Protection of Participants’ Rights in the Transfer of Sharia Business Unit Insurance Portfolios: An Islamic Law Perspective and Maslahah Principle Analysis Based on Financial Services Authority Regulation (POJK) No. 11 of 2023
DOI:
https://doi.org/10.64845/jfs.v2i2.458Keywords:
Islamic Insuranc, Participants' Rights, Portfolio Transfer, Maqasid al-ShariahAbstract
The transfer of insurance portfolios from Sharia Business Units (SBUs) to other Sharia insurance companies represents a regulatory policy aimed at strengthening the institutional structure, operational effectiveness, and sustainability of the Islamic insurance industry in Indonesia. However, this policy raises important legal questions concerning the protection of participants’ rights, particularly regarding the continuity of insurance benefits, contractual obligations, transparency, and legal certainty. This study aims to analyze the protection of participants’ rights in the transfer of Sharia insurance business unit portfolios from the perspective of Islamic law and the principle of Maslahah, based on Financial Services Authority Regulation (POJK) No. 11 of 2023. This research employs a normative juridical method using statutory, conceptual, and Islamic legal approaches. Data are collected through library research by examining relevant laws and regulations, Islamic legal principles, scholarly literature, and legal documents concerning Sharia insurance. The analysis focuses on the relationship between regulatory compliance and the fundamental principles of Islamic law, particularly justice (al-'adl), trustworthiness (amanah), mutual consent (taradhi), and the protection of wealth (hifz al-mal) within the framework of Maqasid al-Shariah. The study emphasizes that portfolio transfers should not merely be understood as an institutional restructuring mechanism but also as a legal process that must safeguard participants' interests and maintain the continuity of their contractual rights and obligations. The principle of Maslahah provides an essential normative foundation for assessing whether such transfers generate benefits and prevent potential harm to participants. Accordingly, the implementation of portfolio transfers must ensure transparency, legal certainty, fairness, and the protection of participants' rights in accordance with Islamic legal values and applicable regulations.
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