Sompo Insurance Sharia is a business unit of PT Sompo Insurance Indonesia that manages a variety of insurance products based on the sharia principles of mutual assistance (ta’awun) and mutual protection (takaful) between participants through a collection of funds (Dana Tabarru’) in dealing with certain risks, according to the Wakalah Bil Ujrah agreement.
Sompo Insurance Sharia offers an alternative source of insurance protection with different investment objectives, an approach to surplus distribution, and an oversight system with an ethical dimension. Importantly, the element of uncertainty and earning of interest are removed to make the product compliant with Shariah and incorporate the common goal of providing reasonable financial security against unpredicted catastrophes, disasters, or risks befalling one’s property. Therefore, even though the insurance products offered are identical to conventional products, Sharia products are free from usury, gambling, and uncertainty.
Sompo Insurance Sharia is managed by the board directors of PT Sompo Insurance Indonesia and its compliance is supervised by the Sharia Supervisory Board.
The Sharia Supervisory Board (Sharia Supervisory Board) carries out the duties and functions of supervising the implementation of the Company's business activities to comply with Sharia principles. The implementation of supervisory duties and providing advice by DPS is carried out on the following matters:
Activities in managing wealth and liabilities, both Tabarru funds, company funds, and participant investment funds
Sharia insurance products marketed
Islamic insurance product marketing practices
Sharia Supervisory Board Member Profile
DR. H. Achmad Riawan Amin
As Managing Director of Bank Muamalat Indonesia (BMI) in 1999-2009, Riawan successfully led the bank's recovery through the monetary crisis in 1999-2002. In fact, thanks to his leadership, BMI also won the international award for Most Outstanding Performance for an Islamic Bank from the KLIFF Awards in 2004. During his tenure at the Islamic bank, the University of Texas Master of Science for Interdisciplinary Studies graduate also chaired the Indonesian Sharia Banks Association (Asbisindo).
His work is not only limited to Islamic banking practitioners; he is a published author of five books and teaches at Islamic State University (UIN) Syarif Hidayatullah and the University of Indonesia (UI).