Socio economic determinants of family takaful ownership / Nur Zulaikha Baharom

The takaful industry in Malaysia has been experienced almost 29 years since its establishment in 1984 and Syarikat Takaful Malaysia Berhad was the first takaful operator in Malaysia. Currently there are twelve of takaful operators in Malaysia. This study attempts to identify the determinants of family takaful ownership in socio economic characteristics among takaful consumers. This study analyzed the related variables between family takaful ownership with premium flexibility, formal education, household's size and life expectancy. Understanding the determination of family takaful ownership among takaful consumers is crucial important to analyze the takaful potential and growth in Malaysia insurance industry. This study used primary data where a survey of questionnaires will be conducted to identify the key determinants of family takaful ownership. There are 150 surveys of questionnaires will be distributed to takaful consumers in Kuala Lumpur which come from various social classes and different works level. The data obtained will be analyzed by using Statistical Package for Social Science (SPSS) 14.0 for the data interpretation. The findings of this study is expected to give benefits to other researchers in future whether in academician or insurance industry to robust the growth of insurance industry in Malaysia. Further study is also needed to investigate whether all these socio economic characteristics contribute significantly to the family takaful ownership.