Factors Influencing The Penetration Rate Of Malaysian Takāful Industry From Takāful Managers’ Perspective

Assoc. Prof. Dr. Omaima Eltahir Babikir Mohamed and Prof. Datuk Dr.Syed Othman AlHabshi

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Type :	Academic Journal
Main Author :	Assoc. Prof. Dr. Omaima Eltahir Babikir Mohamed and Prof. Datuk Dr.Syed Othman AlHabshi
Title :	Factors Influencing The Penetration Rate Of Malaysian Takāful Industry From Takāful Managers’ Perspective
Varying Form of Title :	International Journal of Excellence in Islamic Banking and Finance, (2015), Vol 5, Issue 1
Content Type :	still image (rdacontent)
Media Type :	computer (rdamedia)
Carrier Type :	online resource (rdacarrier)

Publisher :	International Journal of Excellence in Islamic Banking and Finance
Year of Publication :	2015
Summary :	The Malaysian Takāful industry has experienced encouraging growth since its inception in 1985. Annual growth rate of the industry has been estimated to be around 20%. Despite such impressive rate of growth, it is believed that the market penetration of Takāful is still low. This paper seeks to find the factors influencing Takāful market penetration based on the experience of managers of Takāful operators. Twenty (20) Takāful managers were randomly selected and interviewed. 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. 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 the society, expanding the range of product varieties, extensive training of staff and agents to enhance their products and services, technical and Shariăh knowledge as well as to intensify promotion for higher level of awareness.
Corporate Name :	UNIRAZAK Library
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