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How to pay an insurance premium of Sharia - Sharia Insurance is a risk management arrangements that comply with Sharia, please help mutually involving participants and operators. Sharia comes from the stipulations in the Qur'an and as-Sunnah.

Sharia Insurance Premium Payment Method

Elements of Sharia insurance premium consists of:
- Elements of tabarru ' and saving (for insurance)
- Tabarru ' elements (for insurance and term insurance)

Elements of tabarru ' on the soul, the calculations taken from the tables of mortality (life expectancy), the magnitude depending on the age and the period of the agreement. The higher the age and increasingly long times of his Covenant, the greater the value of tabarru'nya. The magnitude of the life insurance premiums (tabarru ') are on the range of 0.75 to 12 percent.

Some scholars of Sharia insurance such as m. Billah mentions this term with premium contribution (contribution). Billah dodged tabarru ' because in practice, the term insurance products in life insurance and all products in the insurance loss there for the results (mud} ar < abaad) If no claims occur, while the tabarru ' according to most Islamic scholars not justified hope of return.

Premium on Sharia insurance also called net premium because it consists only of mortality (life expectancy), and in it there is no loading elements (Commission agents, administrative costs, and others). It also does not contain elements of interest as in conventional insurance.

Abbas Salim said that the premium paid by buyers of insurance depends on the nature of the contract has been made between the insurance companies with the insured.

1. Premium increases (natural premium-increasing premium), the premium payment is the longer growing bigger. At the time of the commencement of the year, insurance premiums are paid low, but after that, the longer the high growing from year to year. Payment of premiums increase every year because:
-The age of the policyholder accrue long increased ride (old), it means that the risk increases as well.
-The possibility to die more quickly.

2. equitable Premiums (premium level), on the level of premium is the magnitude of the premiums paid by policyholders for every year (evenly). Indeed in the years of the commencement of payment of the premiums, bigger than on natural premium, while in the following years, the payment of premiums is lower when compared with the increasing premium.
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Understanding life insurance and an example - In KUHDagang who set about life insurance, setting it very briefly once and only consists of seven (7) of article i.e. Article 302 up to Article 308.

Article 302 KUHDagang as basic life insurance, which States that:

"If someone can be for purposes of a person concerned, dipertanggungkan, both for during his life the soul, good for a time specified in the agreement."

Understanding Life Insurance According to Experts and Examples

Understanding life insurance as contained in the foregoing are more stressed to a time specified in the life insurance. As for the time during her life is not defined in the Treaty, this means that the legislation does not expressly give the possibility to hold life insurance it during his life for interested parties.

Aside from the definition/understanding of formyl contained in undangundang, there is also the opinion of legal experts also provide definitions of life insurance. According to Djoko Prakoso and I Ketut Murtika cited from the opinion of Molenggraf argues that,

"Life insurance in a broad sense to load all agreements regarding the payment of a certain amount of capital or interest, which is based on the possibility of life or death, and instead it's premium payment or both with the way hung on his life or the death of a person or more. "

Then, according to Prodjodikoro, on article Wirjono 1a Chapter I 1941-101 Staatsblad, understanding life insurance as follows:

"Life insurance Agreement is the agreement about payment of money by the favour of the premium and related to the life or death of a person, including an insurance agreement with the understanding the money back//note that the Treaty does not including accident insurance agreement. "

While according to H.M. N Purwosutjipto,

"Life insurance coverage can be interpreted as the soul is a reciprocal agreement between the cover (the taker) of insurance with the insurer with which the insurance cover during the course of committing yourself to pay premium money to coverage the insurer, while the insurer as a direct result of the death of the person who is the soul of dipertanggungkan or lampaunya have a shorter period of enforced by binding themselves to pay a certain sum of money to the person designated to the insurance cover as consumer demand. "

Then according to Volmar, mentions that the term soul coverage sommen verzekering, argues that:

"Widely sommen verzekering it can be interpreted as an agreement where a party is committing itself to pay a sum of money at once or periodically, while the party is committing itself to pay a premium and the payment is subject to life or the death of a particular person or more. "

Santoso Poejosoebroto gives the sense that insurance as follows,

"Insurance in General is a reciprocal agreement in which the insurer by receiving premium committing yourself to provide payments to the insurance taker or an appointed person, because the events are uncertain. Mentioned in the Treaty, either by the insurance or indicated to suffer losses caused by other events, as well as due to the events of yesteryear regarding life and health. "

Life insurance is in fact a form of collaboration between the people who avoid or at least reduce the risk caused by the risk of death (which is bound to happen but it is uncertain when the occurrence), the risk of the old days (which would be occur and can be estimated when the occurrence, but not sure how long) and the risk of accidents (which is not certain to happen, tetpi is not impossible).

Life Insurance Companies
Life insurance companies compete with one another in providing insurance protection. In addition, many life insurance products that contain elements of investing, so that life insurance companies will also have to compete with other financial institutions that provide investment instruments (such as banking) and with direct investment (such as market Bursa).

Types of life insurance policy.
The policy issued by life insurance companies can be classified in four main types:

a. pure insurance protection against risk of death
This form of insurance in the form of specific time life insurance (term life insurance) that provides the benefits of death without fertilizing the funds, so that it does not have the elements of investment. So, this insurance policy provides a pure asuansi against the risk of death. Premiums charged by insurance companies remain unchanged, but only for a specific period of years.

Then, polisnya can be updated on each end of that time period, but usually with a higher premium rate.

When the insurance company issuing this type of policy, the company knows the amount of liability to be paid, even though it does not know when to pay it. But with the use of actuarial data, timing (timing) liability can be forecasted to taste for a group of insured individually. Prmi assigned insurance company usually in such a way, so whatever happened to interest rates, the company will have sufficient funds to meet its reply when the policyholder dies.

b. a package that consists of life insurance protection and investment vehicle (insurance policy/insurance)
This form in the form of whole life insurance (whole life insurance) policy in two respects: (a) provide a payment of a certain amount of sauatu on the death of the insured, and (b) fostering the cash value that can be borrowed for policyholders. The first facet is in terms of insurance coverage – in terms similar to those given certain time insurance. The second facet is in terms of the investment due to polisnya nurture, and at all times have the amount paid for insurance companies if policyholders end polisnya. Policyholders have the option to borrow with the assurance of the policy, and the amount that can be borrowed is called loan value (loan value). Loan rates the Fund set out in the policy.

Universal life insurance (universal life) is poduk whole life insurance was created as a response to the problem of the standard insurance policy for a lifetime. Policyholders pay a premium to obtain insurance protection, and by paying a separate fee can make an investment in a competitive means of credit under market levels than given in a lifetime insurance policy standard. For policyholders, the advantages of this investment alternative than direct purchases of securities for which it is the suspension of a tax on interest earned. The risk for the insurer accepted is that the results are not competitive with the other insurance company which resulted in policy left daluwarsa (variable life).

Life insurance variable (variable life) is a process of lifelong insurance which provides benefits of death that hung over the market value of the portfolio of the insured at the time of death.
Insurance companies invest premiums in stocks, because that policy is also called polis connected equities (equity-linked policy). Although the sum assured of death are variable, but given the minimum death benefit that is guaranteed by the insurer. The risk of the insurer concerning results is smaller than its competitors, so many policies that left daluwarsa (time-lapse). In addition, the insurer also faces the risk that the results obtained over the investment portfolio of the insured is less than the minimum sum assured guarantee.

c. life insurance insurance against old age, particularly in the form of pension plan
Insurance against the risks of life i.e. asurasni inhabitants not only took away the dead, but also if the insured continues to live, its shape in the form of anuiti (annuities), namely periodic payment on a regular basis by an insurance company to a policy holder for a limited period or for life. Polis anuiti classified two types namely contingency policy and contingency policy for non-residents. Examples of contingency policy soul: a person who ceases to work with a number of particular wealth which will be expanded during the rest of his life. It will be difficult to know the old life, but life insurance companies have a statistically average length of life of a group of people, so as to estimate the life expectancy is more accurate, and can offer a fixed anuiti for the rest of his life.

An example of a non-contingency insurance policy is purchased anuiti polis insurance company losses to give sum assured to tertanggungnya. In this case, someone got hit by a car and as a result became disabled so can't work again for a lifetime. Insurance company losses buying life insurance policies from the company to pay anuiti to replace the loss of insured earnings.

d a pure investment-oriented Policies.
The investment guarantee agreement (guaranteed investment contract) or income guarantee agreement (guaranteed income contract/GIC) is prduk, where pure investment life insurance company, upon payment of a single premium, pay the amount of the principal and a certain level of annual credit during the period of the investment, all of which paid pd due date.

Example: 5-year GIC Rp 100 million,-with 10% credit rate, means that at the end of 5 years, the company will pay the life insurance policyholders amounting to Rp 100 million, Rp-x 1.105 = Rp 161,051,000,-. Actually, the guaranteed insurance companies is the level of the debt, not the number of its principals. The risk that the insurer is facing is that the results of the top portfolio that supports its assets is lower than the tingakat promised.

Investment. In principle, the life insurance company investments are long term. Therefore, most of the funds allocated in bonds long-term debt caused by the properties of the liabilitinya. Most of the life insurance policy based underwriting with fixed interest rates that will be paid to pemegnag insurance policy after a fairly long period of time (10 years or more). Long-term bonds is a logical investment vehicle to compensate for the period liabilitinya.

Example of a life Insurance Company in Indonesia
The following are some examples of life insurance companies that have been listed in the Indonesia life insurance Association (AAJI).
-BNI Life
-Jaya Bumi Asih
MNC-Life Assurance
Life Insurance-FWD
Life Insurance-AXA Financial
-AXA Life Insurance
-AXA Mandiri
-Ace Life Assurance
-Life insurance 1912 Bumiputra
-Bakrie Life
-Life Insurance Alianz Life Indonesia
-etc.
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Understanding the Benefits and Insurance According to Experts - The notion of insurance quoted by Soeisno Djojosoedarso in his book entitled "the principles of risk management and insurance", namely:

Understanding the Benefits and Insurance According to Experts

"Insurance is the agreement by which one party, the insurer – committing yourself to others, to indemnify the insured – which can be suffered by the insured, because of the occurrence of an event which has been designated and which has not been naturally as well as by chance, by which the insured also promised to pay a premium ". (Soeisno, 1999:72)

The notion of it can be drawn the conclusion that insurance is a transfer of loss due to the risk that may occur upon the specified object from the parties concerned as the insured to the insurer as the insurer based on the agreement between the parties with the insurer the insured the insured parties with the terms of paying the premium amount of money to the insurer in return diversion of such losses and, if really incurred losses on the specified object, the insurer will pay to the insured an amount of money as damages.

Insurance Benefits For Life
Insurance is very beneficial for the socio-economic life of the society and the State. According to Soeisno Djojosoedarso in his book "the principles of risk management and insurance", insurance benefits for social life and in memproduktifkan economic activity was as follows:

1. to provide a sense of security
One that encourages the birth of insurance businesses is the instinctive impulse there as everyone, that desire will be a sense of security. In which case psychological aspects may be manifested in attitude or may also give rise to a new attitude, as they contemplated the existence of tools towards the fulfillment of his desire (to be renewed). With the security of insurance will be fulfilled and will get rid of worries and fear of uncertainty will be a particular hazard.

2. Mengeliminir dependency.
Development of unfavorable developments might be experienced by someone who caused by factors of economy/Finance experienced by others, to whom the person concerned is dependent.

3. The contribution to education
Life insurance companies have much give special attention in the provision of funds for the continuation of the education of children after parents or responsible fund it dies or declines his ability. On the situation of such children generally haven't been able to earn revenue on its own, so it will have difficulties to continue their education. To anticipate the fact that life insurance companies generally have been providing various forms of insurance.

4. Contribution to social institutions
Most of the needs of the operational funds of social institutions hang him from a donation from the donateur. In the condition of the economy is fraught with uncertainty, would probably result in the onset of doubt for donateur to keep donating money, due to the fear of losing property or not provided today. But when the donateur has been insuring itself against the risks in question, then the doubts and fears there will be no more, so that those concerned can still be a loyal donateur.

5. Stimulation of saving
Narrowly it may be argued that insurance is berubungan with the issue of punitive damages, but given in life insurance has added a clause which highlighted more penabungan element, then this element can not be ignored in the in discuss the role of insurance. Disampingitu has also started merging diintrodusir/pengombinasian insurance program with a savings account, for example, Taska (Savings Insurance futures) organized by the Government-owned banks (STATE-OWNED).

6. Provide the funds needed for investment
The activities carried out by insurance companies has developed in such a way, so that's a pretty important role in providing the funds needed in the various activities as well as economic development. In addition, individuals who are not willing or not able to handle its own utilization of funds, he can make use of those funds by way of channeling their funds by participating in the insurance program, which further such funds by insurance companies is channeled into various investment projects benrtuk.

7. Complete the credit requirements.
When a person or a specific entrepreneur in need of funds from a bank/lender, then the lender will usually require the existence of the insurance for the goods that are used as collateral or are there credit insurance for itself.

8. Accelerate the rate of economic growth
Contracts in general insurance/loss is usually a premium paid in advance in order for the mennyaratkan and the peruahaan millik Fund insurance. In the course of its life insurance companies have been able to mengakumulir funds in no small amount, the funds collected are usually implanted successfully in various fields of endeavor, either get a fee for the source the operation of the insurance activities as well as to increase income. So the funds collected by the insurance company is one of the sources of funds that are very meaningful in accelerating the pace of economic development.

9. Reduce the cost of capital
In order to be able to attract capital to finance business areas that the big risk, then the level of opinion/return/interest will be given to owners of capital should be higher. When the risks facing it can be redirected/insured then the risk faced by owners of capital into smaller, then the owners of capital will be willing to accept interest rates (return). This means the capital costs to be borne by the company (users of capital) will be smaller.

10. Guarantee the stability of the organization/company
When an enterprise includes employees in the insurance program, will carry the psychological impact that snagat meant for employees, which will be positively impact against their behavior that will be very profitable for companies, especially with regard to issues of human resource management and the achievement of efficiency and effectiveness of their work.

11. Encourages the efforts of prevention
Insurance companies doing punitive efforts encourage companies/individuals who become insured, to increase prevention efforts/protect themselves from hazards that can cause any harm.

12. Help increase conservation efforts of health
Other efforts are being made to avoid/minimize the causes of the incidence of losses is the campaigns conducted by life insurance companies to policyholders in particular or to society generally, relating with the efforts of prevention of death or health care.

With the insurance companies, from the services produced by insurance companies or other insurance activities of the insurance benefits would be greatly felt by both the parties directly involved in the activities of insurance or for which are not directly involved in it. At first the role of insurance just to satisfy human needs, namely the need for a sense of security from risk insurance in this case very felt by those involved in the activities of the insurance. Along with the development of the insurance business that is associated with a variety of aspects, such as economic and social aspects then the role of insurance insurance more felt by both the parties directly involved in the activities of insurance or by the other parties that are not directly involved in the activities of the insurance.
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Shariah Compliant Insurance Products [Takaful Family]

Shariah-compliant insurance actually happened is mutually responsible, bantu-membantu and protect the participants themselves. Takaful insurance company given (amanah) by the participants to manage premium participants, developed with the halal, provide compensation to those who suffered a disaster match the contents of the deed of Covenant Muhammad in Hilaliyah (2008:41).

Shariah-Compliant Insurance Products [Takaful Family]

In life, a man will surely experience a disaster or an issue in which the problem will cause a loss or a risk. Well in this case no such thing as insurance, which serves as a solution to address it.

As Muslims here we will discuss about the accounting transaction Insurance yag Islamic of course. So the existence of this discussion then we'll know and understand about Insurance accounting. Accounting of insurance that we will discuss here are used in Islamic finance institutions.

In the Islamic insurance accounting there are a few principles that exist therein should diterpakan include: mutual responsibility, mutual cooperation, mutual protect. And akuntnasi conventional and Sharia insurance has a difference. And with this we would present a paper that will expose these things.

Family takaful takaful is a form of protection in the face of disaster and accident death over death accident in takaful participants will receive appropriate compensation agreements are a family/heirs, or the designated person, in which case no heir. In the accident accident not resulting in death, the death benefit will be received by participants who have experienced a disaster.

According to Muhammad in Hilaliyah (2008:42), a type of takaful family include:

1. individual elements with a takaful Product savings, include:
a. Takaful plan/investment funds
b. the Takaful Fund of Hajj
c. the Takaful fund education/students
d. the Takaful Fund Office
e. Takaful hasanah

2. Products without individual item savings takaful, include:
a. individual health Takaful
b. the individual accident Takaful
c. Takaful Al-Khairat individuals

3. Collection of takaful Products
a. Accident Takaful Self Collection
b. Takaful Assembly ta ‟ lim
c. Takaful Al-Khairat
d. Takaful Al-Khairat + Savings of Hajj (Hajj Dues Takaful)
e. Financing Takaful
f. Student Accident Takaful
g. Takaful Tour and travel
h. Takaful Medicare
i. Takaful Hajj and umrah
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This is the source of 4 operational cost of Sharia Insurance

Operate Sharia insurance business which is shaped like a limited liability company (PT), a source of operational costs be very decisive in the development and acceleration of the growth of the industry. Another case with the Islamic social insurance, mutual or cooperative, here the role of Government should be dominant especially in ditahap its inception subsidizes insurance.

This is the Source of 4 Operational Cost of Sharia Insurance

Islamic social insurance are certainly not outrageously give priority to this aspect of the business or the acquisition of profit. But in prefer the benefits of most aspects to its members as the main function of Islamic insurance, that is, wataawanu alal birri wattaqwa ' mutual help in virtue and taqwa ‟.

1. For the Underwriting Surplus Results

According to Sula (2004:180) to outcome of underwriting surplus is for the results obtained from a surplus of underwriting, which are divided proportionally between the participants (shohibul Mall) and Manager (mudhorib) with a ratio that has been set before. Whereas, for products of non saving in life insurance, underwriting surplus is also a source of operational costs. Underwriting surplus obtained from a collection of Fund participants who invested, then reduced the costs or the burden of such reinsurance and insurance claims. The surplus then divided the results between participants and companies. Part of this is taken as a company operating expenses before becoming the company's profit.

According to Richard Bailey in Sula (183:2004), the purpose of underwriting to make estimates of risk and determination of the prospective insured into risk groups, the objectives of the company are underwriting approval and publish a policy:

Fair for the customer (Equitable to The Client):
One of the basic principle of insurance is that each insured pay premiums proportional to the risk insured against the company's reserves. With the receipt of the application of life insurance, the company shall assign a level of risk and premium burden should be equitably the risk.

Can be sold by the agent (deliverable by the agent):
The buyer makes the final decision whether a particular insurance policy is acceptable. If the buyer decides not to buy the insurance policy if the dealer trying to sell such policies, saying that the policy could not be sold (undeliverable) or not purchased (not taken). One of the reasons for a policy which is not purchased is due to unfavorable underwriting decisions with the result of the imposition of a premium to higher anticipation. For example, if the underwriter has decided to load the premiums are higher than the normal premium for one closure or limit the sum assured or an extra benefit or rider type is desired, then the prospective insured may reject the policy..

As for the conditions of admissibility of an insurance policy are:
 the policy must provide benefits that meet the needs of the buyer.
 the premiums set by the policy must be within the limits of the financial ability of the buyer.
 the premiums charged for insurance should compete with the market.

3. Profitable Company (profitable to the company)
Underwriter must make decisions that benefit the company. All insurance companies, whether it be a limited liability company, life insurance together, or fraternal twins, ask a healthy underwriting to assure a profitable financial results. Limited liability company paying dividends to shareholders. And in some cases, asuradur (the insurer) fraternal or mutual companies paying dividends to policyholders (participants).

2. For Hasi Investment

According to Sula (2004:180) to outcome of the investment is for the results obtained proportionally based on the results for the ratio has been determined, either from the results of investment and savings accounts as well as participants from the tabarru ' Fund account. After the Fund participant is payable, and accrued in total Fund participants, then invested. Profit from investments then conducted for the results between participants and managers or insurance companies.

3. Shareholders ' Funds

Shareholder funds are funds prepared by the shareholders as capital for companies, setor either in the early stages of the establishment of the company as well as the addition of funds after the company goes along investment results over those funds or by in other words, the accumulated capital plus earnings deposited by shareholders.

4. Loading (Cost Contribution)

According to Sula (2004:181) loading is the contribution charges that are charged to participants, who are normally on conventional insurance premium is taken from the first and second years. On some Islamic insurance in Indonesia, the loading imposed amounting to approximately 25 percent of the first year's premium over the knowledge of the participants and especially allocated for the cost of a Commission agent. As for the number of contributions taken passed away to each company's policy with regard to aspects of Justice and aspects of the market.

Shariah-compliant insurance companies like Syarikat Takaful in Malaysia, and most Islamic insurance in Indonesia such as Shariah-compliant Insurance Mubarokah not loading charge to participants for reasons contrary to rule syara ‟. While some others such as Family Takaful Shariah, MAA and other Shariah-compliant insurance, Shariah Supervisory Board (DPS) allow loading (for example a 3 percent) from the first year's premium, all done in a transparent and informed consent participants of the takaful contract early. It is considered not contrary to norms syara ‟.

According to Sula (2004:181) understanding the cost of loading on Sharia insurance is contribution charges that are taken from a small percentage of participants (premium) contributions the first year, for example, 20%-30% of the premium the first year. These costs are mainly allocated to Commission agents and billing costs (incasso).
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The difference in accounting system of Sharia Insurance and Conventional Insurance

The Difference in Accounting System of Sharia Insurance and Conventional Insurance

The concept of Islamic accounting and accounting of conventional nature and have different characteristics. Accounting basics: for the Islamic sharia was implemented among the muslim community, the process is handled by the accountants who combine the capabilities and skills of work with honesty. Based on the understanding of the Islamic Foundation, and the principles of Islamic accounting and information above, we can deduce the nature of the specific Islamic accounting including the following. :

• Basic accounting norms of Islam is derived from the Qur'an and Sunnah and Fiqh scholars

• Accounting of Islam enshrined the rule of the strong, faith, as well as the recognition that God is God, Islam is a religion, Muhammad is the Apostle, and also believe in the last day.

• Accounting of Islam based on the good morals. Therefore, a process of implementing accounting accounting should be able to have a trustful, honest, neutral, fair, and professional.

• In Islam, an accountant is considered responsible in front of the community and Muslims about how much economic unity that is affected by Sharia law, especially with regard to muamalah.

• Based on the privileges that are rules and morals in Islam also, accounting related to financial processes.

• Accounting in Islam is concerned aspects of behavior as an element and also plays a role in economic unity.

In the accounting system of Sharia has some differences with conventional accounting accounting system. Mohamed Arif bin Abdul Rashid, CEO of PT Syarikat Takaful Indonesia, in Eccounting Concept In Takaful Business explains some of the difference is as follows:

a) Cash Bases
In conventional accounting practices, insurance premiums are recognized as revenue, even though the insurance premium has not been paid. While the accounting practices in takaful or Islamic insurance, or installment premiums and profit from an investment is truly recognized as revenue if the companies have received it in cash. This accounting practice has an important meaning related to the business system berperinsip on the mudharabah contract which binds between the participants with the company in a deal for the results.

b) Technical Reserve
Technical reserves is part of the insurance premiums that have not been generated or is known as premium reserves that have yet to be produced. In takaful accounting system, backup techniques is calculated by using the 1/365 method. Premiums will be recognized as income as well as determined according to the actual number of days during the accounting period and the period of the agreement/contract Tafakul. The premiums were not used during the duration of the agreement is considered a backup.

c) load Retakaful
In conventional insurance practice load during the reinsurance treaties, recognized as the initial insurance dikover. This accounting practices in accordance with the accepted standards, i.e. the comparison of revenue with the burden that occurs during walking. In Takaful accounting system, the burden of retakaful Treaty during the period are recognized as debt until it is paid in installments or Takaful premiums by participants. However, the load will be recognized as this retakaful income juika whole premiums paid in advance by participants.

d) Surplus (life insurance)
In conventional insurance, investment of surplus ditrasfer to the shareholder as income. However, in family Takaful (soul), the company is not entitled to recognize this as a surplus of income. On Takaful family only profit from investment funds were shared between the participant and the company is exchanged (e.g. 70:30 or 60:40). After deducting the portion of profits for the company, the rest of this profit is income for participants of Takaful who dikreditan kerening participants.

e) Surplus (On Insurance)
Profit from the General Takaful (losses) are distributed based on the ratio of profit which has been agreed between the company and participants of Takaful. Benefit is payable if the participant is still bound to tafakul the agreement or contract. The technical aspects of insurance accounting, Tafakul describes the added value or profit expressed in a fair and transparent. So, neither the company nor the participants of insurance tafakul not feel aggrieved. Another advantage is that the existence of long-term values of community, tolong-menolong, and menaggung each other if among the participants happen to claim a loss. This is the side the possibility of Takaful insurance.
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The implementation of Islamic Sharia in Insurance Accounting

The Implementation of Islamic Sharia in Insurance Accounting

a. Shariah mudharabah contract with Accounting.
In this contract there is a separation of the management of funds between Fund shareholders (DPS) and the Fund participant insurance (DPA). The company acts as the holder of the mandate to manage the contributions received from participants who used when among the participants of the calamity.

On the other hand, participants agreed that the new funds deposited will be managed professionally by the operator. If at the end of the period, participants who do not get the disaster will earn for the results. Thus, in this contract funds deposited participants belong to the participant, and not to be used for the benefit of shareholders. Konsikuensinya, system accounting is applied must be separated between the Shareholder Fund Accounting (DPS) and accounting Fund Participant insurance (DPA).

b. Accounting wakalah contract with Sharia.
In this contract there is no separation between the shareholders ' funds of penegelolaan with Fund participants of the insurance. The company received funding from participants ' tabarru and reserves the right to use for all activities of the company. The funds came from shareholders with Fund participants are mixed together. So, consequently, the accounting should not be separated between the shareholder fund accounting with accounting Fund participants of the insurance.

Summary
Based on the description of the previous chapter the author can put forward conclusions as follows.
• Insurance is a Non-bank financial institutions aiming to provide protection or protection for losses inflicted by the financial events that were not previously thought.

• Islamic Insurance, is a system where the participants of the menginfaqkan or the grant of some or all of the contributions that will be used to pay claims, in case of accident experienced by most participants. The role of companies here only as insurance and investment management operations from funds or contributions received/assigned to the company.

• The principles of syariah insurance run in operte activities inter alia cooperate or bantu-membantu, protect from different distress and suffering each other, mutual responsibility, and avoid elements that contain gharar, maysir and usury.

• The most fundamental Differences between sharia insurance kovensional insurance is on the existence of the Surveillance Board of Syariah (PDS), Akkadian, Investment funds, ownership of funds, payment of claims and benefits.