Exploring The Potential of Incorporating Waqf Into Sharia Insurance Products in Indonesia

Document Type : Research Paper

Authors

1 Department of Islamic Banking, Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

2 Department of Islamic Economics, Faculty of Islamic Economics and Business, Universitas Islam Negeri Ar-Raniry

Abstract

One such recent innovation in Sharia insurance in Indonesia is the introduction of waqf insurance products. In this study, we aim to explore the untapped potential of integrating waqf into Sharia insurance products, positioning it strategically within the insurance landscape of Indonesia. Employing a comprehensive sequential mixed methods approach, the study collected data through in-depth interviews with key stakeholders, including government officials, insurance companies, and nazhir (waqf managers). The qualitative interviews were complemented by quantitative surveys to provide a holistic understanding. A rigorous analysis was conducted, combining qualitative and quantitative techniques, such as weighting methods on the SWOT matrix. The findings resulted in a strategic formulation, highlighting the possibilities of waqf integration in the Indonesian insurance sector. The study reveals the promising trajectory of waqf insurance in Indonesia, positioning it in Quadrant I of the SWOT analysis. This implies that, with the collective support of all stakeholders, this Islamic social finance product has the potential to experience substantial growth, capitalizing on the existing opportunities.

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Interdisciplinary Journal of Management Studies (Formerly known as Iranian Journal of Management Studies)

Articles in Press, Accepted Manuscript
Available Online from 17 October 2023

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