The Syariah Business Unit of PT Asuransi Allianz Life Indonesia (Allianz Life Syariah) continues to innovate by presenting the latest features on the products they offer. One of them is the waqf feature on AlliSya Protection Plus sharia unit link insurance product.

By participating in AlliSya Protection Plus product, this waqf feature makes it easy for customers not only to obtain insurance benefits, but also to be able to waqf which will later be distributed to social programs for the welfare of the community.

Waqf itself is a practice in the form of the surrender of part of someone’s property to be used forever or for a certain period of time as part of worship or public welfare. Waqf is highly recommended because the reward will continue to flow to the waqif (people who share) as long as the waqf asset is utilized for the welfare of the people according to Islamic principles.

Through sharia insurance policies, waqf can be done more practically. There is no need to wait for asset to be collected, because it is done together with payment of contributions. On AlliSya Protection Plus unitlink product, waqf funds can be allocated from insurance benefits in the form of insurance benefits up to 45% or from investment funds with a maximum amount of 30%, or even both.

The process for waqf feature on AlliSya Protection Plus product is the same as the usual administration process without waqf feature. The only difference is that the insurance participant and one of waqf recipients needs to fill out and sign the wa'ad or waqf promise.

To ensure that waqf funds are managed properly, Allianz Life Syariah works with four nazhirs (waqf administrators) registered with the Indonesian Waqf Board (BWI). The four nazhirs are Dompet Dhuafa, Inisiatif Wakaf (I-wakaf), Rumah Wakaf Indonesia, and Yayasan Pesantren Islam Al-Azhar.

At due date, or when a claim is paid, the four nazhirs will manage and develop the waqf funds received in accordance to its purpose.

The duties and authorities of these institutions include the administration of waqf property, managing and developing waqf property with trust, monitoring and protecting waqf property, and reporting the implementation of its duties in managing and developing waqf funds to BWI.

For more detailed information about waqf with Allianz Syariah, you can access the page www.allianz.co.id.

Top Picture Source: Instagram @allianzindonesia