Indonesia, The Center of World Islamic Law Insurance (1)

Islamic Law insurance is getting more develop nowadays. Since it was published in 1994, up to now, the amount of Islamic Law insurance industrial gets into hundreds branches that are spreading along Indonesia. Moreover, the market demand that is still under 5% will be more develop in the future.

Muhammad Syakir Sula, a practician and consultant of Islamic Law Insurance explains that seeing the fast growth of it, Indonesia has a good potential to be the center of Islamic Law insurance.
It is caused by the big potential and support that Indonesia has. By the amount of Islamic people that reach up to 85% more than 230 people, it becomes the biggest market in the world for Law Islamic insurance industrial.
“Now, the challenge is make the Islamic people sure to know it more. Because the advantage is totally great if it is compared with conventional insurance,” said the General Head of IIIS (International Islamic Insurance Society) to Syahruddin El-Fikri from Republika.

Here are the quotation of interview with that man who was born in Palopo, South Sulawesi, at 12 February 1964.

Hertawan Kartajaya: Islamic Economy is Fair and Beautiful

The teacher of marketing, Hermawan Kartajaya, has interacted for a long time in the sharia financial practitioners. He started eloquently stating that Islamic tenet as “rahmatan lil alamin”. Being a Catholic, he intends to develop the value of Islamic marketing. See the quotation of interview shortly after the launching of Sharia Marketing book in Jakarta a week ago.

Actually, what is the difference of sharia and conventional?
In the marketing world there is a term of “kelirumologi”. It is the nine principles which is misinterpreted For example, marketing is meant to persuade people to buy as much as possible. Or, marketing eventually make the best package as much as possible, but the product itself is not good. Or, persuade people will all things so that they will join and buy. That’s “kelirumologi” (referred to the term popularized by Jaya Suprana). Sharia marketing teaches people to be honest to their customers or others. The value of sharia prevents people (marketers) to fall to that “kelirumologi”. There are several values must be held by marketers, particularly if they are Moslems.

The rise of Islamic finance

The notion of ethical investing goes back at least to 1758, when the Quakers banned profiting from the slave trade. But the market for ethical investments has always remained a niche. The goals of maximizing profit and fulfilling a moral agenda conflict more often than they complement one another, and investors who want to put ethics first have turned out to be relatively few.

World Takaful Report 2008 launched at 3rd Annual World Takaful Conference

Nasser Al Shaali, CEO of Dubai International Financial Centre Authority (DIFCA) and Syed Moheeb Syed bin Syed Kamarulzaman, President & CEO of Takaful Ikhlas Sdn Bhd, inaugurated the 3rd Annual World Takaful Conference at an impressive ceremony attended by more than 200 international delegates at the Dusit Dubai today.

Islamic Finance on the Upswing

ISLAMABAD, 24 September 2007 — Islamic finance is on the upswing in the Middle East-Gulf-Pakistan-Asia region, a two-day Asia Finance Conference observed, and industry sources say the future potential is massive. They said that though Islamic financing sprang out of the Gulf region, Pakistan, Asian countries and the rest of the world are caching up.

MiddleEast Insurance Review turns one

The MiddleEast Insurance Review Incorporating Global Takaful (MIR) commemorates its first anniversary in September by holding the first-ever Global Middle East Insurance Summit in London. In its September issue, highlighting the Middle East and North African (Mena) reinsurance market and reviewing the challenges in the takaful market.

Innovation in Islamic banking is key to industry development, says Islamic finance expert

An Islamic finance expert today called upon Islamic financial institutions to make of innovation a priority in order to take Islamic banking to new heights as the industry is rapidly shifting from a niche into a mainstream segment in the global financial landscape.

Speaking at an Islamic finance workshop held in Dubai, Asif Mumtz, Regional Head of HSBC Amanah Middle East conceded that Islamic finance had seen tremendous growth over the past 25 years with a significant number of providers across many regions catering for almost all customer needs.