ABSTRACT
At-takaful institutions embody the spirit of helping each other, and that spirit has become the basic principle for a sharia insurance institution (asuransi syariah or at-takaful al-ijtima’i). In general, the current sharia insurance that has been practised still uses a hybrid contract (multiakad) model, involving akad tabarru’ and akad mudharabah. However, such a hybrid contract model still does not reflect fairness. This paper proposes the use of a waqf and musyarakah model as an alternative solution to overcome the challenge of this issue of social justice. First, a waqf model will be used because it has a similarity with the sharia insurance system, with both sharing similar goals of overcoming poverty and creating prosperity. This similarity could become an entry point for waqf to create a synthesis with already-established insurance institutions. Second, akad syirkah (musyarakah) is implemented in a civil partnership entity that runs insurance institutions that endorse a mutual principle. According to the mutual principle, profit sharing must have a positive impact on people’s prosperity (social justice). This article focuses on takaful ijtima’i with a waqf and musyarakah model, and positions it as an alternative sharia insurance system for the future, especially in Indonesia’s context. A doctrinal approach is used in discussing the topic.
