The Hybrid Model Algorithm on Sharia Insurance

Sharia insurance operational model was developed with the approach of trial and error by scholars and industry as a process to obtain the ideal format which can be used as a foundation for Islamic insurance operations. Models that are formed are: mudharabah model, wakalah model, and hybrid model. The development of the operational model of islamc insurance still continue because there are still many problems and Islamic issues that must be resolved. The hybrid model is the incorporation of the wakalah and mudharabah model. This model is mostly used in shariah insurance company in Indonesia because it is considered fair enough for policyholders and companies. In this paper, will do research on hybrid model by taking one example of Hajj travel insurance products, that is Mitra Mabrur Plus (AJB Bumiputera 1912) through the algorithm as follows: 1) translate the hybrid model scheme of Mitra Mabrur Plus into mathematical equations 2) drafting table of hybrid insurance Mitra Mabrur Plus model using mathematical equations on stage 1 and some initial value that set by the insurance company. This hybrid model table will show the details of the management of funds sourced from the contribution of the policyholders, including the quantity percentage of personal account, the percentage of tabarru' account, the percentage of ujrah, magnitudes of profit and benefit that be accrues to the policyholders. Through this table, are expected that management of the fund contribution is shariah insurance will be more transparent and fair for companies or policyholders.