Staff View: Is takaful industry innovative? Examining the perception of Takaful operators in Malaysia

Is takaful industry innovative? Examining the perception of Takaful operators in Malaysia

Takaful is a social and ethical insurance based on the principle of Ta’awun (cooperation) and Tabarru (donation) where the risk is shared collectively by members of a policy. The concept of Takaful is providing financial assistance to the participants on a basis for mutual assistance, brotherhood...

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Main Authors:	Hassan, Rusni, Salamn, Syed Ahmad, Kassim, Salina, Majdi, Hafiz
Format:	Conference or Workshop Item
Language:	English English
Published:	International Business Information Management Association (IBIMA) 2018
Subjects:	HG8719 Islamic Insurance Takaful
Online Access:	http://irep.iium.edu.my/72882/9/72882%20%20%20%20%20%20%20Is%20takaful%20industry%20innovative.pdf http://irep.iium.edu.my/72882/2/72882%20Is%20takaful%20industry%20innovative%20SCOPUS.pdf http://irep.iium.edu.my/72882/ https://ibima.org/accepted-paper/is-takaful-industry-innovative-examining-the-perception-of-takaful-operators-in-malaysia/
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spelling	my.iium.irep.728822019-07-09T09:17:57Z http://irep.iium.edu.my/72882/ Is takaful industry innovative? Examining the perception of Takaful operators in Malaysia Hassan, Rusni Salamn, Syed Ahmad Kassim, Salina Majdi, Hafiz HG8719 Islamic Insurance Takaful Takaful is a social and ethical insurance based on the principle of Ta’awun (cooperation) and Tabarru (donation) where the risk is shared collectively by members of a policy. The concept of Takaful is providing financial assistance to the participants on a basis for mutual assistance, brotherhood and solidarity in cases where the participants face some misfortune. Takaful is an alternative to the conventional insurance, and its primary objective is to protect the participants based on the ethical and moral foundations. Due to its unique innovative and not facing any major issues at the moment. They also suggested various possible solutions to the current situation which indirectly shows that there are many aspects that can be improved in the Takaful industry to achieve innovation that meets consumer requirements and satisfaction. characteristics, Takaful is one of the fastest growing areas of International finance. An industry that started with less than 10 players in the early eighties has become a multi-billion-dollar global industry that currently spans across South-East Asia, Middle East, Africa, Central Asia and Europe with more than 200 players. The purpose of this research is to understand how Takaful operators view Takaful products that are being created with innovative methods and techniques in Malaysia. As compare to most of the prior research that are centred on the demand side (i.e. consumers), this research however focuses on the supply side of Takaful industry (i.e. the Takaful operators). The findings of this research are significant as it pushes the industry to be innovative in their products and services. Not only innovative products are good to the customer, but also enhance the Malaysian Takaful products to become global models. To achieve this objective, in-depth and semi-structured interviews were conducted with the relevant fourteen officers among the Takaful Operators (TOs) to obtain their views regarding the objective. From the findings, it can be seen that there is a negative trend of innovation in the Takaful industry as the respondents highlighted a lot of issues and challenges that hamper innovation in the whole industry. Only a few respondents thought that the industry is already International Business Information Management Association (IBIMA) 2018 Conference or Workshop Item PeerReviewed application/pdf en http://irep.iium.edu.my/72882/9/72882%20%20%20%20%20%20%20Is%20takaful%20industry%20innovative.pdf application/pdf en http://irep.iium.edu.my/72882/2/72882%20Is%20takaful%20industry%20innovative%20SCOPUS.pdf Hassan, Rusni and Salamn, Syed Ahmad and Kassim, Salina and Majdi, Hafiz (2018) Is takaful industry innovative? Examining the perception of Takaful operators in Malaysia. In: 32nd International Business Information Management Association Conference, IBIMA 2018, 15th-16th November 2018, Seville, Spain. https://ibima.org/accepted-paper/is-takaful-industry-innovative-examining-the-perception-of-takaful-operators-in-malaysia/
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 English
topic	HG8719 Islamic Insurance Takaful
spellingShingle	HG8719 Islamic Insurance Takaful Hassan, Rusni Salamn, Syed Ahmad Kassim, Salina Majdi, Hafiz Is takaful industry innovative? Examining the perception of Takaful operators in Malaysia
description	Takaful is a social and ethical insurance based on the principle of Ta’awun (cooperation) and Tabarru (donation) where the risk is shared collectively by members of a policy. The concept of Takaful is providing financial assistance to the participants on a basis for mutual assistance, brotherhood and solidarity in cases where the participants face some misfortune. Takaful is an alternative to the conventional insurance, and its primary objective is to protect the participants based on the ethical and moral foundations. Due to its unique innovative and not facing any major issues at the moment. They also suggested various possible solutions to the current situation which indirectly shows that there are many aspects that can be improved in the Takaful industry to achieve innovation that meets consumer requirements and satisfaction. characteristics, Takaful is one of the fastest growing areas of International finance. An industry that started with less than 10 players in the early eighties has become a multi-billion-dollar global industry that currently spans across South-East Asia, Middle East, Africa, Central Asia and Europe with more than 200 players. The purpose of this research is to understand how Takaful operators view Takaful products that are being created with innovative methods and techniques in Malaysia. As compare to most of the prior research that are centred on the demand side (i.e. consumers), this research however focuses on the supply side of Takaful industry (i.e. the Takaful operators). The findings of this research are significant as it pushes the industry to be innovative in their products and services. Not only innovative products are good to the customer, but also enhance the Malaysian Takaful products to become global models. To achieve this objective, in-depth and semi-structured interviews were conducted with the relevant fourteen officers among the Takaful Operators (TOs) to obtain their views regarding the objective. From the findings, it can be seen that there is a negative trend of innovation in the Takaful industry as the respondents highlighted a lot of issues and challenges that hamper innovation in the whole industry. Only a few respondents thought that the industry is already
format	Conference or Workshop Item
author	Hassan, Rusni Salamn, Syed Ahmad Kassim, Salina Majdi, Hafiz
author_facet	Hassan, Rusni Salamn, Syed Ahmad Kassim, Salina Majdi, Hafiz
author_sort	Hassan, Rusni
title	Is takaful industry innovative? Examining the perception of Takaful operators in Malaysia
title_short	Is takaful industry innovative? Examining the perception of Takaful operators in Malaysia
title_full	Is takaful industry innovative? Examining the perception of Takaful operators in Malaysia
title_fullStr	Is takaful industry innovative? Examining the perception of Takaful operators in Malaysia
title_full_unstemmed	Is takaful industry innovative? Examining the perception of Takaful operators in Malaysia
title_sort	is takaful industry innovative? examining the perception of takaful operators in malaysia
publisher	International Business Information Management Association (IBIMA)
publishDate	2018
url	http://irep.iium.edu.my/72882/9/72882%20%20%20%20%20%20%20Is%20takaful%20industry%20innovative.pdf http://irep.iium.edu.my/72882/2/72882%20Is%20takaful%20industry%20innovative%20SCOPUS.pdf http://irep.iium.edu.my/72882/ https://ibima.org/accepted-paper/is-takaful-industry-innovative-examining-the-perception-of-takaful-operators-in-malaysia/
_version_	1643620233238282240
score	13.211869

Is takaful industry innovative? Examining the perception of Takaful operators in Malaysia

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