Model Perhitungan Kontribusi Asuransi Pertanian Berbasis Indeks Curah Hujan Banten dengan Metode Black Scholes pada Komoditas Padi

wahri irawan Irawan; Nurlita Febriana; Hermayati Hermayati

doi:10.32678/sijas.v10i2.11280

Authors

wahri irawan Irawan UIN Sultan Maulana Hasanuddin Banten
Nurlita Febriana Prodi Asuransi Syariah UIN SMH Banten
Hermayati Hermayati Prodi Asuransi Syariah UIN SMH Banten

DOI:

https://doi.org/10.32678/sijas.v10i2.11280

Keywords:

Sharia insurance, Contribution of agricultural insurance, Black-Scholes Model.

Abstract

Unpredictable weather changes have a significant impact on the agricultural sector. The rainfall index serves as a measure of rainfall intensity in a given area, indicating the level of risk farmers face in experiencing crop failure. Therefore, Sharia-based agricultural insurance offers an alternative for managing such risks. Insurance and options share similar characteristics. In this study, the Black-Scholes method is used to calculate the premium for Sharia-based insurance based on the rainfall index in Banten Province. Based on the calculations, annual rainfall has a weak correlation, with a correlation value of 0.315. Using percentile data such as the 10th, 25th, and 50th percentiles, the contribution amounts required for each percentile are Rp 865,869, Rp 1,153,873, and Rp 1,973,569, respectively. This study also proposes a Sharia insurance model where the government provides an 80% subsidy on the contribution amount, allowing insurance participants to pay only 20% of the contribution. It also outlines the proportionate distribution of ujrah (operational costs) and the tabarru' fund (charity fund).

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