REGULATORY CHALLENGES AND SHARIA COMPLIANCE IN THE OPERATIONAL MANAGEMENT OF TAKAFUL COMPANIES
DOI:
https://doi.org/10.30863/al-tsarwah.v9i1.11957Keywords:
Islamic Insurance, takaful, Sharia Compliance, Regulation, Sharia Supervisory BoardAbstract
The Islamic insurance (takaful) industry in Indonesia holds significant potential, given the country's dominant Muslim population and the growing Islamic financial ecosystem. Nevertheless, the industry's growth continues to face numerous challenges, particularly with regard to regulation and Sharia compliance. This study aims to analyze the implementation of Sharia compliance in takaful company operations and to identify regulatory challenges that affect the sustainability of the industry. The research employs a qualitative-descriptive approach using library research and normative legal analysis. Data were obtained from legislation, DSN-MUI fatwas, OJK regulations, industry reports, and relevant scientific literature. Analysis was conducted through content analysis, comparative analysis, and qualitative-descriptive analysis. The findings reveal that takaful companies in Indonesia have generally implemented Sharia compliance principles through the use of tabarru' and tijarah contracts, the separation of participant and company funds, and oversight by the Sharia Supervisory Board (DPS). However, the effectiveness of compliance still faces obstacles, including a suboptimal role of the DPS, differences in fatwa interpretation, and the lack of standardized Sharia auditing. From a regulatory perspective, the main challenges include the absence of a dedicated Sharia insurance law, fragmentation of regulations between technical and Sharia authorities, low Islamic financial literacy, limited capital, reduced product competitiveness, slow digital transformation, and the industry's readiness to comply with the Islamic Business Unit (UUS) spin-off policy. Therefore, it is necessary to strengthen the regulatory framework, enhance Sharia governance capacity, and accelerate innovation and digitalization in order to improve the competitiveness and sustainability of the takaful industry in Indonesia.
References
Abdullah, J. (2018). Akad-Akad di dalam Asuransi Syariah. Tawazun: Journal of Sharia Economic Law, 1(1). http://journal.stainkudus.ac.id/index.php/tawazun/index
Abozaid, A. (2020). Shortcomings and proposed reforms in the existing shariah governance of islamic banking. Indonesian Journal of Islamic Economics Research, 2(1), 15–34.
Abozaid, A., & Khateeb, S. H. (2024). A proposed model for efficient Shariah governance of Islamic financial institutions. In Recent developments in financial management and economics (pp. 276–293). IGI Global Scientific Publishing.
Afriyeni, A., & Susanto, R. (2019). Manajemen risiko pada bank syariah. Akademi Keuangan Perbankan Padang, 1–11.
Ahmed, E. R., & Zuqibeh, A. (2013). The role of shariah supervisory board in the reviewing and supervision on takaful (islamic insurance). Insurance and Takaful Journal (INTAJ).
Aryani, B. J. (2024). (7) Perkembangan Asuransi Syariah di Indonesia. https://www.academia.edu/124862556/Perkembangan_Asuransi_Syariah_di_Indonesia
Azmi, F. P. (2024). Analisis Pengembangan Asuransi Syariah Pada PT. Sunlife Financial Cabang Kota Medan. Ekonomi Bisnis Manajemen Dan Akuntansi (EBMA), 5(2), 306–311. https://doi.org/10.36987/EBMA.V3I2.3585
Baklouti, I. (2022). Is the Sharia supervisory board a friend or an enemy of Islamic banks? Journal of Islamic Marketing, 13(2), 526–541. https://doi.org/10.1108/JIMA-04-2020-0118
Creswell, J. W. (2023). Research Design: Qualitative, Quantitative, and Mixed Method Approaches.
Handayani, N. P., Widiastuti, D., Anwar, A., & Zahara, A. E. (2023a). Problematika Asuransi Syariah (Takaful) di Indonesia. Ganaya : Jurnal Ilmu Sosial Dan Humaniora, 6(4), 1068–1076. https://doi.org/10.37329/ganaya.v6i4.2605
Handayani, N. P., Widiastuti, D., Anwar, A., & Zahara, A. E. (2023b). Problematika asuransi syariah (takaful) di Indonesia. GANAYA: Jurnal Imu SOsial Dan Humaniora, 6, 1068–1076.
Hidayat, Dianto, I., Zulhelmy, Arif, M., & Majid, A. (2025). Peran Dewan Syariah Nasional Majelis Ulama Indonesia dan Dewan Pengawas Syariah terhadap Implementasi Akad Syariah di Perbankan Syariah Indonesia. Syarikat: Jurnal Rumpun Ekonomi Syariah, 8(1), 66–78. https://doi.org/10.25299/SYARIKAT.2025.VOL8(1).22238
Ibrahim, N., & Markom, R. (2024). EMBRACING MAQASID AL-SHARIAH AND SUSTAINABLE DEVELOPMENT GOALS IN TAKAFUL BUSINESS. Malaysian Journal of Law & Society, 34(2), 16. https://doi.org/10.17576/JUUM-2024-3402-02
Kholis, N. (2021). Asuransi Syariah di Indonesia: Konsep dan Aplikasi, serta Evaluasinya. https://dspace.uii.ac.id/handle/123456789/36136
Kok, S. K., Giorgioni, G., & Farquhar, S. (2022). The trade-off between knowledge accumulation and independence: The case of the Shariah supervisory board within the Shariah governance and firm performance nexus. Research in International Business and Finance, 59, 101549. https://doi.org/10.1016/J.RIBAF.2021.101549
Kompas. (2022, October). Sejarah Asuransi Syariah di Indonesia. https://www.kompas.com/stori/read/2022/10/26/160000179/sejarah-asuransi-syariah-di-indonesia
Kontan. (2025). 20 Asuransi Belum Spin Off UUS, OJK Ungkap Tantangan Besar Industri. https://keuangan.kontan.co.id/news/20-asuransi-belum-spin-off-uus-ojk-ungkap-tantangan-besar-industri
Lestari, I. P., Hanafi, M. M., & Wardhana, L. I. (2025). A Literature Review of Updated Islamic Corporate Governance Elements: Implications for Indonesia. Journal of Islamic Monetary Economics and Finance, 11(1), 91–118. https://doi.org/10.21098/JIMF.V11I1.2305
Maf’ula, F., Abdurrahman, D., & Raj, M. ’. (2022). ISLAMIC INSURANCE IN INDONESIA: OPPORTUNITIES AND CHALLENGES ON DEVELOPING THE INDUSTRY. Journal of Islamic Economic Laws, 5(1), 116–138. https://doi.org/10.23917/JISEL.V5I1.16764
Marzuki, M. (2017). Penelitian hukum: Edisi revisi. Prenada Media.
Miles, M. B. autor, Huberman, A. M. autor/a, & Saldaña, J. autor/a. (1969). Qualitative data analysis a methods sourcebook. Thousand Oaks, Califorinia SAGE Publications, Inc.
Mollah, S., & Zaman, M. (2015). Shari’ah supervision, corporate governance and performance: Conventional vs. Islamic banks. Journal of Banking & Finance, 58, 418–435. https://doi.org/10.1016/J.JBANKFIN.2015.04.030
Muhaimin, M. (2024). Contemporary Legal Problems of Sharia Insurance Regulation in Indonesia. Journal of Law and Sustainable Development, 12(1), e3147. https://doi.org/10.55908/sdgs.v12i1.3147
Nugraheni, P., & Muhammad, R. (2020). Innovation in the takaful industry: a strategy to expand the takaful market in Indonesia. Journal of Islamic Marketing, 11(6), 1313–1326. https://doi.org/10.1108/JIMA-08-2018-0143
Nur Rianto Al Arif, M., & Awwaliyah, T. B. (2019). Market Share, Concentration Ratio and Profitability: Evidence from Indonesian Islamic Banking Industry. Journal of Central Banking Theory and Practice, 8(2), 189–201. https://doi.org/10.2478/JCBTP-2019-0020
Nurhisam, L., Islam, U., Sunan, N., Yogyakarta, K., Marsda, J., & Yogyakarta, A. (2016). Kepatuhan Syariah (Sharia Compliance) dalam Industri Keuangan Syariah. Jurnal Hukum IUS QUIA IUSTUM, 23(1), 77–96. https://doi.org/10.20885/IUSTUM.VOL23.ISS1.ART5
Nursyamsi, M. (2025). Jurus OJK Genjot Literasi dan Inklusi Keuangan Syariah | Republika Online. https://sharia.republika.co.id/berita/svmrzj370/jurus-ojk-genjot-literasi-dan-inklusi-keuangan-syariah
Nurwanti, Y. D., Zaelani, M. A., & Pramesti, E. D. (2022). ASURANSI SYARIAH DITINJAU DARI HUKUM ISLAM. PROSEDING, 95–101. https://www.journal.uniba.ac.id/index.php/PSD/article/view/346
OJK. (2023). Draft Roadmap Pengembangan Perasuransian Indonesia. Roadmap Perasuransian Indonesia 2023-2027 mengidentifikasi bahwa pemerataan akses terhadap asuransi syariah masih menjadi tantangan. Pendapatan kontribusi asuransi syariah terkonsentrasi di Pulau Jawa, khususnya DKI Jakarta, Jawa Barat, Jawa Tengah, Jawa Timur, dan Banten. Sebaran kantor cabang perusahaan asuransi syariah juga berkonsentrasi di Pulau Jawa, sehingga masyarakat di luar Jawa memiliki akses terbatas terhadap produk dan layanan asuransi syariah
OJK. (2024). Laporan Tahunan OJK 2024. https://www.ojk.go.id/id/data-dan-statistik/laporan-tahunan/Pages/Laporan-Tahunan-OJK-2024.aspx
OJK. (2025). Siaran Pers Bersama: Indeks Literasi dan Inklusi Keuangan Masyarakat Meningkat, OJK dan BPS Umumkan Hasil Survei Nasional Literasi Dan Inklusi Keuangan (SNLIK) Tahun 2025. https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/OJK-dan-BPS-Umumkan-Hasil-Survei-Nasional-Literasi-Dan-Inklusi-Keuangan-SNLIK-Tahun-2025.aspx
Pratama, Y. (2026). OJK Wajibkan Unit Usaha Syariah Asuransi Spin Off Akhir 2026. https://www.readers.id/ojk-wajibkan-spin-off-asuransi-syariah-2026
Putri, K. A. (2025). OJK Beberkan Sederet Tantangan Spin Off UUS Industri Asuransi. https://infobanknews.com/ojk-beberkan-sederet-tantangan-spin-off-uus-industri-asuransi
Rahman, M. H., & Binti Aziz, N. S. Z. (2025). A critical study of tabarrù (donation)-based takaful models: determining tàawun (mutual assistance) as the underlying notion of takaful. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/JIABR-12-2023-0457/1258259
Republika. (2025). Banyak UUS Spin Off, AASI: Prospek Industri Asuransi Syariah Positif. https://sharia.republika.co.id/berita/t0mh90490/banyak-uus-spin-off-aasi-prospek-industri-asuransi-syariah-positif
Ritonga, J. S., Devi, S. R., Siregar, I., Jewina, H., & Maulana, D. A. (2025). Implementasi Fatwa DSN-MUI dalam Produk Perbankan Syariah: Antara Kepatuhan dan Tantangan. JURNAL MASYRAKAT INDONESIA HARAPAN, 4(02).
Rosele, M. I., Muneem, A., Ali, A. K. Bin, Abdul Rahman, N. N. B., & Mohd Razif, N. F. B. (2024). Revival of the waqf-based takaful model in Malaysia: issues and the way forward. International Journal of Economics and Business Research, 28(1), 82–101. https://doi.org/10.1504/IJEBR.2024.139291
Salman, S. A. (2014). Contemporary Issues in Takaful (Islamic Insurance). Asian Social Science, 10(22), p210. https://doi.org/10.5539/ASS.V10N22P210
Sugiyono;, Prof. DR. (2013). Metode Penelitian Pendidikan Pendekatan Kuantitatif, Kualitatif dan R&D. //digilib.unigres.ac.id%2Findex.php%3Fp%3Dshow_detail%26id%3D43
Wibisono, V. F., & SH, M. H. (2025). PRODUK DAN AKAD DALAM EKONOMI ISLAM. ENSIKLOPEDIA EKONOMI DAN KEUANGAN ISLAM: Konsep, Sejarah Dan Praktek Kontemporer, 68.
Widyanata, F., Pertiwi, R., Syathiri, A., Widyanata, F., Pertiwi, R., & Syathiri, A. (2024). Takaful Insurance Industries in Supporting Sustainable Socio-Economic Development in Indonesia. Journal of Global Awareness, 5(2), 6. https://doi.org/https://doi.org/10.24073/jga/5/02/06
Downloads
Published
How to Cite
Issue
Section
Citation Check
License
Copyright (c) 2026 Alfia Azzuhra, Sunarsih Sunarsih, Azza Ibraisama Ersyada, Taufikur Rohman
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with Jurnal Ilmiah Al-Tsarwah agree to the following terms:
1. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License (CC BY-SA 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
2. Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
3. Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
