The Implication Of Tabarru’ And Wakalah Bil Ujrah Contracts In Financial Management Of Islamic General Insurance Institution (Case Study In Indonesia)

Abstract

There are two purposes of this study. First is to explore the implication of the using of tabarru’ and wakalah bil ujrah contract in financial management of Islamic general insurance institution (IGII). Second is to build a financial management concept based on Islamic values. The two purposes based on the assume that implementation of tabarru’ and wakalah bil ujrah contracts will make differences in managing the fund. The integration of Islamic values will affect the building of financial theories and conditions of the Islamic general insurance institution. This study used a qualitative positivistic paradigm approach. Techniques research conducted by interview and literature studies. The results showed that the application of the tabarru’ and wakalah bil ujrah contracts have implications for changing in financial management of Islamic general insurance institution (IGII). The change is the implementation of splitted fund practice between the participants funds and company funds. Integration of the results in the field and financial theory underlying create a new concept called Islamic Split Fund Theory (ISFUT). Islamic Split Fund Theory (ISFUT) is the concept of financial management system with splitted fund based on Islamic values, namely transparency, honesty, and justice. Times new roman, bold, 10 point. Explain the purpose, method, and the result in 200 – 250 words.