New Sustainability Research Study Findings Reported from Faculty of Science and Technology (The Development of Sharia Insurance and Its Future Sustainability in Risk Management: A Systematic Literature Review): Sustainability Research

2023 JUN 05 (NewsRx) -- By a News Reporter-Staff News Editor at NewsRx Policy and Law Daily -- Fresh data on sustainability research are presented in a new report. According to news reporting out of Bandung, Indonesia, by NewsRx editors, research stated, “The need for Sharia insurance products in the Muslim community continues to significantly increase. Sharia insurance offers sustainability in overcoming the risk of economic loss based on the principles of Islamic law.”

Funders for this research include Universitas Padjadjaran.

Our news journalists obtained a quote from the research from Faculty of Science and Technology: “In addition, Sharia insurance can be a sustainable solution in providing risk management funds. This study aimed to analyze the development and sustainability of Islamic insurance as an alternative form of risk management, as well as its sustainability in the future. The general review is still in the form of the products offered and operational system models in the Sharia insurance industry. The systematic literature review method was used to obtain a visualization and general description of Islamic insurance, employing 774 data articles from 2010 to 2022. From the results of the analysis, it was found that research discussing Islamic insurance has demonstrated significant developments every year. Mitigating risks by offering the principles of Islamic law represents added value for the Islamic insurance industry. In addition, five models of Sharia insurance systems have been introduced and used; namely, the Mudharabah model, the modified Mudharabah model, the Wakalah model, the hybrid model, and the Waqf model.”

According to the news reporters, the research concluded: “However, the products offered in Sharia insurance are not too numerous and are still focused on individual risk. Based on these results, Sharia insurance will undergo development in the future in terms of both the products offered and risk management. Of course, it can also lead to a transition to the development of sustainable Sharia insurance.”

For more information on this research see: The Development of Sharia Insurance and Its Future Sustainability in Risk Management: A Systematic Literature Review. Sustainability, 2023,15(10). (Sustainability - http://www.mdpi.com/journal/sustainability). The publisher for Sustainability is MDPI AG.

A free version of this journal article is available at https://doi.org/10.3390/su15108130.

Our news editors report that additional information may be obtained by contacting Rini Cahyandari, Department of Mathematics, Faculty of Science and Technology, UIN Sunan Gunung Djati, Bandung 40614, Indonesia. Additional authors for this research include Kalfin, Sukono, Sri Purwani, Dewi Ratnasari, Titin Herawati, Sutiono Mahdi.

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