Implementation of Maqashid Shariah Principles in Underwriting Surplus Allocation: Systematic Literature Review
DOI:
https://doi.org/10.56403/lejea.v4i2.416Keywords:
Underwriting Surplus, Maqashid Shariah, Systematic Literature Review (SLR)Abstract
This study aims to map and synthesize the implementation of Maqashid Shariah principles in underwriting surplus allocation policies in the Islamic insurance industry. Using a qualitative approach with a systematic literature review (SLR) method that follows PRISMA guidelines, the study analyzed 74 data sources from the 2015-2025 time frame, including journal articles, fatwas, and international standards such as AAOIFI and IFSB. The findings reveal the transformation of surplus management from formal compliance to broader integration of social values, such as the use of surplus for micro-takaful subsidies and alignment with the Sustainable Development Goals (SDGs). Despite the jurisprudential debate over the operator's right to surplus as a performance bonus (Ju'alah) as well as transparency challenges resulting from the implementation of IFRS 17, this study confirms that Maqashid Shariah serves as an ethical compass to ensure justice (iqamah al-adl) and protection of property (hifz al-mal). The implication is that regulators and practitioners need to adopt digital technologies such as blockchain to improve accountability for surplus distribution and reposition the role of operators as architects of public benefit for the sustainability of the Islamic financial ecosystem.
References
A. Devi, “A study on Shariah issues of tabarru’and underwriting surplus in Takaful,” Maqasid al-Shariah Rev., vol. 2, no. 2, 2023, doi: https://doi.org/10.58968/msr.v2i2.383.
A. S. Nandra, Y. D. Kurniawan, and M. A. Purwanto, “Kontribusi Asuransi Syariah Terhadap Perekonomian Syariah Indonesia,” J. Ilm. Ekon. Manaj. dan Syariah, vol. 3, no. 2, pp. 140–149, 2024, doi: https://doi.org/10.55883/jiemas.v3i2.48.
F. Fadhil and O. S. Mukhlas, “Analisis Akad Hibah Terhadap Surplus Underwriting Dana Tabaru Pada Asuransi Syariah,” J. Islam. Bus. Manag. Stud., vol. 6, no. 2, pp. 99–110, 2025, doi: https://doi.org/10.51875/jibms.v6i2.800.
H. A. Al Nemer, “An empirical study of takaful participant’s perception of the distribution of the underwriting surplus and its impact on participant’s behavior,” Int. J. Econ. Commer. Manag., vol. 3, no. 4, pp. 1–16, 2015.
I. Finance and C. Group, “Takaful contracts IFRS 17 Insurance contracts Applying IFRS to Takaful Contracts,” 2021. [Online]. Available: https://www.ifrs.org/content/dam/ifrs/meetings/2021/november/ifcg/ap2-ifrs-17-and-takaful.pdf
M. H. Rahman, M. F. Abdullah, H. Ab Ghani, and S. Lambak, “Takaful surplus management and allocation for various sustainable modes: ShariAh and regulatory requirements/Md. Habibur Rahman...[et al.],” Asia-Pacific Manag. Account. J., vol. 19, no. 2, pp. 193–212, 2024, [Online]. Available: https://ir.uitm.edu.my/id/eprint/105796
M. H. Rahman, M. F. Abdullah, H. B. Ab Ghani, and S. Bin Lambak, “Optimising takaful surpluses through sustainable modes: prospects and challenges,” Qual. Res. Financ. Mark., pp. 1–21, 2025, doi: https://doi.org/10.1108/QRFM-01-2024-0007.
N. HARAHAP, Manajemen operasional perusahaan asuransi. Medan: Merdeka Kreasi Group, 2025.
N. Ibrahim and R. Markom, “EMBRACING MAQASID AL-SHARIAH AND SUSTAINABLE DEVELOPMENT GOALS IN TAKAFUL BUSINESS.,” Malaysian J. Law Soc., vol. 34, no. 2, 2024, doi: 10.17576/juum-2024-3402-02.
N. Kholis, “A normative ethical analysis of Islamic unit-linked insurance using the Maqasid Shariah framework of Abu Zahrah,” J. Islam. Econ. Lariba, vol. 11, no. 1, 2025, doi: https://doi.org/10.20885/jielariba.vol11.iss1.art18.
N. Kholis, “Efficiency Analysis of Takaful Companies’ Performance Using Stochastic Frontier Analysis Approach: A Comparison Between Southeast Asia and The Middle East Regions,” Millah J. Relig. Stud., pp. 947–972, 2022, doi: https://doi.org/10.20885/millah.vol21.iss3.art12.
R. Libatique, “Bank Negara Malaysia issues framework to widen mutual assistance in takaful,” Insurance News. [Online]. Available: https://www.insurancebusinessmag.com/asia/news/breaking-news/bank-negara-malaysia-issues-framework-to-widen-mutual-assistance-in-takaful-559006.aspx
S. A. Pratiwi, “Faktor-Faktor yang Mempengaruhi Perolehan Surplus Underwriting Dana Tabarru pada Perusahaan Asuransi Jiwa Syariah,” J. Masharif Al-Syariah J. Ekon. dan Perbank. Syariah, vol. 9, no. 2, 2024, doi: https://doi.org/10.30651/jms.v9i2.22328.
T. Fanshurna, “The Importance of Applying Maqashid al-Sharia in The Islamic Financial System: The Urgency of Maqashid al-Sharia in Islamic Finance,” J. Islam. Econ. Perspect., vol. 4, no. 1, pp. 1–8, 2022, doi: https://doi.org/10.35719/jiep.v4i1.58.
W. Akhter, “Takaful models and global practices,” 2010.
Z. Kassim, “IFRS 17 and Takaful in Malaysia,” Acturial Partners Conculting. [Online]. Available: https://actuarialpartners.com/ifrs-17-and-takaful-in-malaysia/
“Surplus Underwriting: Cerminan Efisiensi dan Transparansi dalam Asuransi Syariah,” Manulife. [Online]. Available: https://www.manulife.co.id/id/artikel/surplus-underwriting-cerminan-efisiensi-dan-transparansi-asuransi-syariah.html
