Abstract
The purpose of this study is to examine the relationship between family takaful demand and demographic factors. Based on 50 relevant articles from year 2007 until 2017 in Malaysia, 20 of them were found to relate to the demographic factors that affected demand of family takaful. The results of this study were divided into five (5) frequencies, specifically gender 4/20, religiosity 5/20, age 6/20, level of education 11/20, and income 12/20. Therefore, financial income was the most important demographic factor in increasing the demand of family takaful.
Highlights
Bank Negara defines takaful as an Islamic concept of insurance
The total market penetration and shared performance in takaful industry lag far behind. In response to this issue, this study is to identify the possible factors that influence the demand of family takaful products and discover the reasons why the public has no interest in family takaful
Expected Findings As indicated by 20 articles reviewed in State of Art (STA), income was the most significant factor that influenced family takaful demand
Summary
Bank Negara defines takaful as an Islamic concept of insurance. It allows a group of participants to guarantee against future loss or damage as mutually agreed by contributing tabarru’ in the takaful funds based on the principles of taawun’ (mutual assistance) and tabarru’ (voluntary contribution). Takaful involves elements of donation and it is free from gharar, maysir, and riba. Takaful industry is one of the service sectors that determines the economic development of a country. Consider takaful industry provides protection to policy buyers, its growth rate in Malaysia is higher than other Muslim countries such as Indonesia and Bahrain. In Malaysia, takaful industry shows improvement in the number of family takaful operator (Yazid et al 2012), subsequently gives expansion opportunities for takaful market share, at the same time increases penetration
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