Integration Model Principles of Sharia Insurance in Application Sharia Capital Market Law

Fries Melia Salviana, Desy Nurkristia Tejawati


The existing Shariah Capital Markets have little difference when compared with the Conventional Capital Markets. The difference is only related to the field of business associated with the issuers contained in Sharia Capital Market shall not conduct business that is not a business in the field of sharia. However, if analyzed further, the procedures for securities emissions and traded products are still not distinguished from Conventional Capital Markets. Otoritas Jasa Keuangan realizes this and creates a Sharia Capital Market Map Map which will take effect from 2016 to 2019. In a sharia capital market roadmap consisting of 5 directions and some programs there are some improvements that apply sharia products, but the application still lacks, especially when applied in the Secondary Market. Therefore, it is necessary to do reconstruction in the process of buying and selling securities, one of which is to integrate sharia principles contained in insurance. Insurance Sharia has a unique concept, that is, by using two saving accounts that are separated, one is used for payment of compensation when an incident occurs and the other is used as a savings account. This is done to avoid the occurrence of gharar and helah. This concept will be used in syariah capital market, especially in the process of buying and selling in the secondary market, using two kinds of accounts, the investor will not experience losses that are too high, and avoid the element of gambling.


Capital Market Sharia, Insurance Sharia, Integration Model, Gharar, Maisir, Helah

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