Takaful Keluarga premieres Insurtech Waqf in Indonesia

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(Photo: Prive. Doc)

IO – The use of insurance and investment benefits in sharia life insurance for waqf has been widely known and accepted by the public; it is also encouraged by the fatwa of the Indonesian Ulema Council (MUI) number 106/DSNMUI/X/2016 concerning “Endowments for Insurance and Investment Benefits in Sharia Life Insurance.” 

Since 2017, Takaful Keluarga has presented Takafulink Salam Waqf as a sharia life insurance product that allows people to do waqf using insurance and investment benefits following the MUI fatwa. 

To continue the movement using the benefits of sharia insurance, Takaful Keluarga released the first insurtech waqf product in Indonesia, in collaboration with the Indonesian Waqf Education Foundation (YEWI). Insurtech waqf includes term life insurance products and personal accident products with an entry age of 17 to 55. Products can be accessed through the www.pasifamal.id platform by selecting the available waqf program then clicking “Submit Tabarru’ Waqf”, followed by completing the online form according to the desired benefits. 

President Director of PT Asuransi Takaful Keluarga Arfandi Arief is optimistic that this product can answer the needs of people who want to make waqf of Islamic insurance benefits easily, quickly and practically in the digital era. 

“Alongside the National Movement of Cash Waqf by the government, we are endeavoring to present a waqf solution using the benefits of sharia insurance through a digital platform that is accessible at any time. With an affordable contribution, this product also helps the community to optimize the value of their waqf far beyond the money deposited.” 

The minimum contribution for insurtech waqf products is term life insurance of IDR 400,000 per year, while for personal accident insurance products it is IDR 42,000 per year. The maximum insurance benefit provided is IDR 200,000,000 with a contract period of 1 (one) year and can be auto-renewed until the age of 65. Of the total insurance benefits provided, 55% is a compensation fund as financial protection provided to the heirs of the deceased participant. Meanwhile, the other 45% are donated to the waqf management bodies (nazir) officially registered with the Indonesian Waqf Board (BWI). 

Furthermore, he explained that both sharia insurance and waqf are sharia-based philanthropic instruments that are the driving force for socio-economic welfare. 

Tabarru’ and waqf both have social functions and missions. Tabarru’ funds in sharia insurance are intended as helping funds to minimize financial risk for disaster among participants. Meanwhile, waqf has an important role in bringing prosperity and public benefit according to Islamic guidance. Through this waqf insurtech product, we hope to be able to contribute to creating a strong and prosperous socio-economic life,” he continued. 

The partner of Takaful Keluarga, the Indonesian Waqf Education Foundation (YEWI) is an institution that focuses on educating the community for cash waqf. Since 2014, YEWI has worked to increase literacy and community participation, especially for Muslims, in using waqf money using Islamic financial products, both banking and non-banking products. 

“Together with Takaful Keluarga, we educate the public about the use of sharia life insurance instruments for waqf, using the www.pasifamal.id platform which on April 29, 2021, received the MURI award for the first simultaneous cash waqf online using QRIS,” said Yusri Akhyar, Chairman of YEWI. 

YEWI is currently running a series of educational programs, literacy, and increasing digital waqf participation through www. pasifamal.id Cash Waqf is easy & fun, including Insurtech Waqf from Takaful Keluarga. Through this platform, the waqf process becomes simpler, more structured, massive, and scalable. 

By collaborating with YEWI as a marketing partner, Takaful Keluarga hopes to increase the penetration of tabarru’ waqf through digital platforms to encourage the establishment and development of the sharia economy in the country.