Abstract

Purpose: This paper sought to find the factors influencing Takāful market penetration based on the experience of ŵaŶageƌs of Takāful opeƌatoƌs. Methodology: Twenty (20) Takāful managers were randomly selected and interviewed. The method of analysis employed is The Thematic Analysis.

Findings: The interviewees pointed out the factors that deter the public from participating in Takāful could be listed as follows: the lack of public awareness in the advantages of Takāful over insurance products, the limited range of product varieties, the shortage of relevant expertise to explain Takāful products, the need to improve the distribution channels and marketing strategies. Practical implications: The paper also suggested several ways of improving

Takāful market penetration, namely: the need to develop tailor-made products to suit customer needs according to the different segments of society, expanding the range of product varieties, extensive training of staff and agents in order to enhance their products and services, teĐhŶiĐal aŶd “haƌiăh kŶoǁledge as ǁell as to iŶtensify promotion for higher level of awareness. Originality/ value of a paper: The paper is a rare attempted to investigate the factors influencing Takāful market penetration in Malaysia context.