Sharia insurance is an insurance that is very different with common insurance. The insurance is growing in Muslim country Like Turkey, Saudi Arabia, Indonesia, Uni Arab Emirates, Kuwait, Malaysia, and more. Most Islamic cleric (Ulama) says that insurance is forbidden in Islam because it uses interest (riba). Most insurance invest their money at bank, corporate bond, government bond, and else. Riba is one of great sin that Muslim should avoid it and it also damages the economics of the country. With interest, a rich people can get money without hard working; meanwhile, the poor man that borrows the money should pay the debt with interest.
Some Muslim also thinks that insurance is gambling. Some insurance will pay when we claim the insurance. For example, we will get paid from vehicle insurance when we got accident or when a burglar theft our car or motorcycle. If, on the other hand, we do not claim the insurance, we will loss our money at insurance.
Some bad people often fraud the insurance. They sell the motorcycle to the burglar and they claim the insurance. They get money from burglar and insurance company. Unfortunately, some good people who are really robbed not get any money from insurance because the insurance think that they have lied.