UJRAH AND TABARRU' MODELS FOR SHARIA LIFE INSURANCE WITH UNIVARIATE AND MULTIVARIATE GENERALIZED LINEAR MODELS (GLM)

• Main Author: Frisly Mahadewi, Nayla
• Format: Final Project
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/73026
• Institution: Institut Teknologi Bandung

Sharia life insurance is an effort to protect and help each other among a certain amount of people or parties through investments in the form of asset and/or tabarru’ that gives pattern of return to face certain risks with the contract. In sharia life insurance, every kontribusi pesertaum that are paid can be divided into two categories, ujrah and tabarru’. Ujrah (fee) is the payment as an exchange to the service or effort that has been done. On the other hand, tabarru’ is the fund that is paid by all sharia life insurance customers with the intention to be channelled to other sharia life insurance customers in the time of disasters or needs. For now, there is no quantitative guidance on how to calculate ujrah and tabarru’ from Dewan Syariah Nasional (DSN) or Otoritas Jasa Keuangan (OJK). In this study, models are developed with quantitative methods to calculate ujrah and tabarru’. The method to model both ujrah and tabarru’ separately (univariate) and simultaneously (bivariate) is Generalized Linear Models (GLM). Ujrah and tabarru’ are assumed to have Gamma distribution and for the joint models are assumed to have McKay’s Bivariate Gamma distribution. Furthermore, claim amount, reinsurance amount, and marketing allowance are found to directly influencing ujrah and tabarru’. The best model showed fit with ????2 99%. The multivariate models have shown several similarities with the univariate models, such as the ???? estimated.