Impact of Covid-19 towards takaful business in Klang Valley / Nor Najihah Jamal Ramli

The growth of the Takaful industry has contributed to economic development especially in the Islamic financial system. The existence of Corona Virus Disease in 2019 resulted in many deaths and also affected the national economy including the banking industry. Therefore, this study aims to examine the impact of Covid-19 on Takaful business and to analyze the perception of Takaful agents on the effectiveness of Takaful Business during this outbreak. The rapid emergence of the Covid-19 pandemic posed a challenge unmatched by the world. In addition to the risks to human health and lives, this pandemic has a drastic impact on companies and economies around the world.This study uses qualitative methods by using semi-structured interview questions to collect data. Interview data were analyzed using thematic analysis. The results show a positive effect of covid-19 on the takaful business. While most contributors agree that Takaful is a necessity, money is a major factor hindering their intention to participate in this scheme during the outbreak. The researcher suggested that stakeholders should work together to improve the takaful protection plan to enable the incapable to get takaful protection. Other than that, expanding the influence of media and technology among Takaful agents in raising awareness, knowledge, and intention of Muslims to participate in Takaful schemes.