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Conceptual insights on factors shaping Takaful Technology (TakaTech) adoption in Malaysia

The takaful and insurance industry is profoundly transformed, driven by rapid advancements in digital technology and the Internet of Things (IoT). While InsurTech has revolutionised traditional insurance practices, the acceptance of Takaful Technology (TakaTech) among consumers in Malaysia remains...

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Main Authors: Muchlis Ghazali, Haneffa, Haque, Md Mahmudul, Shafiai, Syahiru, Shamsudin, Norazidah, Mohd Yusoff, Syarah Syahira
Format: Article
Language:English
Published: Labuan Faculty of International Finance, UMS 2023
Subjects:
BPH Islamic Economics
BPH72 Economic development. Growth. Sustainable development. Sustainability
BPH830.3 Social systems. Urban groups. Cities and towns. Sustainable urban development
Online Access:http://irep.iium.edu.my/109767/1/109767_Conceptual%20insights%20on%20factors%20shaping.pdf
http://irep.iium.edu.my/109767/
https://jurcon.ums.edu.my/ojums/index.php/LJMS/article/view/4802
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spelling my.iium.irep.1097672024-01-08T08:37:29Z http://irep.iium.edu.my/109767/ Conceptual insights on factors shaping Takaful Technology (TakaTech) adoption in Malaysia Muchlis Ghazali, Haneffa Haque, Md Mahmudul Shafiai, Syahiru Shamsudin, Norazidah Mohd Yusoff, Syarah Syahira BPH Islamic Economics BPH72 Economic development. Growth. Sustainable development. Sustainability BPH830.3 Social systems. Urban groups. Cities and towns. Sustainable urban development The takaful and insurance industry is profoundly transformed, driven by rapid advancements in digital technology and the Internet of Things (IoT). While InsurTech has revolutionised traditional insurance practices, the acceptance of Takaful Technology (TakaTech) among consumers in Malaysia remains uncertain. This study aims to investigate the determinants of TakaTech adoption, focusing on attitude, subjective norm, relative benefit, and FinTech knowledge. The research is grounded in an extensive literature review and a conceptual framework analysis, drawing from an established Theory of Reasoned Action with relative benefit and Fintech knowledge. This study contributes to understanding consumer behaviour in the takaful industry, addressing a notable gap in current research. The identified determinants offer a detailed comprehension that can guide policymakers and market participants in refining marketing tactics. Takaful companies, armed with insights into customer viewpoints, can strategically promote products, increase market share, and expand commercial operations. It is essential to acknowledge the study's limitations. The conceptual nature precludes the establishment of causal linkages, and the proposed elements are derived from theoretical frameworks. Practical implications include the potential improvement of marketing efforts by tailoring strategies to customer preferences, thereby fostering TakaTech adoption. In conclusion, this research lays the groundwork for future empirical studies in the relatively unexplored field of Takaful Technology. Subsequent inquiries should examine additional factors and provide empirical evidence to authenticate the proposed conceptual framework. These efforts are vital for advancing knowledge in the expanding field of Takaful Technology, promoting continuous growth and innovation within the takaful industry. Labuan Faculty of International Finance, UMS 2023-12-31 Article PeerReviewed application/pdf en http://irep.iium.edu.my/109767/1/109767_Conceptual%20insights%20on%20factors%20shaping.pdf Muchlis Ghazali, Haneffa and Haque, Md Mahmudul and Shafiai, Syahiru and Shamsudin, Norazidah and Mohd Yusoff, Syarah Syahira (2023) Conceptual insights on factors shaping Takaful Technology (TakaTech) adoption in Malaysia. Labuan e-Journal of Muamalat and Society, 17 (2). pp. 83-93. ISSN 1985-482X E-ISSN 2672-7390 https://jurcon.ums.edu.my/ojums/index.php/LJMS/article/view/4802
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
topic BPH Islamic Economics
BPH72 Economic development. Growth. Sustainable development. Sustainability
BPH830.3 Social systems. Urban groups. Cities and towns. Sustainable urban development
spellingShingle BPH Islamic Economics
BPH72 Economic development. Growth. Sustainable development. Sustainability
BPH830.3 Social systems. Urban groups. Cities and towns. Sustainable urban development
Muchlis Ghazali, Haneffa
Haque, Md Mahmudul
Shafiai, Syahiru
Shamsudin, Norazidah
Mohd Yusoff, Syarah Syahira
Conceptual insights on factors shaping Takaful Technology (TakaTech) adoption in Malaysia
description The takaful and insurance industry is profoundly transformed, driven by rapid advancements in digital technology and the Internet of Things (IoT). While InsurTech has revolutionised traditional insurance practices, the acceptance of Takaful Technology (TakaTech) among consumers in Malaysia remains uncertain. This study aims to investigate the determinants of TakaTech adoption, focusing on attitude, subjective norm, relative benefit, and FinTech knowledge. The research is grounded in an extensive literature review and a conceptual framework analysis, drawing from an established Theory of Reasoned Action with relative benefit and Fintech knowledge. This study contributes to understanding consumer behaviour in the takaful industry, addressing a notable gap in current research. The identified determinants offer a detailed comprehension that can guide policymakers and market participants in refining marketing tactics. Takaful companies, armed with insights into customer viewpoints, can strategically promote products, increase market share, and expand commercial operations. It is essential to acknowledge the study's limitations. The conceptual nature precludes the establishment of causal linkages, and the proposed elements are derived from theoretical frameworks. Practical implications include the potential improvement of marketing efforts by tailoring strategies to customer preferences, thereby fostering TakaTech adoption. In conclusion, this research lays the groundwork for future empirical studies in the relatively unexplored field of Takaful Technology. Subsequent inquiries should examine additional factors and provide empirical evidence to authenticate the proposed conceptual framework. These efforts are vital for advancing knowledge in the expanding field of Takaful Technology, promoting continuous growth and innovation within the takaful industry.
format Article
author Muchlis Ghazali, Haneffa
Haque, Md Mahmudul
Shafiai, Syahiru
Shamsudin, Norazidah
Mohd Yusoff, Syarah Syahira
author_facet Muchlis Ghazali, Haneffa
Haque, Md Mahmudul
Shafiai, Syahiru
Shamsudin, Norazidah
Mohd Yusoff, Syarah Syahira
author_sort Muchlis Ghazali, Haneffa
title Conceptual insights on factors shaping Takaful Technology (TakaTech) adoption in Malaysia
title_short Conceptual insights on factors shaping Takaful Technology (TakaTech) adoption in Malaysia
title_full Conceptual insights on factors shaping Takaful Technology (TakaTech) adoption in Malaysia
title_fullStr Conceptual insights on factors shaping Takaful Technology (TakaTech) adoption in Malaysia
title_full_unstemmed Conceptual insights on factors shaping Takaful Technology (TakaTech) adoption in Malaysia
title_sort conceptual insights on factors shaping takaful technology (takatech) adoption in malaysia
publisher Labuan Faculty of International Finance, UMS
publishDate 2023
url http://irep.iium.edu.my/109767/1/109767_Conceptual%20insights%20on%20factors%20shaping.pdf
http://irep.iium.edu.my/109767/
https://jurcon.ums.edu.my/ojums/index.php/LJMS/article/view/4802
_version_ 1787520342682501120
score 13.211869

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