wakalah bil ujrah by promoting the values of honesty, fairness, and transparency. The existence dimensional world and the hereafter in life within the meaning of the Koran of Surah al-Qashas:77, which mean as follows (Department of Religion, 2011).

"And look at what God has been given to you (happiness) in the Hereafter, and do not forget your enjoyment world and do good (to others) as Allah has been doing good, unto you, and do not mischief on the (face) earth. Allah loves not those who do mischief. "

The verse appealed to all the people of God Almighty to remember the needs of the hereafter but still consider the necessities of life in the world, is no exception Islamic insurance company. Islamic general insurance company as a business institution would want to cover the company's operating profit. But sometimes companies can not be freely to get profit because the company must comply with the rules of the government and National Sharia Council Indonesia Ulema Council's fatwa. Islamic general insurance companies seem to have problems to get the maximum benefit.

Application of hybrid contract on Islamic general insurance causes companies are not free to use managed funds As noted earlier that the implementation of the hybrid contract in Islamic general insurance companies require companies to separate funds owned by the participants from funds belonging to the company. This condition makes the company may only use funds belonging to the company for the needs of the company. Financial data after the application of the separation of funds showed a decrease in business profits or company got loss. Income statement of company fund in 2012, 2013, and 2014 are summarized in Table 1.

Tabel 1. Income Statement of Islamic General Insurance (in Million rupiahs)

No Explanation Year of 2012 Year of 2013 Year of 2014

Income

1 Income of Ujrah 72.245 63.068 54.471

2 Income of Managing Tabarru' Investment Portofolio - 1.224 1204

3 Income of Surplus Underwriting 737 -

4 Investment Income 4.028 4.304 2.737

5 Total Income 76.273 69.333 58.412

Expenses

6 Commision expense 26.913 26.308 20.962

7 Ujrah paid 2.305 2.011 2.585

8 General and administratif expenses 39.277 41.496 48.165

9 Marketing Expenses 4.350 5.076 5.209

10 Other expenses (3.201)

Total Expenses 69.644 74.891 76.921

Operating Profit (loss) 6.629 (5.558) (18.509)

11 Income (expense) non operating netto 5.386 (5.547)

12 Earning before zakah and tax 6.629 (172) (24.056)

13 Zakah (171)

14 Earning before tax (172) (24.056)

15 Tax (130) 498 1.271

16 Net Profit 6,328 326 (22.785)

17 Other Comprehensive Revenue (1.034) 1.811

18 Total Comprehensive Profit (708) (20.974)

Source : PT ATU (http://www.takafulumum.co.id/home#lainnya) and Financial Service Authority (2013: 208)

Table 1 shows that the company in managing the company's funds had decreasing profits or loss. The total amount of revenue declined significantly in 2013 and 2014. The largest decreasing due to the decreasing ujrah or management fee to manage tabarru fund. On the other hand, the largest increasing of companies expenses especially was on ujrah paid to reinsurance, general and administrative expenses and marketing expenses. This condition indicates that the company belonging to inefficient companies. Companies should match the revenues received by the expenses. Revenue decline was not offset by expenses incurred. The company failed to give maximum effort to implement

efficiency pattern. There are three condition leads to efficiency. They are (1) the same inputs produces greater output, (2) a smaller input produces the same output, (3) large input produces greater output. Based on the financial data of the company's funds can be concluded that the companies belonging to inefficiencies companies that companies with smaller input produces very small output, meaning that the company is not able to manage the income well. The revenue has decreased but operating expenses increased which resulting in a small even minus output.

The question arises, why is it applying hybrid contract may lead to inefficiency? Inefficiencies occur due to the application of the hybrid contract in Islamic general insurance companies. The company must to separate the assets and liabilities between company fund and participants fund (tabarru'). Contributions (premiums) participants are divided directly into ujrah and tabarru funds. Thus, companies get the biggest revenue only from ujrah. If it compared with the use of a single contract which (mudharabah), the company can not manage funds contributions (premiums) as a whole. The company can only manage ujrah for the operational expenses, while tabarru' funds is specifically for participant expenses. Companies must really be efficient with only ujrah. If the company can not manage properly the ujrah and other revenues into the company right, then the state of the inefficiencies will occur as experienced by the Islamic general insurance company, as object of this study. To cope with inefficiency conditions, the company has conducted several strategies for the survival and continueing the company's operations.

2.3 Strategy of Company Fund Efficiency of the Islamic General Insurance Company

Every company needs a strategy to overcome the problems encountered with the goal of business continuity. This study found some strategy undertaken by Islamic general insurance companies to address inefficiencies -owned fund management companies, both quoted from the company's annual report and interviews with informants. The strategies quoted from the company's annual report including (1) company merges sales offices so that the cost to rent office is lower, (2) change the organizational structure for operational optimization. Technically,the changes in the organizational structure that is the elimination of the post of regional manager. Managet regional has task to manage in a region, for example in Eastern Indonesia. The task is now directly run by the General Director so structurally branch head directly responsible to the chief executive. Thus, the elimination of the post of regional manager can reduce the inefficiency of fund companies.

The corporate strategy to overcome the inefficiencies of company funds obtained from interviews contained in the statement of informants (Mr. ZH) as follows.

"Currently, our companies make many savings include saving on marketing costs, general and administrative expenses. In addition, the main office also incorporates division, and simplify the financial system ".

The interview indicated that the company has made several strategic for the implementation of the company's funds efficiency. Strategies that have been made include :

1. Saving on the cost of marketing, it was done by tightening spending totaling more than Rp 500,000, - for the cost of the promotion and sponsorship should be through a permit directors.

2. Savings in general and administrative expenses. These savings was done by (a) leasing printers and photocopy machines in each branch, because previously company bought the machines, (b) closes escrow account contribution (premium) participants each branch and now centrally using a single account in some Islamic banks only. Thus the company can save many account considerable administrative costs.

3. Combining the division of labor. It was done by simplifying the organizational structure of the branch office. Previous in each branch office has a lot of structural positions. But now it is categorized into full branch and mini brand. Full brand consists of the leader, two salesman, brand operations, general affair, survey and claims. Mini brand consists of only the leadership, two salesman, and general affairs,

4. Simplify the financial system. Simplification of the company's financial systems do such a manner headquarters paid directly the routine budgeting of all branches in Indonesia such as phone payments, water, and electricity. All financial matters directly administered by the finance division headquarters so there is no financial division in each branch. Thus the company can save costs labor to manage the financial division in each branch office.

If it was examined by theory, measurement of efficiency in Islamic general insurance company funds included in

the measurement of the technique efficiency. Techniques efficiency measurement tend to be limited to technical and operational relationships in the process of converting inputs into outputs. Effort improve the techniques efficiency only need micro policy internally by controlling and optimalization resource allocation. In addition, if based on the concept of Islam, the practice of strategy to overcome the inefficiencies that have been carried out leading to life-saving properties. As stated by Hafidhuddin and Tanjung (2003: 37) that saving in the organization should exist and it is characteristic of Islam. Al-Quran reveal much saving elements such as al-A'raaf: 31, which means below.

".... Eat and drink and do not exaggerate ....".

Another verse says that israf or exaggerated it is part of the devil contained in the Al-Israa ': 26-27, which means below.

".... Do not squander (your wealth) in wantonness. In fact waster is brother of devil and Satan is very dissenter to God "

Waste or israf is something forbidden, something that is not loved by Allah. Organizations should implement nature moderation. Company is not issue something that is not actually needed or there are other ways you can save even more. These savings must also be indicated by a manager (Hafidhuddin and Tanjung, 2003: 37). In other words, the efficiency or inefficiency in the management of insurance funds in sharia umu is largely determined by the managers ability and skill to manage company funds. Thus, if the manager can make efficiency of fund company, the company can increase the surplus funds and ultimately an increase in the portion of the distribution of results for shareholders.

3. Conclusion

This study aims to analyze the implications of hybrid contracts and the funds efficiency in Islamic general insurance. The results showed that a splitted fund system is a form of compliance hybrid contract application. The concept Islamic split fund theory is underlying the practice of splitted funds because it has same two dimension, the world and hereafter. Islamic general insurance company should be efficient using the splitted funds system because it proved to generate inefficiencies in companies fund management. The strategy is undertaken by the company to overcome the inefficiencies including merging sales offices so that the office rental costs lower, change the organizational structure for operational optimization, savings on marketing costs, savings in general and administrative costs, combining division of labor, and simplify the financial system. Implementation of the company fund efficiency is expected to increase the surplus of company fund. In the end, it can increase the portion of proceed distribution to shareholders.

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