Adoption Model Of Microtakaful In Malaysia: A Concept Paper

Authors

  • Nurin Sofiya Mohamad Nadzli Postgraduate Student
  • Nurul’Ain Mohd Lecturer
  • Muhamad Hasif Yahaya Senior Lecturer
  • Siti Nor Amira Mohamad Senior Lecturer

Keywords:

Adoption, Innovation Diffusion Theory, Microtakaful, Theory of Planned Behaviour, 7p’s

Abstract

Malaysia’s takaful industry will continue to grow at a faster rate than conventional insurance in 2022. Further to this, Malaysia is recorded as the major player and has one of the fastest takaful growth rates in Southeast Asia. However, the penetration of microtakaful is still low. Microtakaful is one of the innovations that have been made to provide financial protection for low-income families. The Malaysian people, especially low-income families, also have the right to benefit from takaful protection. Despite the government's provision of assistance for citizen participation in microtakaful, there has been a noticeable lack of academic focus on the analysis of literature pertaining to research on microtakaful consumer behaviour. This effort is important to identify factors that influence Malaysians to participate in microtakaful. Therefore, the objective of this concept paper is to propose a conceptual model consisting of factors that influenced Malaysians to participate in the microtakaful product. This study applies purposive sampling to select a sample of 1000 Malaysian individuals from 16 states, and the respondents collected in this study were analysed using IBM-AMOS version 21 software. Lastly, the proposed model formulated in this concept paper will be a useful guide for empirical testing in the future.

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Author Biographies

Nurin Sofiya Mohamad Nadzli, Postgraduate Student

Academy of Contemporary Islamic Studies (ACIS), Universiti Teknologi MARA, 40450 Shah Alam. 

Nurul’Ain Mohd, Lecturer

Academy of Contemporary Islamic Studies (ACIS), Universiti Teknologi MARA, 40450 Shah Alam.

Muhamad Hasif Yahaya, Senior Lecturer

Academy of Contemporary Islamic Studies (ACIS), Universiti Teknologi MARA, 40450 Shah Alam.

Siti Nor Amira Mohamad, Senior Lecturer

Academy of Contemporary Islamic Studies (ACIS), Universiti Teknologi MARA, 40450 Shah Alam.

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Published

2024-05-15

How to Cite

Mohamad Nadzli, N. S., Mohd, N., Yahaya, M. H., & Mohamad, S. N. A. (2024). Adoption Model Of Microtakaful In Malaysia: A Concept Paper. Al-Qanatir: International Journal of Islamic Studies, 33(3), 211–226. Retrieved from https://www.al-qanatir.com/aq/article/view/866