Model of Discrete-Time Surplus Process for Scheme of Productive Waqf Integration with Sustainable Fishermen’s Welfare Benefits Based on Several Threshold Levels: Systematic Literature Review

Insurance companies are at risk of bankruptcy when their surplus becomes negative, making it necessary to observe the evolution of the surplus over time. In this study, the surplus evolution is assumed to be discrete, based on the fiscal year period. This study examines the surplus model in sharia insurance schemes, focusing on identifying shortcomings in existing models and developing a framework based on community needs. Specifically, this study highlights the potential integration of productive waqf with welfare benefits for fishermen. A systematic review was conducted by collecting scientific works from the Scopus, ScienceDirect, Dimensions, and Google Scholar databases, selected using the PRISMA approach. The results indicate that existing surplus models in sharia insurance schemes remain general and do not address specific community needs, such as fishermen’s welfare. This study provides insights into developing more inclusive and innovative surplus models by integrating productive waqf. These findings are expected to encourage the development of sharia insurance schemes oriented toward sustainability and improving fishermen’s welfare.