The development of the Hajj and Umrah ecosystem is seen as a strategic opportunity to expand the Shariah insurance participant base through a pilgrim protection consortium, according to the Indonesian Shariah Insurance Association (AASI).
AASI Chairman Mr Fauzi Arfan said that the capacity of several Shariah insurance companies could be pooled so that all pilgrims can enjoy equal protection.
In addition, coverage of Hajj and Umrah pilgrims can be a springboard to building long-term relationships with participants, he told the news outlet Kontan. There is a potential annual target of around 2m pilgrims.
Mr Fauzi added that after the Hajj and Umrah pilgrimages are over, takaful companies can offer products tailored to the needs of individuals and their families, including life, health, education, retirement, asset, and business protection.