Determinants Of Microtakaful Adoption Among Consumers: A Systematic Literature Review

Authors

  • Nurin Sofiya Mohamad Nadzli Postgraduate student
  • Muhamad Hasif Yahaya Senior Lecturer

Keywords:

Adoption, Determinants, Microtakaful, Consumers, SLR

Abstract

The Financial Sector Blueprint 2022-2026 highlights the need for the financial sector to be agile and resilient in order to facilitate the country's transition to its next stage of growth. In an effort to promote and enhance financial inclusion for all Malaysians of all income levels, Bank Negara Malaysia has proposed doubling the number of microtakaful subscribers. Even if the takaful penetration rate experienced the greatest growth over a five-year period in 2021, the low-income population still lags behind. Previous research has initiated the topic regarding microtakaful since the microtakaful market is in an initial stage of development. However, prior researchers have not thoroughly examined studies about the microtakaful adoption factors. Therefore, the purpose of the present study is to conduct a systematic literature review in order to identify and assess the factors that potentially influence consumer adoption of microtakaful. The present study used the systematic method of literature review. The databases such as Emerald Insight, Scopus, SpringerLink, Web of Science, and Google Scholar have been accessed, and a total of 417 articles have been analysed. The findings reveal that the financial factor was the most influential independent variable utilised in previous research. The overall number of screened publications indicates that the number of publications by previous researchers is increasing at a constant rate. Consequently, just a few published pieces of research have been discovered. This study presents a number of suggestions for further research in the field of microtakaful.

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Author Biographies

Nurin Sofiya Mohamad Nadzli, Postgraduate student

Academy of Contemporary Islamic Studies, Universiti Teknologi MARA.

Muhamad Hasif Yahaya, Senior Lecturer

Academy of Contemporary Islamic Studies, Universiti Teknologi MARA.

References

Journal

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Act

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Document

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Proceeding

COMCEC. 2019. Improving the Takaful Sector In Islamic Countries. Proceedings of the 13th Meeting of the COMCEC Financial Cooperation Working Group. https://www.comcec.org/wp-content/uploads/2021/07/PROCEEDINGS-OF-THE-13TH-MEETING-OF-THE-FCWG.pdf

Thesis

Ishak, N. S. B. 2020. Demand for Takaful and Microtakaful in Malaysia. Doctoral dissertation, University of Sussex.

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Published

2023-06-01

How to Cite

Mohamad Nadzli, N. S., & Yahaya, M. H. (2023). Determinants Of Microtakaful Adoption Among Consumers: A Systematic Literature Review. Al-Qanatir: International Journal of Islamic Studies, 30(2), 303–311. Retrieved from https://www.al-qanatir.com/aq/article/view/688

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Articles