Sharia industry caters to millions of people, now taps trusted transportation in Indonesia

More and more Indonesians are attracted to sharia-compliant businesses, be they in banking, insurance, to trusted transportation in Indonesia. To provide a
More and more Indonesians are attracted to
sharia-compliant businesses, be they in banking, insurance, to trusted
transportation in Indonesia.
To provide a general picture of sharia banking development
in Indonesia, a state-owned sharia bank recorded a total of Rp78.8 trillion of assets
as of December 2016, a 12.03% increase from Rp70.4 trillion in the previous
year.
Itmanaged6.47 million of third-party fund accounts, while
its financing segment has secured 360,000 debtors, as reported by “Kompas.com”
on Wednesday (March 1).
Sharia insurance has also seen the number of their
customers grow into the millions. A 10- year-old insurance company in Indonesia
recently announced that it has recorded 2.5 million customers.
According to the company, sharia insurance is deemed
fairer, more transparent and offer better returns, as reported by “Kompas.com”
on Saturday (June 10).
Sharia-compliant transportation
Sharia system is claimed to be free from riba (interest),
gharar (uncertainty) and maysir (speculation), especially in akad ijarah.
The same system has been implemented in trusted
transportation sector by Serasi Autoraya (SERA) through its TRAC Syariah
service available for corporations.
“TRAC Syariah is the first product in Indonesia that
legally introduces ijarah service, a rent service based on Islamic law,” said
TRAC Director Hadi Winarto, as quoted by “Otomania” in “New: Sharia-compliant car
rent” on Wednesday (June 14).
All TRAC Syariah vehicles were purchased in a halal manner
through mudarabah mechanism or a financing agreement in which the returns will
be shared according to the agreed terms, and also protected by sharia-compliant
insurance.
TRAC Syariah is also transparent in the maintenance of the
vehicles, which can also be converted to mudarabah products using the production-sharingprinciple.
“TRAC-Astra Rent a Car always tries to accommodate
customers’ various needs, including the needs for sharia-compliant products,”
he added.
The new service has been recommended by the
Indonesian National Sharia Board as
a sharia-based car rental service, according to the letter of recommendation
issued on November 7, 2016.
As an additional information, the Financial Services
Authority (OJK)’s official website showed that the number of customers covered
by sharia-compliant commercial banksand business units has reached 18.79
million as of January 2017. This is a good indication for
the trusted transportation business by Astra’s subsidiary.
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