Maybank takaful product innovation and marketing strategy: an approach to attract the younger generation / Muhamad Faisal Che Mustafa

In the current dynamic financial circumstances, Islamic banking institutions, particularly Maybank, face the issue of addressing the needs of a swiftly changing demography, especially the youth. Consequently, it is essential to investigate matters pertaining to the advancement of Takaful product innovation and Maybank's marketing strategy aimed at engaging the younger demographic in Malaysia. Concerns about the inadequate involvement of younger clients with Takaful products and the difficulties encountered by Islamic financial institutions, particularly Maybank, in promoting Takaful product developments to a younger demographic. The main objectives of this study are to identify Takaful products offered by Maybank to the younger generation, examine the challenges of implementing innovations and marketing strategies to attract the younger generation, and evaluate the effectiveness of existing Takaful product marketing strategies to the younger generation. The study uses qualitative methods through semi-structured interviews involving five Maybank Islamic Berhad employees at the Kota Bharu branch, consisting of two officers and three Maybank employees, with data analysed thematically. The findings of this study show several major challenges in marketing Takaful products to the younger generation such as the lack of awareness among the younger generation about Takaful products, however there are also strategies used to overcome these challenges such as promoting Takaful products through social media platforms. Through this study, it is hoped that it can contribute to Islamic banking institutions such as Maybank in strengthening its competitiveness in the Islamic financial market and meeting the needs of the increasingly dynamic younger generation.