Factors Influencing the Penetration Rate of Malaysian Takāful Industry from Takāful Managers' Perspective

Omaima Eltahir Babikir Mohamed; Syed Othman Alhabshi

doi:10.12816/0024362

Article Details

Factors Influencing the Penetration Rate of Malaysian Takāful Industry from Takāful Managers' Perspective

Authors:

Omaima Eltahir Babikir Mohamed | Syed Othman Alhabshi

Publisher:

Hamdan Bin Mohammed e-University

Main Topics:

Islam, Bábism & Bahá"í Faith

Journal:

International Journal of Excellence in Islamic Banking and Finance 2015 Vol.5 Issue 1, pp.1-13

Document Type:

Article

Publication Date:

1/2015

Document Language:

English

Document ID (Org No.):

83607

Frequency:

Bi-Monthly

eISSN:

22208291

DOI:

10.12816/0024362

Descriptors:

Keywords:

Abstract:

 Purpose: This paper sought to find the factors influencing Takāful market penetration based on the experience of managers of Takāful operators.
Methodology: Twenty (20) Takāful managers were randomly selected and interviewed. The method of analysis employed is The Thematic Analysis.
Findings: The interviewees pointed out the factors that deter the public from participating in Takāful could be listed as follows: the lack of public awareness in the advantages of Takāful over insurance products, the limited range of product varieties, the shortage of relevant expertise to explain Takāful products, the need to improve the distribution channels and marketing strategies.
Practical implications: The paper also suggested several ways of improving Takāful market penetration, namely: the need to develop tailor-made products to suit customer needs according to the different segments of society, expanding the range of product varieties, extensive training of staff and agents in order to enhance their products and services, technical and Shariăh knowledge as well as to intensify promotion for higher level of awareness.
Originality/ value of a paper: The paper is a rare attempted to investigate the factors influencing Takāful market penetration in Malaysia context.

Article Details

Factors Influencing the Penetration Rate of Malaysian Takāful Industry from Takāful Managers' Perspective

Authors:

Omaima Eltahir Babikir Mohamed | Syed Othman Alhabshi

Publisher:

Hamdan Bin Mohammed e-University

Main Topics:

Islam, Bábism & Bahá"í Faith

Journal:

International Journal of Excellence in Islamic Banking and Finance 2015 Vol.5 Issue 1, pp.1-13

Document Type:

Article

Publication Date:

1/2015

Document Language:

English

Document ID (Org No.):

83607

Frequency:

Bi-Monthly

eISSN:

22208291

DOI:

10.12816/0024362

Descriptors:

ECONOMIC INTERDEPENDENCE

ECONOMIC COOPERATION

INDUSTRY

MANAGERS

MALAYSIA

Takāful

Managers

Awareness

Penetration

Malaysia

Issues

Article Details

Authors: Omaima Eltahir Babikir Mohamed | Syed Othman Alhabshi

Publisher: Hamdan Bin Mohammed e-University

Main Topics: Islam, Bábism & Bahá"í Faith

Journal: International Journal of Excellence in Islamic Banking and Finance 2015 Vol.5 Issue 1, pp.1-13

Document Type: Article

Publication Date: 1/2015

Document Language: English

Document ID (Org No.): 83607

Frequency: Bi-Monthly

eISSN: 22208291

DOI: 10.12816/0024362

Descriptors:

Issues

Authors:

Omaima Eltahir Babikir Mohamed | Syed Othman Alhabshi

Publisher:

Hamdan Bin Mohammed e-University

Main Topics:

Islam, Bábism & Bahá"í Faith

Journal:

International Journal of Excellence in Islamic Banking and Finance 2015 Vol.5 Issue 1, pp.1-13

Document Type:

Article

Publication Date:

1/2015

Document Language:

English

Document ID (Org No.):

83607

Frequency:

Bi-Monthly

eISSN:

22208291

DOI:

10.12816/0024362