The influence of community sharia literacy on understanding of sharia insurance products
Abstract
This study examines the impact of public literacy on understanding and participation interest in sharia insurance products. Sharia insurance offers various products such as life, health, accident, education, and pension insurance, designed in accordance with Islamic sharia principles and supervised by the Sharia Supervisory Board. Case studies in Region of Yogyakarta indicate that good sharia literacy increases public interest in choosing sharia insurance products. Sharia literacy includes understanding the concepts, contracts, and products of sharia insurance, as well as fundamental principles such as the prohibition of riba (interest) and gharar (uncertainty). The study finds that besides sharia literacy, other factors such as religiosity, trust in sharia institutions, and demographic factors also play a role in influencing public interest. Therefore, it is important to enhance sharia literacy in society to improve understanding and participation in sharia insurance products. The findings suggest that effective sharia literacy programs can help sharia insurance companies and regulators increase the acceptance of these products in society.
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