The Readiness of Takaful Operators to Adopt Waqf (Endowment) As Additional Feature in Takaful Policy

Authors

  • Amirul Afif Muhamat Faculty of Business and Management, Universiti Teknologi MARA, 42300 Selangor Campus, Malaysia
  • Siti Zubaidah Ahmad Management and Science University, 40450 Shah Alam, Selangor, Malaysia
  • Azreen Roslan Faculty of Business and Management, Universiti Teknologi MARA, 42300 Selangor Campus, Malaysia
  • Norzitah Abdul Karim Faculty of Business and Management, Universiti Teknologi MARA, 42300 Selangor Campus, Malaysia
  • Norfaridah Ali Azizan Faculty of Business and Management, Universiti Teknologi MARA, 42300 Selangor Campus, Malaysia

Keywords:

takaful, waqf, insurance, new product, non-parametric

Abstract

This paper aims to explore the readiness of takaful operators to integrate waqf as part of their product feature by assessing on the components of as proposed in the New Product Development Model: marketing supports; formalized development process and top management supports. Questionnaire was employed in this survey and takaful operators’ employees who involved in product development were selected such as actuaries, business development managers and their executives. Unexpectedly, several takaful operators withdrew from participating in the survey (it was last minute) – which is limitation in this study. Accordingly, it caused the use of non-parametric tests in this study since the data is not normally distributed. Spearman rank correlation shows that formalized development process is the significant factor that influenced the readiness of the takaful operators to integrate waqf in their products. However, the other two independent variables which are marketing supports and top management supports depicted insignificant result. Nevertheless, the findings were still able to provide insights on the integration of waqf by takaful operators as their latest products’ feature.

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Published

2019-12-31

Issue

Vol. 7 No. 3 (2019): Special Issue: InCoMR2019

Section

Archives

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