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A preliminary study on the factors influencing malaysian youths' adoption and rejection of takaful

Takaful company was initially established in Malaysia in the 1990s. The Malaysian Takaful (Islamic insurance) sector has grown significantly in recent decades, with fifteen Takaful companies operating in the country, including general and family Takaful. According to the Malaysian Takaful Associa...

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Main Authors: Hassan, Rusni, Salman, Syed Ahmed, Mohd Yusoff, Syarah Syahira, Mohd Zin, Nor Razinah, Yusoff, Adnan
Format: Article
Language:English
Published: Gokmen Arslan 2022
Subjects:
HG3368 Islamic Banking and Finance
Online Access:http://irep.iium.edu.my/97351/7/97351_A%20preliminary%20study%20on%20the%20factors%20influencing%20malaysian.pdf
http://irep.iium.edu.my/97351/
https://journalppw.com/index.php/jpsp/article/view/1452/751
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spelling my.iium.irep.973512022-03-25T03:48:12Z http://irep.iium.edu.my/97351/ A preliminary study on the factors influencing malaysian youths' adoption and rejection of takaful Hassan, Rusni Salman, Syed Ahmed Mohd Yusoff, Syarah Syahira Mohd Zin, Nor Razinah Yusoff, Adnan HG3368 Islamic Banking and Finance Takaful company was initially established in Malaysia in the 1990s. The Malaysian Takaful (Islamic insurance) sector has grown significantly in recent decades, with fifteen Takaful companies operating in the country, including general and family Takaful. According to the Malaysian Takaful Association, 2020, the Malaysian Takaful industry witnessed exponential growth with general Takaful business has registered Gross Written Contributions of RM 3.46 billion, an increase of 4.4% over the same period in 2019; and the Family Takaful business has registered RM6.59 billion new business gross contributions in 2020, an increase of 7.0% compared to RM 6.16 billion in 2019. On the other hand, Islamic insurance has a lower penetration rate than conventional insurance, still lacking. There have been studies conducted to determine the reasons, however to the best of academics' knowledge; there is still a gap in understanding why Malaysian youth are not embracing the Takaful policy . As a result, this study aims to determine the causes for this and promote Takaful among Malaysian youngsters. The sample for this study comprises 53 Malaysian youth who were recruited from various sources. The data for this study is gathered through a random sample. This study employed descriptive statistics and correlation coefficients for statistical analysis. Religion, social status, product features, marketing, agent characteristics, and service quality, availability, and transparency determine the success of Takaful's adoption. However, the vast majority of respondents are unfamiliar with the Takaful concept, as well as its awareness and coverage. It is anticipated that this research will be eye-opening for regulatory organizations, Takaful companies, academics, and students to come out with strategies to attract youths to subscribe to takaful policy. Gokmen Arslan 2022 Article PeerReviewed application/pdf en http://irep.iium.edu.my/97351/7/97351_A%20preliminary%20study%20on%20the%20factors%20influencing%20malaysian.pdf Hassan, Rusni and Salman, Syed Ahmed and Mohd Yusoff, Syarah Syahira and Mohd Zin, Nor Razinah and Yusoff, Adnan (2022) A preliminary study on the factors influencing malaysian youths' adoption and rejection of takaful. Journal of Positive School Psychology, 6 (3). pp. 760-779. E-ISSN 2717-7564 https://journalppw.com/index.php/jpsp/article/view/1452/751
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 HG3368 Islamic Banking and Finance
spellingShingle HG3368 Islamic Banking and Finance
Hassan, Rusni
Salman, Syed Ahmed
Mohd Yusoff, Syarah Syahira
Mohd Zin, Nor Razinah
Yusoff, Adnan
A preliminary study on the factors influencing malaysian youths' adoption and rejection of takaful
description Takaful company was initially established in Malaysia in the 1990s. The Malaysian Takaful (Islamic insurance) sector has grown significantly in recent decades, with fifteen Takaful companies operating in the country, including general and family Takaful. According to the Malaysian Takaful Association, 2020, the Malaysian Takaful industry witnessed exponential growth with general Takaful business has registered Gross Written Contributions of RM 3.46 billion, an increase of 4.4% over the same period in 2019; and the Family Takaful business has registered RM6.59 billion new business gross contributions in 2020, an increase of 7.0% compared to RM 6.16 billion in 2019. On the other hand, Islamic insurance has a lower penetration rate than conventional insurance, still lacking. There have been studies conducted to determine the reasons, however to the best of academics' knowledge; there is still a gap in understanding why Malaysian youth are not embracing the Takaful policy . As a result, this study aims to determine the causes for this and promote Takaful among Malaysian youngsters. The sample for this study comprises 53 Malaysian youth who were recruited from various sources. The data for this study is gathered through a random sample. This study employed descriptive statistics and correlation coefficients for statistical analysis. Religion, social status, product features, marketing, agent characteristics, and service quality, availability, and transparency determine the success of Takaful's adoption. However, the vast majority of respondents are unfamiliar with the Takaful concept, as well as its awareness and coverage. It is anticipated that this research will be eye-opening for regulatory organizations, Takaful companies, academics, and students to come out with strategies to attract youths to subscribe to takaful policy.
format Article
author Hassan, Rusni
Salman, Syed Ahmed
Mohd Yusoff, Syarah Syahira
Mohd Zin, Nor Razinah
Yusoff, Adnan
author_facet Hassan, Rusni
Salman, Syed Ahmed
Mohd Yusoff, Syarah Syahira
Mohd Zin, Nor Razinah
Yusoff, Adnan
author_sort Hassan, Rusni
title A preliminary study on the factors influencing malaysian youths' adoption and rejection of takaful
title_short A preliminary study on the factors influencing malaysian youths' adoption and rejection of takaful
title_full A preliminary study on the factors influencing malaysian youths' adoption and rejection of takaful
title_fullStr A preliminary study on the factors influencing malaysian youths' adoption and rejection of takaful
title_full_unstemmed A preliminary study on the factors influencing malaysian youths' adoption and rejection of takaful
title_sort preliminary study on the factors influencing malaysian youths' adoption and rejection of takaful
publisher Gokmen Arslan
publishDate 2022
url http://irep.iium.edu.my/97351/7/97351_A%20preliminary%20study%20on%20the%20factors%20influencing%20malaysian.pdf
http://irep.iium.edu.my/97351/
https://journalppw.com/index.php/jpsp/article/view/1452/751
_version_ 1729702922252451840
score 13.211869

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