Abstract
This study investigates the purchase intention of Muslim consumers in Malaysia towards life insurance and Takaful. It focuses on the relationships between attitude, social norms, perceived behavioural control and knowledge on purchase intention. The Theory of Planned Behaviour is utilized as the basis of the framework to examine the key determinants that would encourage Muslims to purchase life insurance and Takaful. Data was analyzed using Partial Least Squares. A total of 316 questionnaires was obtained from a distribution of 580 questionnaires in the Klang Valley. The study found that attitude, social norms, and perceived behavioural control are predictors of intention to purchase life insurance and Takaful. However, knowledge was not a significant predictor influencing Muslims to purchase life insurance and Takaful. The findings downplay the role of knowledge of unsought goods like life insurance and Takaful on the purchase intention among Muslims.
Highlights
In the world that we live in today, the possibilities of perils are ever present
The understanding derived from the Theory of Planned Behaviour (TPB) may well pave the way for life insurance and Takaful operators to develop possible strategies to attract potential Muslim buyers
Life insurance and Takaful Operators are in need of relevant inputs to lay down possible strategies in the effort to sustain the products in the marketplace
Summary
In the world that we live in today, the possibilities of perils are ever present. Perils that are associated with destruction, injury or death often lead to losses that are at times unanticipated. The association of perils and risks is common as risk relates to the possibility of unexpected adversities that might happen in the future (Olsson, 2002). There are a lot of life insurance and Takaful products in the market, there are still very limited Muslims purchasing life insurance and Takaful The reasons behind such resistance require an in-depth understanding and life insurance and Takaful operators should initiate and find means of stimulating demands to enhance the market growth of life insurance and Takaful. There is a need to understand key factors that are needed to encourage Muslims to purchase life insurance and Takaful. This paper addresses the gaps that exist empirically in the Theory of Planned Behaviour (TPB) to further investigate other possible factors that might encourage Muslims to purchase life insurance and Takaful
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