Analysis on the use of takaful and conventional insurance: a study among secondary school teachers in Tanah Merah, Kelantan / Luqman Hakim Mohamad

The development of the Islamic finance industry, especially in Malaysia, is gaining ground in society. It can be seen that every day this industry is growing rapidly and getting a very good response from Malaysians. It includes insurance products, either Takaful Insurance or Conventional Insurance. Although the Takaful Insurance product is seen to have just made its way in Malaysia's financial industry, it can compete with the existing insurance industry in Malaysia. The main purpose of this study was to examine the use of insurance products, either Takaful Insurance or Conventional Insurance, among secondary school teachers in Tanah Merah, Kelantan. To achieve this main objective, a total of 3 study objectives were formed. That is to assess the knowledge of secondary school teachers in Tanah Merah, Kelantan on the concept and differences between Takaful and Conventional Insurance. Then, to see the tendency of teachers towards Takaful or Conventional Insurance products and to analyze the factors of teachers using insurance products. A total of 5 schools have been selected to be the sample of this study from 12 secondary schools in Tanah Merah, Kelantan. This study was conducted as a quantitative study in which the questionnaire was distributed to teachers in 5 schools that have been selected. The study results show that most secondary school teachers in Tanah Merah, Kelantan have contributions to insurance products, either Takaful Insurance or Conventional Insurance.