Examining the innovative minds of Takaful consumers: the case of Malaysia

Objective: This study aims to examine the factors that will affect Malaysian consumers to participate in Takaful. Analysis: Out of the 600 questionnaires that were sent to consumers in greater Malaysia i.e. Kuala Lumpur and Selangor, we received 503 questionnaires. The sample is randomly selected f...

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Main Authors:	Hassan, Rusni, Kassim, Salina, Ab Rashid, Hafiz-Majdi, Salman, Syed Ahmed
Format:	Article
Language:	English English
Published:	R.K. Sharma, Institute of Medico-Legal Publications 2018
Subjects:	HB126.4 Islamic Economics HG3368 Islamic Banking and Finance HG8719 Islamic Insurance Takaful
Online Access:	http://irep.iium.edu.my/3467/ http://irep.iium.edu.my/3467/ http://irep.iium.edu.my/3467/ http://irep.iium.edu.my/3467/1/3467_Examining%20the%20innovative%20minds.pdf http://irep.iium.edu.my/3467/7/3467_Examining%20the%20innovative%20minds%20of%20Takaful%20consumers_SCOPUS.pdf

id	iium-3467
recordtype	eprints
spelling	iium-34672019-06-24T02:38:08Z http://irep.iium.edu.my/3467/ Examining the innovative minds of Takaful consumers: the case of Malaysia Hassan, Rusni Kassim, Salina Ab Rashid, Hafiz-Majdi Salman, Syed Ahmed HB126.4 Islamic Economics HG3368 Islamic Banking and Finance HG8719 Islamic Insurance Takaful Objective: This study aims to examine the factors that will affect Malaysian consumers to participate in Takaful. Analysis: Out of the 600 questionnaires that were sent to consumers in greater Malaysia i.e. Kuala Lumpur and Selangor, we received 503 questionnaires. The sample is randomly selected from the known population. The total of 35 questions are constructed to know the determinants to choose new products by the respondents. Method: New product adoption theory is used in developing the questionnaire. In this, questions are organised into seven groups, namely, (a) cost vs. benefit, (b) accessability, availability and service quality, (c) product features, (d) reputation of the company, (e) attributes of agent, (f) marketing and promotion and (g) social and religious factors. The data collected from respondents were subjected to exploratory factor analysis based on Principal Component Analysis (PCA) through varimax rotation. This was performed in order to reduce the data to a manageable size. Findings: The findings show that, three predictors out seven predictors significantly contributed to the model and these are social and religious factors, product features, and marketing and promotion. Result: It can be said that, marketing, social and religion and product features are the most important and dominant factors that can influence Malaysian consumers to adopt and participate in Takaful products. Takaful operators should enhance their marketing strategy and simplify the product features to capture the untouched market. R.K. Sharma, Institute of Medico-Legal Publications 2018-12 Article PeerReviewed application/pdf en http://irep.iium.edu.my/3467/1/3467_Examining%20the%20innovative%20minds.pdf application/pdf en http://irep.iium.edu.my/3467/7/3467_Examining%20the%20innovative%20minds%20of%20Takaful%20consumers_SCOPUS.pdf Hassan, Rusni and Kassim, Salina and Ab Rashid, Hafiz-Majdi and Salman, Syed Ahmed (2018) Examining the innovative minds of Takaful consumers: the case of Malaysia. Indian Journal of Public Health Research & Development, 9 (12). pp. 2652-2655. ISSN 0976-0245 E-ISSN 0976-5506 http://www.ijphrd.com/index.html 10.5958/0976-5506.2018.02116.2
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English English
topic	HB126.4 Islamic Economics HG3368 Islamic Banking and Finance HG8719 Islamic Insurance Takaful
spellingShingle	HB126.4 Islamic Economics HG3368 Islamic Banking and Finance HG8719 Islamic Insurance Takaful Hassan, Rusni Kassim, Salina Ab Rashid, Hafiz-Majdi Salman, Syed Ahmed Examining the innovative minds of Takaful consumers: the case of Malaysia
description	Objective: This study aims to examine the factors that will affect Malaysian consumers to participate in Takaful. Analysis: Out of the 600 questionnaires that were sent to consumers in greater Malaysia i.e. Kuala Lumpur and Selangor, we received 503 questionnaires. The sample is randomly selected from the known population. The total of 35 questions are constructed to know the determinants to choose new products by the respondents. Method: New product adoption theory is used in developing the questionnaire. In this, questions are organised into seven groups, namely, (a) cost vs. benefit, (b) accessability, availability and service quality, (c) product features, (d) reputation of the company, (e) attributes of agent, (f) marketing and promotion and (g) social and religious factors. The data collected from respondents were subjected to exploratory factor analysis based on Principal Component Analysis (PCA) through varimax rotation. This was performed in order to reduce the data to a manageable size. Findings: The findings show that, three predictors out seven predictors significantly contributed to the model and these are social and religious factors, product features, and marketing and promotion. Result: It can be said that, marketing, social and religion and product features are the most important and dominant factors that can influence Malaysian consumers to adopt and participate in Takaful products. Takaful operators should enhance their marketing strategy and simplify the product features to capture the untouched market.
format	Article
author	Hassan, Rusni Kassim, Salina Ab Rashid, Hafiz-Majdi Salman, Syed Ahmed
author_facet	Hassan, Rusni Kassim, Salina Ab Rashid, Hafiz-Majdi Salman, Syed Ahmed
author_sort	Hassan, Rusni
title	Examining the innovative minds of Takaful consumers: the case of Malaysia
title_short	Examining the innovative minds of Takaful consumers: the case of Malaysia
title_full	Examining the innovative minds of Takaful consumers: the case of Malaysia
title_fullStr	Examining the innovative minds of Takaful consumers: the case of Malaysia
title_full_unstemmed	Examining the innovative minds of Takaful consumers: the case of Malaysia
title_sort	examining the innovative minds of takaful consumers: the case of malaysia
publisher	R.K. Sharma, Institute of Medico-Legal Publications
publishDate	2018
url	http://irep.iium.edu.my/3467/ http://irep.iium.edu.my/3467/ http://irep.iium.edu.my/3467/ http://irep.iium.edu.my/3467/1/3467_Examining%20the%20innovative%20minds.pdf http://irep.iium.edu.my/3467/7/3467_Examining%20the%20innovative%20minds%20of%20Takaful%20consumers_SCOPUS.pdf
first_indexed	2023-09-18T20:11:17Z
last_indexed	2023-09-18T20:11:17Z
_version_	1777407495191396352

Examining the innovative minds of Takaful consumers: the case of Malaysia

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