FITRI HARTATI
CAPITAL LIFE SYARIAH WAS ESTABLISHED IN 2017. AS A NEW SHARI’A LIFE INSURANCE COMPANY IN INDONESIA, HOW DOES CAPITAL LIFE SYARIAH UNIQUELY POSITION ITSELF AMONG OTHER PLAYERS IN THE MARKET?
It hasn’t been easy for us to reach where we are today. The main challenge that we face, which is true for other players as well, is the availability of qualified and competent human resources in the Shari’a life insurance industry in particular. In addition, people also need to have an open mindset as Islamic finance is not a religion and hence, one do not need to profess a religion in order to practise Islamic finance.
The Shari’a principles in which Islamic finance is based upon upholds the principles of ethics and transparency and it can be applied to all people regardless of their religious background. Having said this, innovation of Islamic products is undoubtedly one of the key factors driving the growth of the financial industry.
Some strategies that are owned by PT Capital Life Syariah to continue and compete with other Shari’a life insurance companies are, creating marketable and acceptable innovative products and our flexibility to take on opportunities to expand our business.
WHAT IS THE OUTLOOK FOR SHARI’A INSURANCE PENETRATION, AND WHAT ROLE IS CAPITAL LIFE SYARIAH PLAYING TO IMPROVE IT?
The penetration rate of Shari’a insurance products in Indonesia is still very low, standing at 2.51%, according to the records of the Indonesian Association of Shariah Insurance (AASI). This underdeveloped market that has not only the largest Muslim population in the world but also a growing young population; makes it one of the fastest-growing life insurance markets in the world.
However, the lack of public awareness and understanding of Shari’a financial services is among the causes of the low penetration of Shari’a insurance in Indonesia. Seeing the current prospect, Capital Life Syariah has embarked on education and literacy programmes aimed at increasing awareness and greater understanding of the importance of Shari’a insurance amongst the general public.
YOU HAVE RECENTLY BEEN NAMED AS THE 36TH MOST INFLUENTIAL WOMAN IN ISLAMIC BUSINESS AND FINANCE GLOBALLY BY CAMBRIDGE IFA, UK. CONGRATULATIONS ON THIS HUGE ACHIEVEMENT. WHAT ARE, FROM YOUR PERSPECTIVE, THE BIGGEST CHALLENGES FOR WOMEN IN LEADERSHIP ROLES?
First of all, I would like to thank Cambridge IFA for this recognition. I am truly humbled and honoured to be named as one of the most influential women in Islamic business and finance. I personally think that women have many opportunities to be a leader and can flourish in leadership roles. But one of the biggest challenges is the lack of professional development opportunities for women. In order to implement more effective leadership development, organisations must first acknowledge the key factors inhibiting women’s career progression. For example, competing priorities often limit the opportunities women have to develop into leaders within their organisation.
Secondly, women are often faced with the “moral” dilemma of whether to work or stay at home with their children and that these “choices” are incredibly constrained. Due to these internal challenges, women are viewed as second-class citizens. So far, there is still a perception in Islamic culture that a man is always a leader. Therefore, for women to be considered and trusted as leaders the support from Islamic institutions is especially necessary to create awareness.
AS A WORKING PROFESSIONAL AND CEO, HOW DO YOU ACHIEVE BALANCE BETWEEN YOUR PROFESSIONAL AND PERSONAL LIFE?
As a career woman with an active family life, the key to finding a balance between work demands as a CEO and family demands is setting priorities. For this, I have maintained two rules. First is prioritising work intelligently.
I prioritise my daily work. There may be twenty tasks on my daily list, but I focus on the important ones. After everything else is done, I continue on other tasks at hand. Second is maintaining quality time with my family. I focus on my work during office hours. When at home, I spend quality time with my family. Unless it’s urgent, as much as possible, I don’t check office e-mails or office chat groups at home. I also always make sure to have enough “me time” so that I can give my best to my personal and professional life. However, I still believe that multitasking is necessary.
WHAT DO WOMEN LEADERS BRING THAT IS UNIQUE?
For me, personally, being a woman leader is not easy and entails sacrifices. Knowledge, professionalism, leadership skills, time and experience are essentials. I am proud to be a woman, a leader, and also a mother for my child. A woman can do anything that she sets her mind on, believe it!
We aim to make the company a family, by supporting, helping and caring for each other. As a leader, I have always instilled a passion for progress and growth, being humble and cooperative. We should always try new things, and take every opportunity to improve, as it is solely for the advancement of my employees and the company.
It’s all about how we practice emotional intelligence as a complement to intelligence itself.
