Press releases

Sun Life Collaborates with 20 Dayah Ulama and Aceh Sharia Economic Community Leaders, Encouraging Improving Sharia Insurance Literacy in Tanah Serambi Mecca

Aceh (January 13, 2022) – The pioneer of the sharia insurance industry in the country, Sun Life, is committed to not only providing the most complete innovation and services for sharia-based insurance products, but also encouraging the improvement of sharia insurance literacy in Indonesia. Strengthening this commitment, today Sun Life held a socialization activity related to sharia insurance and a gathering with 20 dayah ulama and dozens of sharia economic figures in Aceh with the aim of making Aceh a center for national sharia economic development.

This initiative was taken as a follow-up to the Qanun implementation or legislation Number 11 Year 2018 about Sharia Financial Institutions (LKS), which mandates that all financial transactions in Aceh are required to use Sharia principles and will be effective starting January 2022.

Chief Sharia Business of Sun Life Indonesia, Norman Nugraha, explained “The Qanun implementation towards the Islamic financial institutions is an important milestone in the effort to make Aceh a center for the development of the national sharia economy. This is possible with the collaboration from all parties, from making policy, industrialists, to the involvement of community leaders. This is what underlies Sun Life, to hold socialization related to the benefits of sharia insurance, as well as a gathering event involving dozens of dayah clerics, as well as local sharia finance figures. We hope that this activity can be a trigger for the growth of the sharia economy in the Aceh region, and further realize a just and prosperous Acehnese economy, under the auspices of Islamic law.”

Nowadays, The Financial Services Authority (OJK) of Aceh Province noted that the level of sharia financial understanding (literacy) of the people in Aceh Province in 2019 was higher than the national achievement of 8.93 percent - reaching 18.64 percent. Nevertheless, this number needs to be increased, so that Aceh’s economic growth rate, as well as financial institutions and sharia economy nationally can continue to be strengthened. 

In this case, the important role of ulama in increasing public literacy certainly cannot be underestimated, not least in instilling understanding and literacy related to sharia insurance. Chairman of the Aceh Dayah Ulama Association, Tgk M, Yusuf A. Wahab conveyed, “Ulama have an important role in guiding the community regarding various aspects of life, ranging from aqidah, morals, as well as fiqh and muamalah. Providing understanding to clerics regarding the benefits of sharia insurance, can be a gateway for the distribution of information, as well as creating a society that is able to take advantage of sharia-based insurance instruments, which is not only beneficial for personal good, but also gives blessings to the people.”

The role of sharia insurance in the Qanun LKS implementation in Aceh was also emphasized by the Chairman of the Sharia Supervisory Board of Sun Life Financial Indonesia, Prof. DR. H. Fathurrahman Djamil MA. “The Qanun LKS principles are to make sharia economic law and muamalah solely for the purpose of worship. Aligned with this goal, sharia insurance comes with the basic principle of helping, and aims to provide protection for fellow participants through the management of tabarru' funds, by applying legal and operational principles according to Islamic law. This means that the involvement and active role of the community in the application of the economy, especially sharia insurance, will not only have an impact on the benefit of themselves and their families, but also the wider community. Moreover when sharia insurance is also embedded with other benefits, one of which is waqf.”

Other than a form of mutual protection, the use of sharia-based insurance can also be a form of investment in this world and the hereafter. This is possible due to the presence of a national waqf feature, which was first introduced by Sun Life Indonesia. Some of the important benefits of waqf features, including:

• Customers can donate up to 45% of their insurance benefits and 30% of investment benefits from their policy. 
• Waqf funds can be donated through trusted nazhir, that will be used to help various social sectors in need, ranging from education, economy, to health. 

“Sun Life believes that sharia insurance and the important values offer great benefits to the wider community. Supported by the implementation of Qanun in the Aceh region, and the participation of local ulama and community leaders, we are optimistic that the development of sharia insurance in this special region will continue to grow and provide greater benefits," concluded Norman.

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About Sun Life Financial Indonesia

Sun Life Financial Indonesia is a subsidiary of Sun Life Financial. We offer a variety of products protection and wealth management, from life insurance, education insurance, health insurance, and retirement plans. Sun Life partners with leading financial institutions, both national and international, to serve multi-distribution channel strategies and provide wider access to our insurance solutions.

Sun Life Financial Indonesia has won several prestigious awards from 2019 – 2021 including:

1. The 3rd Rank of The Best CEO 2020 from Majalah SWA
2. Unit Link Terbaik 2021, yaitu Brilliance Xtra Progressive (Campuran Periode 3 Tahun), CSL Link Berimbang (Campuran Periode 7 Tahun), Salam Balanced Fund (Campuran Periode 10 Tahun) from Majalah Investor
3. Indonesia’s Most Popular Digital Financial Brands (Millennials’ Choice) dari Iconomics
4. The Outstanding Sharia Insurance Products in Supporting Families, Category: Sharia Business Unit of Life Insurance from Wartaekonomi.co.id
5. Best Financial Performance for Insurance Company with Assets Between Rp10-15 Trillion dan TOP 5 Financial Performances for Insurance Company with Assets Below Rp500 Billion from Wartaekonomi.co.id 
6. The 2nd Rank Insurance Companies pada Indonesia Best Companies in Creating Leaders from Within 2019 held by SWA Magazine
7. Employer of The Year (Bronze Winner) held by Human Resources Excellence Awards 2019
8. President Director of PT Sun Life Financial Indonesia, Elin Waty wins Most Admired CEO 2019: Excellent Leadership for Accelerating Business Performance from Wartaekonomi.co.id
9. Indonesia’s Most Popular Digital Financial Brands (Millennials Choice) from Iconomics
10. Best Leader for Business Sustainability Through Business Innovation – Effectiveness of Digital Acceleration Category Life Insurance with Asset 10-25T from Wartaekonomi.co.id 
11. Gold Stevie Winner – Innovative Use of Technology in Human Resources from Asia-Pacific Stevie Awards
12. Elin Waty wins Indonesia Business Women of the Year 2020 from SWA Magazine
13. The Most Innovative Insurance Companies in Indonesia 2020 from Iconomics
14. Sun Life Indonesia awarded as Market Leader Life Insurance 2020 from Media Asuransi magazine
15. Top 3 Best Digital Innovation Life Insurance from Thinknovatecomm – Pikiran Rakyat
16. Unit Syariah Sun Life Indonesia awarded Sharia Life Insurance Unit with Gross Contribution Rp100 Billion Above – Excellent from Infobank magazine

About Sun Life

SLF Inc. is a leading international financial services provider company that provides a variety of insurance products, as well as wealth and asset management solutions, both for individuals and corporations. Sun Life has operated in a number of major markets throughout the world, namely Canada, United States, United Kingdom, Ireland, Hong Kong, Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia, and Bermuda. As of June 30, 2021, Sun Life had total assets under management of CAD1.36 trillion. For more information, please visit www.sunlife.com

Sun Life Financial Inc. traded on the Toronto stock exchange (TSX), New York (NYSE) and Philippines (PSE), with the SLF stock code.

For more information, please contact: 

Shierly Ge

Chief Marketing Officer             

Sun Life Financial Indonesia                

Tel: +6221-5289-0000                

Fax: +6221 5289-0019                

E-mail: shierly.ge@sunlife.com