Indonesia Financial Services Authority hosts Purwokerto Islamic insurance literacy lecture and witnesses MoU linking Islamic insurers with universities

Indonesia Financial Services Authority (OJK) ran a public lecture on Islamic financial literacy for lecturers and students at Universitas Muhammadiyah Purwokerto on 7 October, positioning Islamic insurance as a tool for prudent financial planning. The event also included the signing of a “Synergy of Islamic Insurance” memorandum of understanding (MoU) between the Islamic insurance industry and Universitas Muhammadiyah Purwokerto and UIN Saizu, aimed at strengthening sustained literacy efforts and encouraging innovation. OJK’s Executive Head of Insurance, Guarantees and Pension Fund Supervision, Ogi Prastomiyono, framed insurance as a mechanism for transferring low probability, high impact financial losses, and described Islamic insurance as based on ta’awun (mutual help) and risk sharing, with clear contracts free from gharar, maysir and riba, and collective ownership of the tabarru’ fund. He pointed to use cases including Hajj and Umrah travel cover, Islamic microinsurance for traders, Islamic agricultural insurance for crop failure, and protection for small business assets, while the Indonesian Insurance Council underscored the programme as a joint education effort with academia. OJK also referenced earlier “training of trainers” delivered with the National Sharia Council of the Indonesian Ulema Council (DSN-MUI) for around 150 lecturers at UIN Professor Kiai Haji Saifuddin Zuhri as part of its broader push to deepen Islamic financial literacy among academics.