Innovative Nature of the Takaful Industry in Malaysia: Are We with The Conventional Insurance Industry?

Takaful has originated as an idea for preserving the care of people from financial damage. It can be employed as a risk management device to alleviate hazards regular life and trade activities. Furthermore, it gives significance society’s worldwide economic growth tool assembling funds in economy. supports organizations decrease their monetary burden. Businesses buy claim casualties acquired due misfortunes workers workplace. takes responsibility protection welfare workers. numerous products such Motor Takaful, Family so on. However, products’ innovation is prolonged, causing industry lag behind insurance industry, especially marketing pricing. Thus, this research aims explore Shari’ah advisers’ views towards Malaysia. A mixture convenient sampling purposive methods are employed choosing Shariah advisers as interviewees. The data is collected via interviews with 11 advisers. findings of this show that advisers believed many potentials need explored. One way discover the potential through innovation. Among segments improved products, marketing, pricing, customer services, distribution channels. Moreover, lack awareness among customers on rise problems. Nevertheless, contributed reasonable clarifications current condition, suggesting several areas could become innovative