Hybrid Contracts in Islamic Insurance: An Analysis of Implementation and Fatwa Compliance
DOI:
https://doi.org/10.33511/almizan.v10n2.203-214Keywords:
Hybrid contracts, Islamic insurance, fatwa compliance, tabarru and wakalah bi al-ujrahAbstract
Increasing demand for Shariah-compliant financial services has encouraged the adoption of hybrid contracts in Indonesia’s Islamic insurance industry. Islamic insurance products generally combine tabarru and wakalah bi al-ujrah contracts within a single fund management framework. This article aims to analyze the implementation of hybrid contracts in the health insurance products of Prudential Syariah and Allianz Syariah and to assess their compliance with the fatwas of the National Sharia Council-Indonesian Council of Ulama, namely Fatwa No. 21/2001 and Fatwa No. 52/2006. This article employs a qualitative approach using normative legal research based on a literature review. Data were collected from fatwas, product documents, policy summaries, and official company publications. The analytical findings reveal that both companies implement tabarru and wakalah bi al-ujrah contracts separately and transparently in accordance with the principle of contractual clarity stipulated in the fatwas. The implementation also promotes the protection of wealth (hifz al-amal), life (hifz al-nafs), justice (al-adl), and public welfare (maslahah). The findings imply that compliance with shariah fatwas strengthens product governance, enhances participant protection, and supports the sustainable development of the Islamic insurance industry.
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