Tony Zhou is on a mission to educate prospects and clients who are unfamiliar with Sharia insurance, even within a country that boasts the largest Muslim population in the world.

What is the difference between Sharia insurance and insurance in general?

Conventional insurance uses the concept of transferring risk from the insured to the insurance company. Sharia insurance is based on Islamic religious law and uses the concept of mutual assistance and cooperation between participants through a collection of tabarru funds. Tabarru is derived from an Arabic noun that means donation, gift, contribution. A person giving tabarru in the form of an asset, money or a benefit to another person is doing so without expecting any consideration or repayment now or in the future and with the intention of doing a good deed. Participants donate tabarru into a takaful, or Sharia insurance, which is a pool used not for generating a profit but to help other participants in times of misfortune such as illness, disability, an accident or death. Takaful is a Sharia-compliant alternative to conventional insurance, as it is structured according to the Islamic principles of purity, certainty and mutuality.

What communication strategies and techniques do you use when offering Sharia insurance products?

I tell clients that with Sharia insurance, apart from getting protection, they’re also giving to charity, so they’re doing good things that are useful for helping others. The concept of helping others is in accordance with the values and culture of the Indonesian people, making it easier for them to accept and understand Sharia insurance. One question I ask is whether we view ethnicity, religion and race before deciding to help others. Of course not. Sharia insurance is an extension of the universal concept of mutual help. Sharia insurance is for all. It’s about caring for others, both for Muslims and non-Muslims, regardless of race, ethnicity or religion. We can do good for others through Sharia insurance.

What are other suggestions for advisors who want to offer Sharia insurance to prospects?

While Indonesia is a country with the largest Muslim population in the world, there are still many people here who do not have Sharia insurance, so the business opportunity is still very large. My advice is to stay more focused on insurance protection. There’s no need to talk too much about the verses in the Quran because Sharia insurance in Indonesia is supervised by the OJK, the Indonesian Financial Services Authority, and the Sharia Supervisory Board, which has adopted recommendations from Islamic scholars on the Indonesian Ulema Council.