IDEAS home Printed from https://ideas.repec.org/a/rnd/arimbr/v17y2025i1p80-89.html
   My bibliography  Save this article

Breaking Barriers: Customer Acceptance and Challenges of Waqf-Takaful Death Compensation Products in Malaysia

Author

Listed:
  • Sukriah Ismail
  • Marina Abu Bakar
  • Hanizan Shaker Hussain
  • Mohamad Saufee Anuar
  • Md Nasri Ali

Abstract

This study aims to analyze the acceptance and challenges of waqf-takaful death compensation products in Malaysia, focusing on factors such as product knowledge, education, marketing, customer attitude, and long-term benefits. A quantitative approach using a descriptive cross-sectional survey method was employed, with data collected via a structured questionnaire. The findings revealed that product knowledge, customer attitude, and marketing strategies significantly influence acceptance. However, challenges such as limited awareness, inadequate promotion, and accessibility issues were also identified. The study highlights the importance of improving customer education and refining marketing strategies to enhance the adoption of waqf-takaful products.

Suggested Citation

  • Sukriah Ismail & Marina Abu Bakar & Hanizan Shaker Hussain & Mohamad Saufee Anuar & Md Nasri Ali, 2025. "Breaking Barriers: Customer Acceptance and Challenges of Waqf-Takaful Death Compensation Products in Malaysia," Information Management and Business Review, AMH International, vol. 17(1), pages 80-89.
    • Handle: RePEc:rnd:arimbr:v:17:y:2025:i:1:p:80-89
    DOI: 10.22610/imbr.v17i1(I).3904
    as

    Download full text from publisher

    File URL: https://ojs.amhinternational.com/index.php/imbr/article/view/3904/2885
    Download Restriction: no
    File URL: https://ojs.amhinternational.com/index.php/imbr/article/view/3904
    Download Restriction: no
    File URL: https://libkey.io/10.22610/imbr.v17i1(I).3904?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Moore, Michael J & Viscusi, W Kip, 1988. "The Quantity-Adjusted Value of Life," Economic Inquiry, Western Economic Association International, vol. 26(3), pages 369-388, July.
    2. Mohd M. Billah & Ezzedine GhlamAllah & Christos Alexakis, 2019. "Encyclopedia of Islamic Insurance, Takaful and Retakaful," Books, Edward Elgar Publishing, number 18149, March.
    3. Mohd Billah & Ezzedine Ghlamallah & Christos Alexakis, 2019. "Encyclopedia of Islamic Insurance, Takaful and Retakaful," Post-Print hal-03584031, HAL.
    4. Azhar Alam & Bayu Arie Fianto & Ririn Tri Ratnasari & Aidi Ahmi & Fransiska Putri Handayani, 2023. "History and Development of Takaful Research: A Bibliometric Review," SAGE Open, , vol. 13(3), pages 21582440231, July.
    5. Tajudeen Olalekan Yusuf, 2012. "Prospects of Takaful’s (Islamic Insurance) Contributions to the Nigerian Economy," Journal of Finance and Investment Analysis, SCIENPRESS Ltd, vol. 1(3), pages 1-12.
    6. Nursyuhadah Abdul Rahman & Zurul Aisya Osman & Nur Syairah Ani & Zulkarnian Ahmad, 2019. "Religious and Socioeconomic Implications of Islamic Insurance: A Review," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(5), pages 313-320, August.
    7. Kamarul Ariffin Mansor & Raden Mohd Ngisomuddin Masduki & Masilah Mohamad & Nursidrah Zulkarnain & Nor Atikah Aziz, 2015. "A Study on Factors Influencing Muslim’s Consumers Preferences Towards Takaful Products In Malaysia," Romanian Statistical Review, Romanian Statistical Review, vol. 63(2), pages 78-89, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bommier, Antoine & Lanz, Bruno & Zuber, Stéphane, 2015. "Models-as-usual for unusual risks? On the value of catastrophic climate change," Journal of Environmental Economics and Management, Elsevier, vol. 74(C), pages 1-22.
    2. Wim Groot & Henriëtte van den Brink, 2003. "Sympathy and the Value of Health: The Spill-over Effects of Migraine on Household Well-being," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 61(1), pages 97-120, January.
    3. Stavins, Robert, 2004. "Environmental Economics," RFF Working Paper Series dp-04-54, Resources for the Future.
    4. Groot, Wim & Maassen van den Brink, Henriette, 2007. "The health effects of education," Economics of Education Review, Elsevier, vol. 26(2), pages 186-200, April.
    5. Georges Dionne & Paul Lanoie, 2002. "How to Make a Public Choice About the Value of a Statistical Life: The Case of Road Safety," Cahiers de recherche 02-04, HEC Montréal, Institut d'économie appliquée.
    6. James Hammitt & Jin-Tan Liu, 2004. "Effects of Disease Type and Latency on the Value of Mortality Risk," Journal of Risk and Uncertainty, Springer, vol. 28(1), pages 73-95, January.
    7. Krupnick, Alan & Alberini, Anna & Cropper, Maureen & Simon, Nathalie & O'Brien, Bernie & Goeree, Ron & Heintzelman, Martin, 2002. "Age, Health and the Willingness to Pay for Mortality Risk Reductions: A Contingent Valuation Survey of Ontario Residents," Journal of Risk and Uncertainty, Springer, vol. 24(2), pages 161-186, March.
    8. Agee, Mark D. & Crocker, Thomas D., 2002. "On Techniques to Value the Impact of Environmental Hazards on Children's Health," National Center for Environmental Economics-NCEE Working Papers 280801, United States Environmental Protection Agency (EPA).
    9. Antoine Bommier & Bertrand Villeneuve, 2012. "Risk Aversion and the Value of Risk to Life," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 79(1), pages 77-104, March.
    10. Bärnighausen, Till & Bloom, David E., 2009. ""Conditional scholarships" for HIV/AIDS health workers: Educating and retaining the workforce to provide antiretroviral treatment in sub-Saharan Africa," Social Science & Medicine, Elsevier, vol. 68(3), pages 544-551, February.
    11. Chris Dockins & Robin R. Jenkins & Nicole Owens & Nathalie B. Simon & Lanelle Bembenek Wiggins, 2002. "Valuation of Childhood Risk Reduction: The Importance of Age, Risk Preferences, and Perspective," Risk Analysis, John Wiley & Sons, vol. 22(2), pages 335-346, April.
    12. Viscusi, W. Kip & Hersch, Joni, 2008. "The mortality cost to smokers," Journal of Health Economics, Elsevier, vol. 27(4), pages 943-958, July.
    13. K. R. Shanmugam, 2011. "Discount Rate for Health Benefits and the Value of Life in India," Working Papers id:4524, eSocialSciences.
    14. Je-Liang Liou, 2019. "Effect of Income Heterogeneity on Valuation of Mortality Risk in Taiwan: An Application of Unconditional Quantile Regression Method," IJERPH, MDPI, vol. 16(9), pages 1-15, May.
    15. Mark D. Agee & Thomas D. Crocker, 2002. "On Techniques to Value the Impact of Environmental Hazards on Children's Health," NCEE Working Paper Series 200208, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Sep 2002.
    16. Agamoni Majumder & S. Madheswaran, 2022. "Discounting Long-Term Job-Related Health Risks in the Context of Indian Workers," The Indian Journal of Labour Economics, Springer;The Indian Society of Labour Economics (ISLE), vol. 65(4), pages 1099-1120, December.
    17. Juliana Arifin & Nurul Syazwani Mohd Noor & Puspa Liza Ghazali & Roslida Abdul Razak & Hamizah Muhammad, 2024. "Educational Approach to Foster Knowledge and Understanding of Takaful among Malaysians," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(8), pages 4462-4468, August.
    18. Trudy Cameron & J. DeShazo & Peter Stiffler, 2010. "Demand for health risk reductions: A cross-national comparison between the U.S. and Canada," Journal of Risk and Uncertainty, Springer, vol. 41(3), pages 245-273, December.
    19. Joseph E. Aldy & W. Kip Viscusi, 2007. "Age Differences in the Value of Statistical Life: Revealed Preference Evidence," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 1(2), pages 241-260, Summer.
    20. Herrera-Araujo, Daniel & Hammitt, James K. & Rheinberger, Christoph M., 2020. "Theoretical bounds on the value of improved health," Journal of Health Economics, Elsevier, vol. 72(C).

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rnd:arimbr:v:17:y:2025:i:1:p:80-89. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Muhammad Tayyab (email available below). General contact details of provider: https://ojs.amhinternational.com/index.php/imbr .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.