Spectrum Of Consumer Awareness In Islamic Finance: Takaful Industry In Malaysia

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  • Nur I'ffah Muhammad Nasir Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia, 71800 Nilai, Negeri Sembilan, Malaysia. https://orcid.org/0009-0002-8106-8797
  • Prof Datin Dr Rusni Hassan Institute of Islamic Banking and Finance, International Islamic University Malaysia, 53100 Kuala Lumpur, Malaysia.
  • Ahmad Zamri Osman Department of Accounting, Kulliyyah of Economics and Management Sciences, International Islamic University Malaysia, 53100 Kuala Lumpur, Malaysia.




Consumer, awareness, takaful, Islamic finance


This paper attempts to provide an overview of the consumer awareness of takaful by introducing categories that exist in the spectrum of consumer awareness. This is important to ensure the efforts taken in promoting consumer awareness of takaful are delivered in a comprehensive and effective manner. It also addresses the role of takaful operators related to promoting consumer awareness of takaful. The study adopts qualitative-based research. Primary data is gathered using semi-structured interviews and content analysis is undertaken to identify and interpret the data obtained from the interviews in developing the categories of consumer awareness. It has been discovered that the spectrum of consumer awareness of takaful can be categorized into four different categories which are awareness in terms of (1) importance of takaful coverage, (2) takaful product features, (3) takaful as a Shariah- compliant alternative to conventional insurance and (4) consumer’s rights and responsibilities to the takaful contract. The study also finds that the takaful operators in the industry need to collaborate and work as a whole in the effort to promote consumer awareness of takaful. This study appears as a primordial attempt to discuss and identify the categories that exist in the spectrum of consumer awareness with reference to the takaful industry in Malaysia; while other studies related to consumer awareness of takaful are more focused on examining the level of knowledge and awareness of consumers in takaful. This study has the potential to be applied in other sectors of Islamic finance such as Islamic banking and Islamic capital market.


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DOI: 10.33102/jmifr.513
Published: 2023-12-01

How to Cite

Muhammad Nasir, N. I., Hassan, R. ., & Ahmad Zamri Osman. (2023). Spectrum Of Consumer Awareness In Islamic Finance: Takaful Industry In Malaysia. The Journal of Muamalat and Islamic Finance Research, 20(2), 125-134. https://doi.org/10.33102/jmifr.513



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