Unveiling Takaful Subscriptions: Demographic Factors, Awareness and Financial Literacy in Kota Kinabalu City Centre Through Linear Regression Analysis

Mohd Rozie Mohd Damit; Rozita @ Uji Mohammed

doi:10.33102/jmifr.581

Authors

Mohd Rozie Mohd Damit Universiti Teknologi MARA, 88997 Kota Kinabalu, Sabah, Malaysia. https://orcid.org/0009-0002-6894-6356
Rozita @ Uji Mohammed Associate Professor, Universiti Teknologi MARA, 88997 Kota Kinabalu, Sabah, Malaysia.

DOI:

https://doi.org/10.33102/jmifr.581

Keywords:

Takaful subscriptions, demographic factors, awareness, financial literacy

Abstract

This paper examines the factors that influence individuals in Kota Kinabalu City Centre, Sabah, to subscribe to Islamic Insurance (Takaful). The focus is on individual characteristics and financial literacy as potential factors. The data was collected from potential Takaful customers through the distribution of questionnaires and a statistical analytical approach was used to examine the relationships between demographic characteristics, awareness, financial literacy and Takaful subscription rates. The findings of this study challenged common assumptions, revealing that awareness and financial literacy significantly influence Takaful subscriptions. In contrast, demographic factors appear to have a limited influence. The results indicate that higher levels of awareness and financial literacy are associated with increased subscription rates. This highlights the importance of educational efforts and awareness campaigns for Takaful products. Moreover, this study has practical implications for the Takaful sector and suggests the need for targeted strategies to boost awareness and financial literacy among potential customers. In addition, this study contributes to a broader scope of Islamic finance and insurance study by shedding light on consumer behaviour in ethical and Shariah-compliant financial services. In conclusion, this research contributes to a better understanding of the determinants influencing the subscription to Takaful products among individuals in Kota Kinabalu City Centre, Sabah. It also provides new insights into industry practices and policy development. Furthermore, the findings pave the way for further research on the evolving landscape of ethical and Shariah-compliant financial services, as well as the dynamics of subscription behaviour.

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