Reconstructing the Governance of Sharia Unit-Linked Insurance Products from an Islamic Economics Perspective: Strengthening Contractual Implementation, Ujrah Transparency, and Investment Integrity

Abstract

The development of unit-linked sharia insurance requires governance that is able to ensure the suitability of contracts, ujrah transparency, and investment integrity in accordance with Islamic economic principles. This study aims to analyze the reconstruction of the governance of the product by assessing the relationship between contract implementation, cost disclosure, and compliance of the sharia investment portfolio. The research uses a normative-empirical qualitative approach through regulatory reviews, policy documents, fatwas, and in-depth interviews with 15 informants, including practitioners, sharia supervisors, academics, and policyholders. Data were analyzed using content and thematic analysis. The results of the study show that there is fragmentation in the implementation of tabarru' contracts, wakalah bil ujrah, and mudharabah musytarakah, low readability of ujrah information, and weak investment supervision. The research concludes that contract standardization, transparent ujrah reporting, and sharia maqashid based investment supervision are important to strengthen industry accountability