Jakarta (Antara Bali) -- The Indonesian Chamber of Commerce and Industry (Kadin) has encouraged the development of Sharia-based micro-insurance for low-income people.
"Several insurance companies already have cheap insurance products, but they still face difficulties in promoting them to people of lower classes," Deputy Chairman for Banking and Financial Affairs of Kadin, Rosan P. Roeslani, said here on Thursday.
He added that his side hopes insurance companies promote Sharia-based micro-insurance with the use of technology or through third parties.
"Sharia-based micro-insurance is expected to gain a foothold in the insurance sector by creating an inclusive financial system," he remarked.
Roeslani pointed out that a number of insurance companies already have Sharia insurance products with a relatively small premium and that they can offer Sharia-based micro-insurance products to their clients.
Based on Kadin's data up to June 2014, the total assets of Sharia insurance and Sharia business units in the country amounted to Rp19.68 trillion, up by 22.79 percent from that in the same period the previous year. In addition, total investment in Sharia insurance companies reached Rp16.69 trillion, 22.81 percent higher year-on-year. (WDY)
