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ABSTRACTA combination of social and economic factors also called as socioeconomics while Family Takaful is known as life insurance by conventional insurance. Based on the studies by ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/IJSE-08-2013-0182”, “ISBN” : “0001253111116”, “ISSN” : “0306-8293”, “PMID” : “42012058”, “abstract” : “Purpose ? The purpose of this paper is to know the method adopted by the Malaysian supervisor to regulate the Takaful sector, and to propose a new approach related to the effective supervision. Design/methodology/approach ? The key approach in this paper is a case study over a clear period of time, to discover a wide variety of economical, financial, social, and cultural factors potentially related to Malaysian Takaful system. In addition, both explanatory and descriptive approaches are used, to seek explanations of problems, make careful observations, and give detailed recommendations. The study collected relevant quantitative and qualitative data. Findings ? The key findings are: the basis of Takaful?s operation is established on the principles of Islamic Laws, Takaful operations are regulated by the Central Bank, this supervisory body has adopted elements of the two methods: regulation and supervision, the Malaysian Takaful industry has experienced rapid growth and transformation, and the proposed approach includes four key elements. Research limitations/implications ? This study provides a road map for the next studies in this new topic. Practical implications ? The paper guides the policy makers to giving more independence and allocating more resources to the supervisory body, for the development of an important component of the financial system. Originality/value ? The essay is distinguished from the previous researches by limiting and identifying a clear period of the study. Further, the authors have listed the most important elements of the leading programs. Finally, the approach is more concerned with new aspects of the ongoing supervision, strategic axis and the supervision stages.”, “author” : { “dropping-particle” : “”, “family” : “Berkem”, “given” : “Zoheir”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Social Economics”, “id” : “ITEM-1”, “issue” : “12”, “issued” : { “date-parts” : “2014” }, “page” : “1220-1242”, “title” : “Effective supervision of Islamic insurance according to Malaysian experience (1984-2012)”, “type” : “article-journal”, “volume” : “41” }, “uris” : “http://www.mendeley.com/documents/?uuid=bde41bc5-5492-4dba-81b7-b7cd959a7816” } , “mendeley” : { “formattedCitation” : “(Berkem, 2014)”, “manualFormatting” : “Berkem (2014)”, “plainTextFormattedCitation” : “(Berkem, 2014)”, “previouslyFormattedCitation” : “(Berkem, 2014)” }, “properties” : { “noteIndex” : 1 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Berkem (2014) Islamic insurance known as Takaful and it is an alternative model to conventional insurance; which is forbidden in Islam. Takaful is established on the base of mutual assistance, responsibility, mutual protection and assurance, incorporated into the concept of tabarru (donation). According toADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.5539/ijbm.v7n6p115”, “ISSN” : “1833-8119”, “abstract” : “Family Takaful is one of the service sectors that are expected to continue to drive growth in the economy. Thus, the family Takaful market continues to play an important role in supporting economic and social development. However, in Malaysia, family Takaful market is still at a lower penetration level if we were to compare to other developed countries even though the Takaful industry continues to sustain strong performance amidst challenges in a competitive environment. Evidence has shown that the percentage of society covered by family Takaful contracts in Malaysia is still very low compared to conventional insurance. Therefore, the study aims to propose a conceptual framework for the determinants of family Takaful demand in Malaysia. From a review of the literature available in this particular area of interest, there are two categories of factors that are found to be the main determinants of family Takaful. These factors are the socio-demography and economic factors”, “author” : { “dropping-particle” : “”, “family” : “Yazid”, “given” : “Ahmad Shukri”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Arifin”, “given” : “Juliana”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussin”, “given” : “Mohd Rasid”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Wan Daud”, “given” : “Wan Norhayate”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Business and Management”, “id” : “ITEM-1”, “issue” : “6”, “issued” : { “date-parts” : “2012” }, “page” : “115-127”, “title” : “Determinants of Family Takaful (Islamic Life Insurance) Demand: A Conceptual Framework for a Malaysian Study”, “type” : “article-journal”, “volume” : “7” }, “uris” : “http://www.mendeley.com/documents/?uuid=572896ec-ec22-42d5-a211-a196ec0371b3” } , “mendeley” : { “formattedCitation” : “(Yazid, Arifin, Hussin, & Wan Daud, 2012)”, “manualFormatting” : ” Yazid, Arifin, Hussin, and Wan Daud (2012)”, “plainTextFormattedCitation” : “(Yazid, Arifin, Hussin, & Wan Daud, 2012)”, “previouslyFormattedCitation” : “(Yazid, Arifin, Hussin, & Wan Daud, 2012)” }, “properties” : { “noteIndex” : 1 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” } Yazid, Arifin, Hussin, and Wan Daud (2012), countries that experienced further development of Takaful operation are concentrated in the Far East countries such as Malaysia, Indonesia, Singapore, and Brunei. Based on this scenario, it triggers doubtful question on why the demand of family Takaful is increased. The aim of this study is to examine the factor which can influence the demand of family Takaful in Malaysia. The values of total family contributions as the dependent variable. While used six socioeconomic factors for which data are available that could explain the demand for family Takaful in Malaysia has been identi?ed. Income and in?ation rate have been selected as the potential economic determinants whereby life expectancy, average dependency, education level and total Muslim population have been chosen to explain the social factors. Annual data is gathered over the period 1986 to 2017. The data is gathered from various Central Bank of Malaysia Takaful annual reports and ?nancial stability and payment systems reports and the department of statistics, Malaysia. The paper investigates the signi?cance of the identi?ed economic and socio-demographic factors in determining the consumption of family Takaful. Following ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/17590811311314276”, “ISBN” : “1086737121”, “ISSN” : “1759-0817”, “PMID” : “42012058”, “abstract” : “Determinants of demand on family Takaful in Malaysia Mohamed Sherif Accountancy, Economics and Finance, Heriot-Watt University, Edinburgh, UK, and Nor Azlina Shaairi School of Management, Edinburgh University, Edinburgh, UK Abstract Purpose u2013 The purpose of this paper is to identify the driving forces that influence family Takaful demand in Malaysia. The paper examines various identified and available economics and socio-demographic variables. Design/methodology/approach u2013 Using ordinary least square (OLS) and generalised method of moments (GMM) techniques, the paper investigates the significance of the identified economic and socio-demographic factors in determining the consumption of family Takaful. The paper first examines a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. Following Anderson and Nevin, Haberman, Lenten and Rulli and Josa the paper further separates all models into linear and log-linear demand functions. Findings u2013 The paper demonstrates that income, Islamic banking development, education, dependency ratio and Muslim population factors are positively related to Takaful demand. On the other hand, inflation, real interest rate, financial development and life expectancy appear to be the significant factors that adversely influence the total family Takaful consumption. Research limitations/implications u2013 The major limitation of this paper is the small sample size. Therefore, future studies may expand the variables omitted in this study due to unavailability of data, which may be influential in explaining the family Takaful demand in Malaysia. Possible influential variables may include government social security expenditure, price of Takaful and level of competition within the Takaful and insurance industry. Research should also be conducted on the impact of the legal system and government policies on the demand for family Takaful in the country. Finally, the study focuses solely on the determinants of demand for family Takaful. Nevertheless, the supply-side of the equation should not be neglected and should be incorporated in future studies. Originality/value u2013 It is obvious that there are very few studies that focus on the Malaysian market and indeed, none of them gives attention to the factors that influence demand for family Takaful. In this regard, this study contributes in filling the gaps in the scope and coverage of stu2026”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Azlina Shaairi”, “given” : “Nor”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Islamic Accounting and Business Research”, “id” : “ITEM-1”, “issue” : “1”, “issued” : { “date-parts” : “2013” }, “page” : “26-50”, “title” : “Determinants of demand on family Takaful in Malaysia”, “type” : “article-journal”, “volume” : “4” }, “uris” : “http://www.mendeley.com/documents/?uuid=d2409f26-cde6-4b4f-bb60-8cf6f92bfd80” } , “mendeley” : { “formattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “manualFormatting” : “Sherif and Azlina Shaairi, (2013)”, “plainTextFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “previouslyFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)” }, “properties” : { “noteIndex” : 2 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Azlina Shaairi, (2013) the paper using ordinary least square (OLS) and generalised method of moments (GMM) techniques. The expected finding is income, education, average dependency and Muslim population factors are positively related to Takaful demand. On the other hand, in?ation and life expectancy appear to be the signi?cant factors that adversely in?uence the total family Takaful consumption. ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/17590811311314276”, “ISBN” : “1086737121”, “ISSN” : “1759-0817”, “PMID” : “42012058”, “abstract” : “Determinants of demand on family Takaful in Malaysia Mohamed Sherif Accountancy, Economics and Finance, Heriot-Watt University, Edinburgh, UK, and Nor Azlina Shaairi School of Management, Edinburgh University, Edinburgh, UK Abstract Purpose u2013 The purpose of this paper is to identify the driving forces that influence family Takaful demand in Malaysia. The paper examines various identified and available economics and socio-demographic variables. Design/methodology/approach u2013 Using ordinary least square (OLS) and generalised method of moments (GMM) techniques, the paper investigates the significance of the identified economic and socio-demographic factors in determining the consumption of family Takaful. The paper first examines a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. Following Anderson and Nevin, Haberman, Lenten and Rulli and Josa the paper further separates all models into linear and log-linear demand functions. Findings u2013 The paper demonstrates that income, Islamic banking development, education, dependency ratio and Muslim population factors are positively related to Takaful demand. On the other hand, inflation, real interest rate, financial development and life expectancy appear to be the significant factors that adversely influence the total family Takaful consumption. Research limitations/implications u2013 The major limitation of this paper is the small sample size. Therefore, future studies may expand the variables omitted in this study due to unavailability of data, which may be influential in explaining the family Takaful demand in Malaysia. Possible influential variables may include government social security expenditure, price of Takaful and level of competition within the Takaful and insurance industry. Research should also be conducted on the impact of the legal system and government policies on the demand for family Takaful in the country. Finally, the study focuses solely on the determinants of demand for family Takaful. Nevertheless, the supply-side of the equation should not be neglected and should be incorporated in future studies. Originality/value u2013 It is obvious that there are very few studies that focus on the Malaysian market and indeed, none of them gives attention to the factors that influence demand for family Takaful. In this regard, this study contributes in filling the gaps in the scope and coverage of stu2026”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Azlina Shaairi”, “given” : “Nor”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Islamic Accounting and Business Research”, “id” : “ITEM-1”, “issue” : “1”, “issued” : { “date-parts” : “2013” }, “page” : “26-50”, “title” : “Determinants of demand on family Takaful in Malaysia”, “type” : “article-journal”, “volume” : “4” }, “uris” : “http://www.mendeley.com/documents/?uuid=d2409f26-cde6-4b4f-bb60-8cf6f92bfd80” } , “mendeley” : { “formattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “manualFormatting” : “Sherif and Azlina Shaairi (2013)”, “plainTextFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “previouslyFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)” }, “properties” : { “noteIndex” : 2 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Azlina Shaairi (2013).
ACKNOWLEDGEMENTAlhamdulillah, thanks to ALLAH S.W.T, the Most Gracious and the Most Merciful for giving me strength on successfully completing this proposal. All the praises and thanks to Him for giving me the times, wills, guidance and strengths during the period of this project. This project’s proposal will not successfully complete without cooperation from many parties. They have contributes a lots in preparing this project’s proposal. I am thankful to many people who provide me the kind assistance or had contributed immensely to the success completion of this project’s proposal in due time. I wish to express my sincere gratefulness and gratitude to Madam Shashazrina Roslan who act as my advisor. Special thanks dedicated to the staff of Universiti Teknologi Mara, Segamat Library as well as my fellow classmates and friends for their helps, concerns, morals and materials support. I would like to grab this opportunity to express my deepest appreciation for those who had contributed a great deal towards the completion of this project’s proposal. I have learnt much about this subject. I wish to extend my appreciation to my family, especially to my parent for their moral support in completion this project paper. In conclusion, I am grateful to ALLAH S.W.T for his guidance and the continuous good health and wealth which without His blessed I might have not complete this project’s proposal.
TABLE OF CONTENTPage
TOC o “1-3” h z u ABSTRACT PAGEREF _Toc510335554 h iACKNOWLEDGEMENT PAGEREF _Toc510335555 h iiTABLE OF CONTENT PAGEREF _Toc510335556 h iiiLIST OF TABLES PAGEREF _Toc510335557 h vLIST OF FIGURES PAGEREF _Toc510335558 h viCHAPTER One INTRODUCTION PAGEREF _Toc510335559 h 7 HYPERLINK l “_Toc510335560” 1.1Introduction PAGEREF _Toc510335560 h 7
HYPERLINK l “_Toc510335561” 1.2Research Background PAGEREF _Toc510335561 h 7
1.3Problem Statement PAGEREF _Toc510335562 h 91.4Research Questions PAGEREF _Toc510335563 h 111.5Research Objectives PAGEREF _Toc510335564 h 121.5.1Main Research Objectives PAGEREF _Toc510335565 h 121.5.2Specific Research Objectives PAGEREF _Toc510335566 h 121.6Significance of the Study PAGEREF _Toc510335567 h 131.7Scope of the Study PAGEREF _Toc510335568 h 141.8Limitation of the Study PAGEREF _Toc510335569 h 141.9Definition of Key Terms PAGEREF _Toc510335570 h 151.10Summary PAGEREF _Toc510335571 h 16CHAPTER Two LITERATURE REVIEW PAGEREF _Toc510335572 h 172.1Introduction PAGEREF _Toc510335573 h 172.2Family Takaful. PAGEREF _Toc510335574 h 172.3Income PAGEREF _Toc510335575 h 182.4Inflation rate PAGEREF _Toc510335576 h 182.5Life expectancy PAGEREF _Toc510335577 h 192.6Average dependency PAGEREF _Toc510335578 h 192.7Education level PAGEREF _Toc510335579 h 192.8Muslim population PAGEREF _Toc510335580 h 202.9Research Framework PAGEREF _Toc510335581 h 212.10Summary PAGEREF _Toc510335582 h 22CHAPTER Three RESEARCH METHODOLOGY PAGEREF _Toc510335583 h 233.1Introduction PAGEREF _Toc510335584 h 233.2Data Collection PAGEREF _Toc510335585 h 233.3Research Design PAGEREF _Toc510335586 h 243.4Hypotheses Statement PAGEREF _Toc510335587 h 263.5Research Methodology PAGEREF _Toc510335588 h 283.6Summary PAGEREF _Toc510335589 h 32REFERENCES PAGEREF _Toc510335590 h 33
LIST OF TABLESTables Title Page
Table 1.1 Takaful Business Performance from 2009-2013 PAGEREF _Toc510332425 h 9Table 2.1 Data resources 26
TOC h z c “Table”

LIST OF FIGURESFigures Title Page
TOC h z c “Figure” Figure1.1Theoretical framework PAGEREF _Toc509760408 h 21 TOC h z c “Figure”

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INTRODUCTIONIntroductionThis chapter will covers the background of the study which are the background of Takaful, and the Family Takaful. Another that is the problems statements of the study that try to fills the gap of the study conducted before by other researcher, research questions and research objectives, significant of the study which is to whom this study will be benefit. Scope of the study, limitation of the study which describe the obstruction during the study, the definition of key terms, and also provide a summary on this section of chapter.

Research BackgroundIntroduction
In this world, everyone is exposed to the possibility of risk and disasters such as death, losses and damages through fire, accident, and business etc. Despite this, all the Muslims believe in Qadha and Qadr, but Islam requires that one must find ways and means to keep away from such troubles and adversities whenever such things occur, and one should try to minimize his/her or his/her family financial losses. One possible way out is to buy an insurance cover. Dictionaries define the risk in different meaning like possibility of facing loss or threat. It is a common element of life. Risk can be defined as the variability or volatility in unexpected outcomes. It can be defined as the chance of events happening that could put an impact on the outcomes of the event while ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “abstract” : “Insurance in Islam is essentially a concept of mutual help. Insurance business under conventional system is based on uncertainty, which is prohibited in Islamic society under Islamic principles. So there is need to clear the difference between the conventional insurance and the Islamic insurance. A rich literature also describes such differences but the present article addresses the differences based on conceptual and operational framework.”, “author” : { “dropping-particle” : “”, “family” : “Mushtaq Hussain”, “given” : “Mher”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Tisman Pasha”, “given” : “Ahmad”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Conceptual and Operational Differences Between General Takaful and Conventional Insurance”, “id” : “ITEM-1”, “issue” : “8”, “issued” : { “date-parts” : “2011” }, “page” : “23-28”, “title” : “Conceptual and Operational Differences Between General Takaful and Conventional Insurance”, “type” : “article-journal”, “volume” : “1” }, “uris” : “http://www.mendeley.com/documents/?uuid=83ac7624-84a0-4ac9-a883-e235c5d6955f” } , “mendeley” : { “formattedCitation” : “(Mushtaq Hussain & Tisman Pasha, 2011)”, “manualFormatting” : “Mushtaq Hussain and Tisman Pasha (2011)”, “plainTextFormattedCitation” : “(Mushtaq Hussain & Tisman Pasha, 2011)”, “previouslyFormattedCitation” : “(Mushtaq Hussain & Tisman Pasha, 2011)” }, “properties” : { “noteIndex” : 13 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Mushtaq Hussain and Tisman Pasha (2011) defines risk in insurance context and says, “risk is an element of uncertainty, as to whether an event occurs or not”. Although, as a concept, insurance does not contradict the requirement of Shariah, Muslim scholars have generally concluded that practice and operation of conventional insurance as currently practiced, do not conform to the rules and requirement of Shariah. According to ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “author” : { “dropping-particle” : “”, “family” : “Hashim”, “given” : “Suraiya”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Shahidan”, “given” : “Asnida”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Fadzim”, “given” : “Wan Roshidah”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Seminar Ekonomi & Kewangan Islam”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2005” }, “page” : “199-210”, “title” : “The Element of Gambling In Conventional Insurance and Takaful”, “type” : “article” }, “uris” : “http://www.mendeley.com/documents/?uuid=3a3aeaef-5128-4272-a7fa-e3c121989aa4” } , “mendeley” : { “formattedCitation” : “(Hashim, Shahidan, & Fadzim, 2005)”, “manualFormatting” : “Hashim, Shahidan, and Fadzim (2005)”, “plainTextFormattedCitation” : “(Hashim, Shahidan, & Fadzim, 2005)”, “previouslyFormattedCitation” : “(Hashim, Shahidan, & Fadzim, 2005)” }, “properties” : { “noteIndex” : 13 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Hashim, Shahidan, and Fadzim (2005) the generally accepted view of the muslim scholars is the operation of conventional insurance as an exchange transaction under a buy and sell agreement does not conform to Shariah as it embodies the elements of al Riba (interest), al-Gharar (uncertainty) and al-Maisir (gambling).
Thereofore, in June 1972 the Malaysia National Fatwa Council resolved that present-day life insurance as provided by the conventional companies was not in line with the principles of Shariah.
Takaful: historical background and developmental progress in Malaysia
According to ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/JFRA-02-2015-0029”, “ISBN” : “0307435021076”, “ISSN” : “1985-2517”, “PMID” : “42012058”, “abstract” : “Purpose u2013 The purposes of this paper are threefold. First, it aims to argue normatively how Shariu2019ah precepts governing Takaful operations are translated into (rightfully) different accounting and reporting of Takaful operators. Second, it provides a critical review of the available and applicable accounting and reporting standards and guidelines related to Takaful in the Malaysian context. The third objective which constitutes the empirical piece of this paper centred on the basic numerical evidence obtained from the survey of final-year accounting students with regards to their ability in identifying the basic (dis)similarities in accounting and reporting between Takaful and insurance based on the published financial statements. Design/methodology/approach u2013 A mixed-mode research approach was adopted covering archival document reviews and focused group survey. Findings u2013 Findings are arguably informative and relevant to diverse stakeholders. First, the missing jigsaw puzzle representing accounting and r…”, “author” : { “dropping-particle” : “”, “family” : “Nahar”, “given” : “Hairul Suhaimi”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Financial Reporting and Accounting”, “id” : “ITEM-1”, “issue” : “2”, “issued” : { “date-parts” : “2015” }, “page” : “247-266”, “title” : “Insurance vs <i>Takaful</i> : identical sides of a coin?”, “type” : “article-journal”, “volume” : “13” }, “uris” : “http://www.mendeley.com/documents/?uuid=a26b2752-3a74-44ed-ae86-b229eea5ef3b” } , “mendeley” : { “formattedCitation” : “(Nahar, 2015)”, “manualFormatting” : “Nahar (2015)”, “plainTextFormattedCitation” : “(Nahar, 2015)”, “previouslyFormattedCitation” : “(Nahar, 2015)” }, “properties” : { “noteIndex” : 14 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Nahar (2015) the emergence and development of Takaful in Malaysia could be seen as a well-charted and gradually implemented Islamisation strategy in commerce. Following the MNFC decree in 1972 which ruled that life insurance in its present form is a void contract due to the presence of non-Shari’ah-compliant elements of riba, gharar and maisir, coupled with the promising future of the Takaful industry a Special Task Force (STF) was established by the Malaysian Government in 1982 to study the viability of setting up an Islamic insurance company. Pursuant to STF’s recommendations, the Takaful Act was passed by the Parliament and subsequently enacted in 1984 which was modelled after the existing Insurance Act for conventional insurance, with appropriate modifications to conform Shari’ah principles. Learning from the experience of other pioneers in the Islamic insurance industry abroad, the first Takaful Company was set up in 1984 – Syarikat Takaful Malaysia Berhad (STMB). In 1993, another Takaful company was established – Takaful Nasional Sendirian Berhad (TNSB, now Etiqa Berhad) – followed by Maybank Takaful Berhad in 2001 (merged with TNSB to become Etiqa Berhad) and Takaful Ikhlas Sendirian Berhad (TISB) in 2003. Following the liberalization policy, BNM, being the regulatory authority responsible for overseeing and monitoring the financial service sector in Malaysia, had granted additional eight Takaful licenses for both local and foreign operators. A sat June 2014, there are 12 Takaful operators in total, 3 of which are foreign-owned operators.

Problem StatementNowadays, Takaful is not a new phenomenon as Takaful business is widened in many countries throughout the world today. According to ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.5539/ijbm.v7n6p115”, “ISSN” : “1833-8119”, “abstract” : “Family Takaful is one of the service sectors that are expected to continue to drive growth in the economy. Thus, the family Takaful market continues to play an important role in supporting economic and social development. However, in Malaysia, family Takaful market is still at a lower penetration level if we were to compare to other developed countries even though the Takaful industry continues to sustain strong performance amidst challenges in a competitive environment. Evidence has shown that the percentage of society covered by family Takaful contracts in Malaysia is still very low compared to conventional insurance. Therefore, the study aims to propose a conceptual framework for the determinants of family Takaful demand in Malaysia. From a review of the literature available in this particular area of interest, there are two categories of factors that are found to be the main determinants of family Takaful. These factors are the socio-demography and economic factors”, “author” : { “dropping-particle” : “”, “family” : “Yazid”, “given” : “Ahmad Shukri”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Arifin”, “given” : “Juliana”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussin”, “given” : “Mohd Rasid”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Wan Daud”, “given” : “Wan Norhayate”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Business and Management”, “id” : “ITEM-1”, “issue” : “6”, “issued” : { “date-parts” : “2012” }, “page” : “115-127”, “title” : “Determinants of Family Takaful (Islamic Life Insurance) Demand: A Conceptual Framework for a Malaysian Study”, “type” : “article-journal”, “volume” : “7” }, “uris” : “http://www.mendeley.com/documents/?uuid=572896ec-ec22-42d5-a211-a196ec0371b3” } , “mendeley” : { “formattedCitation” : “(Yazid et al., 2012)”, “manualFormatting” : “Yazid, Arifin, Hussin, and Wan Daud (2012)”, “plainTextFormattedCitation” : “(Yazid et al., 2012)”, “previouslyFormattedCitation” : “(Yazid et al., 2012)” }, “properties” : { “noteIndex” : 10 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Yazid, Arifin, Hussin, and Wan Daud (2012) countries that experienced further development of Takaful operation are concentrated in the Far East countries such as Malaysia, Indonesia, Singapore, and Brunei. In Malaysia, It was reported that the Takaful industry is consistently and rapidly improved over the past 30 years. The business performance of Takaful industry is measured by looking at their total contributions, total fund asset and benefits of payment. Table 1.1 below shows the business performance of Takaful industry from 2012 to 2016.
Table STYLEREF 1 s 1. SEQ Table * ARABIC s 1 1Takaful Business Performance from 2012-2016
Net Contributions Income 2012 2013 2014 2015 2016
Total (RM million) 5,887.8 6,207.9 6,330.6 6,815.6 7,534.6
Net Benefits and Claims Payments Total (RM million) 2,263.4 2,706.8 2,699.0 3,200.2 3,521.2
Family 1,635.9 1,999.2 2,027.6 2,449.9 2,666.3
General 627.5 707.5 671.4 750.4 854.9
Takaful Fund Assets Total (RM million) 19,045.6 20,934.0 22,746.0 24,711.0 26,792.0
Family 16,289.8 17,952.0 19,619.0 21,389.0 23,200.0
General 2,755.9 2,982.0 3,127.0 3,322.0 3,593.0
% of total assets of the insurance and Takaful industry 8.2 9.0 9.1 9.4 12.1
Source: Takaful Annual Report, Central Bank of Malaysia, 20012-2016 Takaful Statistic, Central Bank of Malaysia, 2016
Table 1.1 shows that the contribution income of Takaful had increase from RM5, 887.8mill in 2012 to RM7,534.6mill in 2013. Based on Takaful fund assets, it had increased from RM 19,045.6 million to 26,792.0 million for the year 2012 until 2016. For family Takaful, their asset funds also increased from RM16,536.2 million to RM23,200.0 million while general Takaful had increased from RM2,755.9 million to RM3,593.0 million over the same period. In comparison of family Takaful and general Takaful, it show that family Takaful is a major contribution towards the Takaful business performance because it has a better contribution income, total funds asset and benefit of payments. Overall, the family Takaful,has improved over the year 2012 to 2016 which indicates that the demand for the family Takaful is keep on increasing from year to year. Based on this scenario, it triggers doubtful question on why the demand of family Takaful is increased. The aim of this study is to examine the socioeconomics factor that had or no relationships with the demand of family Takaful in Malaysia.

Research QuestionsThere are several questions occurs in this research. The questions have been classified into two categories which are main research questions and specific research questions. The questions have been developed based on the variables of the research on theoretical framework.

Main Research Questions
What are the socioeconomic factors as the determinants of demand on family Takaful in Malaysia?
Specific Research Questions
What are the relationship between income and the demand of family Takaful in Malaysia?
What are the relationship between inflation rate and the demand of family Takaful in Malaysia?
What are the relationship between life expectancy and the demand of family Takaful in Malaysia?
What are the relationship between average dependency and the demand of family Takaful in Malaysia?
What are the relationship between the education level and the demand of family Takaful in Malaysia?
What are the relationship between Muslim population and the demand of family Takaful in Malaysia?
Research Objectives
The objectives have been developed based on the research questions above. This is because the research questions and the research objectives must be in line in order for the researcher to get the final result of this research. The objectives have been classified into two categories which are main research objectives and specific research objectives. There are 7 objectives in this research which are:
Main Research ObjectivesTo identify the socioeconomic factors as the determinants of demand on family Takaful in Malaysia.

Specific Research ObjectivesTo identify the relationship between income and the demand of family Takaful in Malaysia.

To determine the relationship between inflation rate and the demand of family Takaful in Malaysia.

To examine the relationship between life expectancy and the demand of family Takaful in Malaysia.

To indicates the relationship between average dependency and the demand of family Takaful in Malaysia.

To determine the relationship between education level and the demand of family Takaful in Malaysia.

To identify the relationship between Muslim population and the demand of family Takaful in Malaysia.

Significance of the StudyWhile Takaful turns into a typical device in social solidarity, cooperation and mutual indemnification yet it is still clearly outsider to a few people. Henceforth, this study is led to advance a reasonable comprehension of the issues which emerges in corporate in chance administration these days. Plus, this study additionally gives a superior comprehension of the relationship among factors, for example, income (GDP per capita), inflation rate, life expectancy, average dependency, education and Muslim population in Malaysia.
The contribution of this study is to reveal insight into the Takaful. Truth be told, there are numerous researchers who have directed studies on this particular field of Takaful use preceding our exploration. Be that as it may, those studies were done in certain countries as it were.
Aside from that, this study additionally adds to a few gatherings, for example, communities, Takaful companies, and investors. By doing this exploration, the communities, for example, business understudies can acquire learning on how importance of family Takaful usage against the death risk in order to protect their family members from great losses if the leader of family death. Besides that, this study will also be able to grab the attention of corporate managers to acquire learning on how and what are the components that related with the demand for family Takaful in Malaysia. In the meantime, it likewise gives helpful data to investors on the mindfulness that takes part in family Takaful use from undesirable conditions. Investors may take into consideration on investment to meet the potential in gaining returns.
Last but not least, this study turns into an important guideline or to other researchers who are intrigued and tend to lead a comparative research point. Higher education institutions may enhance their interest and attention with the reliability of the secondary data that was carried out from previous researches to conduct more of these kind of researches in different countries and instruments since there are few researches conducted in this field of study in some countries.

Scope of the StudyThe main purpose of this study is to found out the determinants of demand on family Takaful in Malaysia and to analyse which factor that had or no relationship with the demand on family Takaful. The variable in this study is socioeconomics. The samples in this study are in yearly frequency. The analysis is observed in the range of 30 year in yearly observation start from 1986 to 2016 with total number of 30 observations for yearly sample. This study follows the previous literature by using several econometrics techniques which are ordinary least square (OLS) and generalised method of moments (GMM) techniques of regression to test the relationship between the dependent (demand on family Takaful in Malaysia) and explanatory variables (income, inflation rate, life expectancy, average dependency, education level and Muslim population. The statistical test applied in this study is Descriptive Statistic, Augmented Dickey Fuller (ADF) Unit Root Test, Philips-Perron (PP) Unit Root Test, Autocorrelation Test and Runs Test. Limitation of the StudyAs researchers, there are several limitations that I must adhere to during the research is being conducted.
Poor internet connectivity and inconsistency.

The first limitation is poor internet connectivity and inconsistency around my residential areas especially in my houses’ area. It gravely takes my time away when searching for more journals and other online materials. Unfortunately, even certain data plan would not work as smooth during the need to use internet for online research.

The research variables availability.

Besides that, this study also has constraint to get the sufficient resources because some of independent variables do not have enough information. Initially, the planned independent variables of study is 9 variables. But due to the lack of data available as the wanted data for some independent variables do not exists and sufficient, the independent variables was adjusted to six (6) variables from nine (9) variables where almost data for the variables are sufficient for the study.

Definition of Key TermsDefining the key terms which are the independent and dependent variables.

Family Takaful
The basic forms of Takaful is the contract of Mudarabah which is Islamic way of partnership. When Takaful is an Islamic contract therefore requires acceptance of offer. Takaful also used systems of “Aaqilah” which involve mutual assistance arrangement. Holders of Takaful must pay a sum of money to help other members. They also receive a specific percentage of profit ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “abstract” : “Abstract Purpose u2013 Islam is believed to provide guidance in every sphere of life. This guidance is not limited to the social aspects but also covers economic dimension of human life. Islamic economic system supports interest free financial system. This paper addresses insurance, a part and parcel of modern financial and economic system. We have compared prevailing insurance system with Islamic alternative, Takaful. We have attempted to highlight its main features and discussed its suitability. Methodology – Sources of Sharia (Islamic way of life) are sought to trace the roots of Takaful. A brief comparison between Islamic insurance and prevalent system is given to find out whether Islamic insurance can take over prevailing insurance system. Findings u2013 After comparing Takaful with conventional insurance, it is indicated that Takaful is more suitable than insurance especially to the vast Muslim community of the world. Value u2013 This article gives a comparative analysis of Islamic and conventional insurance system. In this way it is an addition to the scarce literature on the subject. It has a managerial implication in the shape of guidance to the potential buyer of the insurance.”, “author” : { “dropping-particle” : “”, “family” : “Mubbsher Munawar Khan”, “given” : “”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Alam”, “given” : “Hassan Mobeen”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Naveed Ahmad”, “given” : “”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Sabeeh”, “given” : “Muhammad”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Ali”, “given” : “Salmat”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Business and Social Science”, “id” : “ITEM-1”, “issue” : “10”, “issued” : { “date-parts” : “2011” }, “page” : “282-287”, “title” : “Comparative analysis of Islamic and prevailing insurance practices”, “type” : “article-journal”, “volume” : “2” }, “uris” : “http://www.mendeley.com/documents/?uuid=9608754a-1c9b-44bf-99dd-c9fd4d9439d2” } , “mendeley” : { “formattedCitation” : “(Mubbsher Munawar Khan, Alam, Naveed Ahmad, Sabeeh, & Ali, 2011)”, “manualFormatting” : “Khan, Alam, Ahmad, Sabeeh, and Ali (2011)”, “plainTextFormattedCitation” : “(Mubbsher Munawar Khan, Alam, Naveed Ahmad, Sabeeh, & Ali, 2011)”, “previouslyFormattedCitation” : “(Mubbsher Munawar Khan, Alam, Naveed Ahmad, Sabeeh, & Ali, 2011)” }, “properties” : { “noteIndex” : 20 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Khan, Alam, Ahmad, Sabeeh, and Ali (2011). For family Takaful that has a defined period of maturity, insured commonly make periodic level premium contributions that will be used primarily for meeting their individual savings target and in part for assisting financially the bereaved family of the decreased insured. When to claim death benefits, only proof of death needs to be submitted to the insurer. The cause of death, whether natural, accidental or unlawful.

Income (GDP per capita)
The income with the chosen proxy is the GDP per capita. An approximation of the value of goods produced per person in the country, equal to the country’s GDP divided by the total number of people in the country.

Inflation rate
Inflation rate is the percentage increase in the price of goods and services, usually annually.

Life expectancy
Life expectancy is the probable number of years remaining in the life of an individual or class of persons determined statistically, affected by such factors as heredity, physical condition, nutrition, and occupation.

Average dependency
Average dependency ratio is a measure of the portion of a population which is composed of dependents (people who are too young or too old to work). The dependency ratio is equal to the number of individuals aged below 15 or above 64 divided by the number of individuals aged 15 to 64, expressed as a percentage. A rising dependency ratio is a concern in many countries that are facing an aging population, since it becomes difficult for pension and social security systems to provide for a significantly older, non-working population.

Education level
Education level with the selected proxy is the total population enrolled at tertiary level. Education tertiary level is at a level above that of secondary or high school.

Muslim population
The number of Muslim population in Malaysia.

SummaryIn chapter one, the researcher focus on the basic information about the research and make a reader to be more understand about the topic because in this chapter, the background of study, the problem statements, research questions and objective, significance of study, scope of study, limitation of study and definition of terms are already explained. So that in the next chapter, the reader will be more clear about this research and they will be able to adapt the information faster.

LITERATURE REVIEWIntroductionA literature review is an evaluative report of information found in the literature related to researcher selected area of study. The review should describe summaries, evaluate and clarify this literature. It explains the process of reading, analysing, evaluating and summarising the scholarly materials about a specific topic.
Typically, literature review includes scholarly journals, books and frequently includes newspapers, magazines, brochures and images of the event. The purpose of the literature review keeps on the same regardless of the research according to the selected topic. The relationship between dependent variable and independent variables will be discovered from this research either they are significant or not.

Family Takaful.
Most empirical work ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1016/j.ribaf.2017.07.079”, “ISSN” : “02755319”, “abstract” : “In this paper we compare the Islamic insurance industry (Takaful) to the conventional insurance across 14 countries over the 2005u20132014 period. Our methodology relies on panel regressions and accounts for the periods during and post the global financial crisis (GFC). Specifically, we investigate: i) the difference in the insurance demand dynamics of the two insurance types; ii) if Islamic insurance demand has been boosted in the period that followed the crisis. To allow for cross-country heterogeneities we form sub-samples of high/low insurance regions and ASEAN/Middle East. We find Islamic and conventional insurance demand to be negatively affected by GDP/capita, albeit the Islamic showing a greater resilience during crisis. A negative link between conventional insurance and saving rate shows that conventional saving products work as substitutes to conventional insurance. Higher average income is positively (negatively) related to Islamic insurance demand in the Middle East (ASEAN), a finding plausibly related to the different practices relating to Islamic finance in the two regions.”, “author” : { “dropping-particle” : “”, “family” : “Akhter”, “given” : “Waheed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Pappas”, “given” : “Vasileios”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Khan”, “given” : “Saad Ullah”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Research in International Business and Finance”, “id” : “ITEM-1”, “issue” : “July”, “issued” : { “date-parts” : “2017” }, “page” : “1401-1412”, “publisher” : “Elsevier”, “title” : “A comparison of Islamic and conventional insurance demand: Worldwide evidence during the Global Financial Crisis”, “type” : “article-journal”, “volume” : “42” }, “uris” : “http://www.mendeley.com/documents/?uuid=4f7ad4d4-1966-4bd5-aed0-72591227d7fa” } , “mendeley” : { “formattedCitation” : “(Akhter, Pappas, & Khan, 2017)”, “manualFormatting” : “Akhter, Pappas, and Khan (2017)”, “plainTextFormattedCitation” : “(Akhter, Pappas, & Khan, 2017)”, “previouslyFormattedCitation” : “(Akhter, Pappas, & Khan, 2017)” }, “properties” : { “noteIndex” : 22 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Akhter, Pappas, and Khan (2017), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1016/j.ribaf.2015.10.016”, “ISSN” : “02755319”, “abstract” : “We take motivation from the low insurance penetration in Africa to investigate the factors that influence life insurance consumption in 31 African countries from 1996 to 2010. By employing both ordinary least squares and instrumental variables regressions, this study finds that demographic factors better explain life insurance consumption compared to financial factors. While we find income, inflation, dependency ratio and life expectancy lead to decline in life insurance consumption, financial development, health expenditure and institutional quality are found to positively impact on life insurance consumption in Africa. The findings provide policy implications for the development of life insurance markets in Africa.”, “author” : { “dropping-particle” : “”, “family” : “Alhassan”, “given” : “Abdul Latif”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Biekpe”, “given” : “Nicholas”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Research in International Business and Finance”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2016” }, “page” : “17-27”, “publisher” : “Elsevier B.V.”, “title” : “Determinants of life insurance consumption in Africa”, “type” : “article-journal”, “volume” : “37” }, “uris” : “http://www.mendeley.com/documents/?uuid=7df63b67-56bc-4902-91af-dff22c6807f8” } , “mendeley” : { “formattedCitation” : “(Alhassan & Biekpe, 2016)”, “manualFormatting” : “Alhassan and Biekpe (2016)”, “plainTextFormattedCitation” : “(Alhassan & Biekpe, 2016)”, “previouslyFormattedCitation” : “(Alhassan & Biekpe, 2016)” }, “properties” : { “noteIndex” : 22 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Alhassan and Biekpe (2016) ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.5539/ijbm.v7n6p115”, “ISSN” : “1833-8119”, “abstract” : “Family Takaful is one of the service sectors that are expected to continue to drive growth in the economy. Thus, the family Takaful market continues to play an important role in supporting economic and social development. However, in Malaysia, family Takaful market is still at a lower penetration level if we were to compare to other developed countries even though the Takaful industry continues to sustain strong performance amidst challenges in a competitive environment. Evidence has shown that the percentage of society covered by family Takaful contracts in Malaysia is still very low compared to conventional insurance. Therefore, the study aims to propose a conceptual framework for the determinants of family Takaful demand in Malaysia. From a review of the literature available in this particular area of interest, there are two categories of factors that are found to be the main determinants of family Takaful. These factors are the socio-demography and economic factors”, “author” : { “dropping-particle” : “”, “family” : “Yazid”, “given” : “Ahmad Shukri”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Arifin”, “given” : “Juliana”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussin”, “given” : “Mohd Rasid”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Wan Daud”, “given” : “Wan Norhayate”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Business and Management”, “id” : “ITEM-1”, “issue” : “6”, “issued” : { “date-parts” : “2012” }, “page” : “115-127”, “title” : “Determinants of Family Takaful (Islamic Life Insurance) Demand: A Conceptual Framework for a Malaysian Study”, “type” : “article-journal”, “volume” : “7” }, “uris” : “http://www.mendeley.com/documents/?uuid=572896ec-ec22-42d5-a211-a196ec0371b3” } , “mendeley” : { “formattedCitation” : “(Yazid et al., 2012)”, “manualFormatting” : “Yazid et al. (2012)”, “plainTextFormattedCitation” : “(Yazid et al., 2012)”, “previouslyFormattedCitation” : “(Yazid et al., 2012)” }, “properties” : { “noteIndex” : 22 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Yazid et al. (2012), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/17590811311314276”, “ISBN” : “1086737121”, “ISSN” : “1759-0817”, “PMID” : “42012058”, “abstract” : “Determinants of demand on family Takaful in Malaysia Mohamed Sherif Accountancy, Economics and Finance, Heriot-Watt University, Edinburgh, UK, and Nor Azlina Shaairi School of Management, Edinburgh University, Edinburgh, UK Abstract Purpose u2013 The purpose of this paper is to identify the driving forces that influence family Takaful demand in Malaysia. The paper examines various identified and available economics and socio-demographic variables. Design/methodology/approach u2013 Using ordinary least square (OLS) and generalised method of moments (GMM) techniques, the paper investigates the significance of the identified economic and socio-demographic factors in determining the consumption of family Takaful. The paper first examines a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. Following Anderson and Nevin, Haberman, Lenten and Rulli and Josa the paper further separates all models into linear and log-linear demand functions. Findings u2013 The paper demonstrates that income, Islamic banking development, education, dependency ratio and Muslim population factors are positively related to Takaful demand. On the other hand, inflation, real interest rate, financial development and life expectancy appear to be the significant factors that adversely influence the total family Takaful consumption. Research limitations/implications u2013 The major limitation of this paper is the small sample size. Therefore, future studies may expand the variables omitted in this study due to unavailability of data, which may be influential in explaining the family Takaful demand in Malaysia. Possible influential variables may include government social security expenditure, price of Takaful and level of competition within the Takaful and insurance industry. Research should also be conducted on the impact of the legal system and government policies on the demand for family Takaful in the country. Finally, the study focuses solely on the determinants of demand for family Takaful. Nevertheless, the supply-side of the equation should not be neglected and should be incorporated in future studies. Originality/value u2013 It is obvious that there are very few studies that focus on the Malaysian market and indeed, none of them gives attention to the factors that influence demand for family Takaful. In this regard, this study contributes in filling the gaps in the scope and coverage of stu2026”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Azlina Shaairi”, “given” : “Nor”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Islamic Accounting and Business Research”, “id” : “ITEM-1”, “issue” : “1”, “issued” : { “date-parts” : “2013” }, “page” : “26-50”, “title” : “Determinants of demand on family Takaful in Malaysia”, “type” : “article-journal”, “volume” : “4” }, “uris” : “http://www.mendeley.com/documents/?uuid=d2409f26-cde6-4b4f-bb60-8cf6f92bfd80” } , “mendeley” : { “formattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “manualFormatting” : “Sherif and Azlina Shaairi (2013)”, “plainTextFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “previouslyFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)” }, “properties” : { “noteIndex” : 22 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Azlina Shaairi (2013), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “ISSN” : “2070-4658”, “abstract” : “This study is aimed at investigating the key factors that influence the demand for family takaful and comparing with its conventional counterpart. This study, therefore, examines Malaysian takaful and insurance market by using relevant data obtained from Bank Negara Malaysia and Department of Statistics Malaysia for the period of 1990 u2013 2009. In analysing the data, this study uses multiple regressions model. The findings of this study indicate that,”, “author” : { “dropping-particle” : “”, “family” : “Gustina”, “given” : “”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Abdullah”, “given” : “Nurdianawati Irwani”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Islamic Economics, Banking and Finance”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2012” }, “page” : “67-86”, “title” : “Analysis of Demand for Family Takaful and Life Insurance : A Comparative Study in Malaysia”, “type” : “article-journal”, “volume” : “8” }, “uris” : “http://www.mendeley.com/documents/?uuid=280e5de6-a152-4adc-b9a2-648ef77d1914” } , “mendeley” : { “formattedCitation” : “(Gustina & Abdullah, 2012)”, “manualFormatting” : “Gustina and Abdullah (2012)”, “plainTextFormattedCitation” : “(Gustina & Abdullah, 2012)”, “previouslyFormattedCitation” : “(Gustina & Abdullah, 2012)” }, “properties” : { “noteIndex” : 22 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Gustina and Abdullah (2012) ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “abstract” : “The Malaysian takaful industry has experienced encouraging growth since its inception in 1985. Annual growth rate of the industry has been estimated at 20%. This research aims to identify the driving force of family takaful consumption in Malaysia. Using time series data over the period 1985-2007, this study finds that income per capita is a robust predictor of family takaful demand, while long-term interest rate and composite stock index have significant relationship with family takaful consumption. Other factors such as inflation and savings rates do not appear to significantly influence family takaful purchase.”, “author” : { “dropping-particle” : “”, “family” : “Redzuan”, “given” : “Hendon”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Rahman”, “given” : “Zuriah Abdul”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Sakinah”, “given” : “Sharifah”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Aidid”, “given” : “S H”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Review of Business Research Papers”, “id” : “ITEM-1”, “issue” : “5”, “issued” : { “date-parts” : “2009” }, “page” : “193-211”, “title” : “Economic Determinants of Family Takaful Consumption: Evidence From Malaysia”, “type” : “article-journal”, “volume” : “5” }, “uris” : “http://www.mendeley.com/documents/?uuid=45322336-ab2e-4afe-af98-b85a5df1a278” } , “mendeley” : { “formattedCitation” : “(Redzuan, Rahman, Sakinah, & Aidid, 2009)”, “manualFormatting” : “Redzuan, Rahman, Sakinah, and Aidid (2009)”, “plainTextFormattedCitation” : “(Redzuan, Rahman, Sakinah, & Aidid, 2009)”, “previouslyFormattedCitation” : “(Redzuan, Rahman, Sakinah, & Aidid, 2009)” }, “properties” : { “noteIndex” : 22 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Redzuan, Rahman, Sakinah, and Aidid (2009) and ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “abstract” : “Economic environments have a profound effect on the growth of the insurance industry. History has shown that, although the performance of the insurance industry is closely linked to economic conditions, the life business has been able to survive in different economic environments. In Malaysia, the performance of the insurance industry in 1998 was affected by an economic downturn. The insurance industry as a whole and the nonlife business experienced a negative growth rate but the life business achieved a low, positive growth rate in 1998. Because the macroeconomic environment has an important influence on life business and this area has not been greatly researched in Malaysia, this study is undertaken to examine the demand for life insurance in Malaysia from a macroeconomic perspective. More formally, work is carried out in order to study the interaction between macroeconomic and demographic variables (i.e. financial development, income, inflation, interest rate, price, stock market return, birth rate, death rate, fertility rate and life expectancy) and the demand for life insurance (by sums insured) in order to seek evidence of their relationship in the context of Malaysia. The major findings of this study indicate that the savings deposits rate and price change in insurance are two important macroeconomic variables associated with the demand for life insurance in Malaysia. However, the finding on the savings deposits rate fails to show the expected negative sign. Further research is needed in this respect in order to confirm the relationship between these two variables. A change in the price of insurance has a significant negative relationship with the demand for life insurance. This finding has an important implication on policy formulation for the policy makers of the central bank and the marketing directors of life insurance companies. This finding may be helpful to them in developing pricing strategies to achieve a specific sales target for life business.”, “author” : { “dropping-particle” : “”, “family” : “Lim”, “given” : “Chee Chee”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Haberman”, “given” : “Steven”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “id” : “ITEM-1”, “issued” : { “date-parts” : “2001” }, “page” : “1994-2002”, “title” : “Macroeconomic Variables and the Demand for Life Insurance in Malaysia”, “type” : “article-journal” }, “uris” : “http://www.mendeley.com/documents/?uuid=31a90766-7905-4576-a952-8982ef4d7592” } , “mendeley” : { “formattedCitation” : “(Lim & Haberman, 2001)”, “manualFormatting” : “Lim and Haberman (2001)”, “plainTextFormattedCitation” : “(Lim & Haberman, 2001)”, “previouslyFormattedCitation” : “(Lim & Haberman, 2001)” }, “properties” : { “noteIndex” : 22 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Lim and Haberman (2001) on the demand for life insurance takes a demand as a function for life insurance derived from the maximization of utility function of the consumer would depends on wealth, income stream, a vector of interest rates, a vector of prices (including insurance premium) and the consumers’ utility functions for consumption and wealth, which can be affected by the level of the market financial development.

Based on studies by ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.5539/ijbm.v7n6p115”, “ISSN” : “1833-8119”, “abstract” : “Family Takaful is one of the service sectors that are expected to continue to drive growth in the economy. Thus, the family Takaful market continues to play an important role in supporting economic and social development. However, in Malaysia, family Takaful market is still at a lower penetration level if we were to compare to other developed countries even though the Takaful industry continues to sustain strong performance amidst challenges in a competitive environment. Evidence has shown that the percentage of society covered by family Takaful contracts in Malaysia is still very low compared to conventional insurance. Therefore, the study aims to propose a conceptual framework for the determinants of family Takaful demand in Malaysia. From a review of the literature available in this particular area of interest, there are two categories of factors that are found to be the main determinants of family Takaful. These factors are the socio-demography and economic factors”, “author” : { “dropping-particle” : “”, “family” : “Yazid”, “given” : “Ahmad Shukri”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Arifin”, “given” : “Juliana”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussin”, “given” : “Mohd Rasid”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Wan Daud”, “given” : “Wan Norhayate”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Business and Management”, “id” : “ITEM-1”, “issue” : “6”, “issued” : { “date-parts” : “2012” }, “page” : “115-127”, “title” : “Determinants of Family Takaful (Islamic Life Insurance) Demand: A Conceptual Framework for a Malaysian Study”, “type” : “article-journal”, “volume” : “7” }, “uris” : “http://www.mendeley.com/documents/?uuid=572896ec-ec22-42d5-a211-a196ec0371b3” } , “mendeley” : { “formattedCitation” : “(Yazid et al., 2012)”, “manualFormatting” : “Yazid, Arifin, Hussin, and Wan Daud (2012)”, “plainTextFormattedCitation” : “(Yazid et al., 2012)”, “previouslyFormattedCitation” : “(Yazid et al., 2012)” }, “properties” : { “noteIndex” : 22 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Yazid, Arifin, Hussin, and Wan Daud (2012) family Takaful plans are generally used for family solidarity in place of conventional life insurance which provides protection, long-term savings and an investment instrument. It provides a mutual guarantee of financial assistance in the event of death to the participant.
Income
According to ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/17590811311314276”, “ISBN” : “1086737121”, “ISSN” : “1759-0817”, “PMID” : “42012058”, “abstract” : “Determinants of demand on family Takaful in Malaysia Mohamed Sherif Accountancy, Economics and Finance, Heriot-Watt University, Edinburgh, UK, and Nor Azlina Shaairi School of Management, Edinburgh University, Edinburgh, UK Abstract Purpose u2013 The purpose of this paper is to identify the driving forces that influence family Takaful demand in Malaysia. The paper examines various identified and available economics and socio-demographic variables. Design/methodology/approach u2013 Using ordinary least square (OLS) and generalised method of moments (GMM) techniques, the paper investigates the significance of the identified economic and socio-demographic factors in determining the consumption of family Takaful. The paper first examines a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. Following Anderson and Nevin, Haberman, Lenten and Rulli and Josa the paper further separates all models into linear and log-linear demand functions. Findings u2013 The paper demonstrates that income, Islamic banking development, education, dependency ratio and Muslim population factors are positively related to Takaful demand. On the other hand, inflation, real interest rate, financial development and life expectancy appear to be the significant factors that adversely influence the total family Takaful consumption. Research limitations/implications u2013 The major limitation of this paper is the small sample size. Therefore, future studies may expand the variables omitted in this study due to unavailability of data, which may be influential in explaining the family Takaful demand in Malaysia. Possible influential variables may include government social security expenditure, price of Takaful and level of competition within the Takaful and insurance industry. Research should also be conducted on the impact of the legal system and government policies on the demand for family Takaful in the country. Finally, the study focuses solely on the determinants of demand for family Takaful. Nevertheless, the supply-side of the equation should not be neglected and should be incorporated in future studies. Originality/value u2013 It is obvious that there are very few studies that focus on the Malaysian market and indeed, none of them gives attention to the factors that influence demand for family Takaful. In this regard, this study contributes in filling the gaps in the scope and coverage of stu2026”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Azlina Shaairi”, “given” : “Nor”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Islamic Accounting and Business Research”, “id” : “ITEM-1”, “issue” : “1”, “issued” : { “date-parts” : “2013” }, “page” : “26-50”, “title” : “Determinants of demand on family Takaful in Malaysia”, “type” : “article-journal”, “volume” : “4” }, “uris” : “http://www.mendeley.com/documents/?uuid=d2409f26-cde6-4b4f-bb60-8cf6f92bfd80” } , “mendeley” : { “formattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “manualFormatting” : “Sherif and Azlina Shaairi (2013)”, “plainTextFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “previouslyFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)” }, “properties” : { “noteIndex” : 22 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Azlina Shaairi (2013) income is a central variable in insurance demand models that positively affects the life insurance consumption. Early theoretical studies highlight that the demand for life insurance, as a long-term consumption decision, should be positively related to anticipated income or permanent income ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/IMEFM-01-2016-0016”, “ISBN” : “0268394121”, “ISSN” : “1753-8394”, “abstract” : “Purpose The purpose of this paper is to investigate the driving forces (economics and socio-demographic) that influence family Takaful demand in the Middle East and North Africa (MENA) region, using a sample of 15 countries from the MENA. Design/methodology/approach The authors use multivariate analysis, bootstrapping and generalised method of moments techniques. They first examine a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. They further separate all models into linear and log-linear demand functions. Findings The authors demonstrate that the relationship between the demand for family Takaful in MENA and Islamic banking deposits, education, dependency rate, female life expectancy and Muslim population is significantly positive. On the other hand, the significant factors that are inversely related to the demand for family Takaful in MENA are inflation, financial development and male life expectancy. Research limitation/implications The crucial limitation of this study is the amount of data available in regards to the dependent variable, family Takaful contributions. Consequently, to improve the understanding in explaining the family Takaful demand in MENA, further research can take advantage of expanding the variables that were omitted in this research as a consequence of the unavailability of data. Some of the possible influential variables can include government social security expenditure, legal system and government policies, price of Takaful and level of competition within the Takaful and insurance industry. Originality/value It is obvious that there are very few studies that focus on the MENA market, and indeed, none of them gives attention to the factors that influence demand for family Takaful. While this study is expected to provide more understanding and awareness on the concept of Takaful and the factors that influence its demand, the authors hope that it would encourage more studies on various issues on the Takaful industry so as to help researchers to understand more aspects of this new emerging business.”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussnain”, “given” : “Sadia”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Islamic and Middle Eastern Finance and Management”, “id” : “ITEM-1”, “issue” : “3”, “issued” : { “date-parts” : “2017” }, “page” : “371-399”, “title” : “Family Takaful in developing countries: the case of Middle East and North Africa (MENA)”, “type” : “article-journal”, “volume” : “10” }, “uris” : “http://www.mendeley.com/documents/?uuid=96bf8b95-3efa-4605-ae51-f3c058e7482c” } , “mendeley” : { “formattedCitation” : “(Sherif & Hussnain, 2017)”, “manualFormatting” : “Sherif and Hussnain (2017)”, “plainTextFormattedCitation” : “(Sherif & Hussnain, 2017)”, “previouslyFormattedCitation” : “(Sherif & Hussnain, 2017)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Hussnain (2017), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1016/j.ribaf.2017.07.079”, “ISSN” : “02755319”, “abstract” : “In this paper we compare the Islamic insurance industry (Takaful) to the conventional insurance across 14 countries over the 2005u20132014 period. Our methodology relies on panel regressions and accounts for the periods during and post the global financial crisis (GFC). Specifically, we investigate: i) the difference in the insurance demand dynamics of the two insurance types; ii) if Islamic insurance demand has been boosted in the period that followed the crisis. To allow for cross-country heterogeneities we form sub-samples of high/low insurance regions and ASEAN/Middle East. We find Islamic and conventional insurance demand to be negatively affected by GDP/capita, albeit the Islamic showing a greater resilience during crisis. A negative link between conventional insurance and saving rate shows that conventional saving products work as substitutes to conventional insurance. Higher average income is positively (negatively) related to Islamic insurance demand in the Middle East (ASEAN), a finding plausibly related to the different practices relating to Islamic finance in the two regions.”, “author” : { “dropping-particle” : “”, “family” : “Akhter”, “given” : “Waheed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Pappas”, “given” : “Vasileios”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Khan”, “given” : “Saad Ullah”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Research in International Business and Finance”, “id” : “ITEM-1”, “issue” : “July”, “issued” : { “date-parts” : “2017” }, “page” : “1401-1412”, “publisher” : “Elsevier”, “title” : “A comparison of Islamic and conventional insurance demand: Worldwide evidence during the Global Financial Crisis”, “type” : “article-journal”, “volume” : “42” }, “uris” : “http://www.mendeley.com/documents/?uuid=4f7ad4d4-1966-4bd5-aed0-72591227d7fa” } , “mendeley” : { “formattedCitation” : “(Akhter et al., 2017)”, “manualFormatting” : “Akhter, Pappas, and Khan (2017)”, “plainTextFormattedCitation” : “(Akhter et al., 2017)”, “previouslyFormattedCitation” : “(Akhter et al., 2017)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Akhter, Pappas, and Khan (2017), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1016/j.ribaf.2015.10.016”, “ISSN” : “02755319”, “abstract” : “We take motivation from the low insurance penetration in Africa to investigate the factors that influence life insurance consumption in 31 African countries from 1996 to 2010. By employing both ordinary least squares and instrumental variables regressions, this study finds that demographic factors better explain life insurance consumption compared to financial factors. While we find income, inflation, dependency ratio and life expectancy lead to decline in life insurance consumption, financial development, health expenditure and institutional quality are found to positively impact on life insurance consumption in Africa. The findings provide policy implications for the development of life insurance markets in Africa.”, “author” : { “dropping-particle” : “”, “family” : “Alhassan”, “given” : “Abdul Latif”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Biekpe”, “given” : “Nicholas”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Research in International Business and Finance”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2016” }, “page” : “17-27”, “publisher” : “Elsevier B.V.”, “title” : “Determinants of life insurance consumption in Africa”, “type” : “article-journal”, “volume” : “37” }, “uris” : “http://www.mendeley.com/documents/?uuid=7df63b67-56bc-4902-91af-dff22c6807f8” } , “mendeley” : { “formattedCitation” : “(Alhassan & Biekpe, 2016)”, “manualFormatting” : “Alhassan and Biekpe (2016)”, “plainTextFormattedCitation” : “(Alhassan & Biekpe, 2016)”, “previouslyFormattedCitation” : “(Alhassan & Biekpe, 2016)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Alhassan and Biekpe (2016), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1016/j.sbspro.2013.08.427”, “ISBN” : “18770428”, “ISSN” : “18770428”, “abstract” : “This is a preliminary investigation into the role of macro-level demographic factors, namely crude birth rate, crude death rate, total fertility rate and life expectancy at birth, in the new purchase of three different types of life insurance, i.e. whole life, endowment and temporary insurance, using correlational and linear regression analysis. From correlational analysis, both the current and lagged crude birth rates, crude death rates and total fertility rates are found to have significant weak to moderately strong positive relationship, while both the current and lagged variables of life expectancy at birth have significant moderately strong negative relationship with the growth of the new purchase of both whole life and temporary insurance. On the other hand, while none of the current-period demographic factors are found to have any significant relationship but the lags of crude birth rate and crude death rate are found to have significant weak positive relationship with the growth of the new purchase of endowment insurance. From linear regression analysis, only crude birth rate is found to have a significant positive relationship with the growth of the new purchase of whole life insurance. The findings show that demographic factors seem to play a minor role in the purchasing of new life insurance, and crude birth rate appears to be the demographic factor that is important in explaining the new purchase of whole life insurance. As this is a preliminary investigation, further research in this respect is warranted.”, “author” : { “dropping-particle” : “”, “family” : “Chee Chee”, “given” : “LIM”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Procedia – Social and Behavioral Sciences”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2013” }, “page” : “306-315”, “publisher” : “Elsevier B.V.”, “title” : “Examining the New Purchase of Whole Life, Endowment and Temporary Insurance through Macro-level Demographic Factors: The Case of Malaysia”, “type” : “article-journal”, “volume” : “91” }, “uris” : “http://www.mendeley.com/documents/?uuid=ee82fa4f-b941-4bb8-a7a6-f38dec2a2d92” } , “mendeley” : { “formattedCitation” : “(Chee Chee, 2013)”, “manualFormatting” : “Chee Chee (2013)”, “plainTextFormattedCitation” : “(Chee Chee, 2013)”, “previouslyFormattedCitation” : “(Chee Chee, 2013)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Chee Chee (2013),ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.5539/ijbm.v7n6p115”, “ISSN” : “1833-8119”, “abstract” : “Family Takaful is one of the service sectors that are expected to continue to drive growth in the economy. Thus, the family Takaful market continues to play an important role in supporting economic and social development. However, in Malaysia, family Takaful market is still at a lower penetration level if we were to compare to other developed countries even though the Takaful industry continues to sustain strong performance amidst challenges in a competitive environment. Evidence has shown that the percentage of society covered by family Takaful contracts in Malaysia is still very low compared to conventional insurance. Therefore, the study aims to propose a conceptual framework for the determinants of family Takaful demand in Malaysia. From a review of the literature available in this particular area of interest, there are two categories of factors that are found to be the main determinants of family Takaful. These factors are the socio-demography and economic factors”, “author” : { “dropping-particle” : “”, “family” : “Yazid”, “given” : “Ahmad Shukri”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Arifin”, “given” : “Juliana”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussin”, “given” : “Mohd Rasid”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Wan Daud”, “given” : “Wan Norhayate”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Business and Management”, “id” : “ITEM-1”, “issue” : “6”, “issued” : { “date-parts” : “2012” }, “page” : “115-127”, “title” : “Determinants of Family Takaful (Islamic Life Insurance) Demand: A Conceptual Framework for a Malaysian Study”, “type” : “article-journal”, “volume” : “7” }, “uris” : “http://www.mendeley.com/documents/?uuid=572896ec-ec22-42d5-a211-a196ec0371b3” } , “mendeley” : { “formattedCitation” : “(Yazid et al., 2012)”, “manualFormatting” : ” Yazid, Arifin, Hussin, and Wan Daud (2012)”, “plainTextFormattedCitation” : “(Yazid et al., 2012)”, “previouslyFormattedCitation” : “(Yazid et al., 2012)” }, “properties” : { “noteIndex” : 22 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” } Yazid, Arifin, Hussin, and Wan Daud (2012), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “ISSN” : “2070-4658”, “abstract” : “This study is aimed at investigating the key factors that influence the demand for family takaful and comparing with its conventional counterpart. This study, therefore, examines Malaysian takaful and insurance market by using relevant data obtained from Bank Negara Malaysia and Department of Statistics Malaysia for the period of 1990 u2013 2009. In analysing the data, this study uses multiple regressions model. The findings of this study indicate that,”, “author” : { “dropping-particle” : “”, “family” : “Gustina”, “given” : “”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Abdullah”, “given” : “Nurdianawati Irwani”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Islamic Economics, Banking and Finance”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2012” }, “page” : “67-86”, “title” : “Analysis of Demand for Family Takaful and Life Insurance : A Comparative Study in Malaysia”, “type” : “article-journal”, “volume” : “8” }, “uris” : “http://www.mendeley.com/documents/?uuid=280e5de6-a152-4adc-b9a2-648ef77d1914” } , “mendeley” : { “formattedCitation” : “(Gustina & Abdullah, 2012)”, “manualFormatting” : “Gustina and Abdullah (2012)”, “plainTextFormattedCitation” : “(Gustina & Abdullah, 2012)”, “previouslyFormattedCitation” : “(Gustina & Abdullah, 2012)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Gustina and Abdullah (2012), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1057/gpp.2009.9”, “ISSN” : “1018-5895”, “author” : { “dropping-particle” : “”, “family” : “Ye”, “given” : “Dezhu”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Li”, “given” : “Donghui”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Chen”, “given” : “Zhian”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Moshirian”, “given” : “Fariborz”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Wee”, “given” : “Timothy”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “The Geneva Papers on Risk and Insurance – Issues and Practice”, “id” : “ITEM-1”, “issue” : “3”, “issued” : { “date-parts” : “2009” }, “page” : “466-482”, “title” : “Foreign Participation in Life Insurance Markets: Evidence from OECD Countries”, “type” : “article-journal”, “volume” : “34” }, “uris” : “http://www.mendeley.com/documents/?uuid=85f99eeb-1e07-433b-af85-16ce2ae7b0d3” } , “mendeley” : { “formattedCitation” : “(Ye, Li, Chen, Moshirian, & Wee, 2009)”, “manualFormatting” : “Ye, Li, Chen, Moshirian, and Wee (2009)”, “plainTextFormattedCitation” : “(Ye, Li, Chen, Moshirian, & Wee, 2009)”, “previouslyFormattedCitation” : “(Ye, Li, Chen, Moshirian, & Wee, 2009)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Ye, Li, Chen, Moshirian, and Wee (2009), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “abstract” : “The Malaysian takaful industry has experienced encouraging growth since its inception in 1985. Annual growth rate of the industry has been estimated at 20%. This research aims to identify the driving force of family takaful consumption in Malaysia. Using time series data over the period 1985-2007, this study finds that income per capita is a robust predictor of family takaful demand, while long-term interest rate and composite stock index have significant relationship with family takaful consumption. Other factors such as inflation and savings rates do not appear to significantly influence family takaful purchase.”, “author” : { “dropping-particle” : “”, “family” : “Redzuan”, “given” : “Hendon”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Rahman”, “given” : “Zuriah Abdul”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Sakinah”, “given” : “Sharifah”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Aidid”, “given” : “S H”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Review of Business Research Papers”, “id” : “ITEM-1”, “issue” : “5”, “issued” : { “date-parts” : “2009” }, “page” : “193-211”, “title” : “Economic Determinants of Family Takaful Consumption: Evidence From Malaysia”, “type” : “article-journal”, “volume” : “5” }, “uris” : “http://www.mendeley.com/documents/?uuid=45322336-ab2e-4afe-af98-b85a5df1a278” } , “mendeley” : { “formattedCitation” : “(Redzuan et al., 2009)”, “manualFormatting” : “Redzuan, Rahman, Sakinah, and Aidid (2009)”, “plainTextFormattedCitation” : “(Redzuan et al., 2009)”, “previouslyFormattedCitation” : “(Redzuan et al., 2009)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Redzuan, Rahman, Sakinah, and Aidid (2009) and ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “abstract” : “Economic environments have a profound effect on the growth of the insurance industry. History has shown that, although the performance of the insurance industry is closely linked to economic conditions, the life business has been able to survive in different economic environments. In Malaysia, the performance of the insurance industry in 1998 was affected by an economic downturn. The insurance industry as a whole and the nonlife business experienced a negative growth rate but the life business achieved a low, positive growth rate in 1998. Because the macroeconomic environment has an important influence on life business and this area has not been greatly researched in Malaysia, this study is undertaken to examine the demand for life insurance in Malaysia from a macroeconomic perspective. More formally, work is carried out in order to study the interaction between macroeconomic and demographic variables (i.e. financial development, income, inflation, interest rate, price, stock market return, birth rate, death rate, fertility rate and life expectancy) and the demand for life insurance (by sums insured) in order to seek evidence of their relationship in the context of Malaysia. The major findings of this study indicate that the savings deposits rate and price change in insurance are two important macroeconomic variables associated with the demand for life insurance in Malaysia. However, the finding on the savings deposits rate fails to show the expected negative sign. Further research is needed in this respect in order to confirm the relationship between these two variables. A change in the price of insurance has a significant negative relationship with the demand for life insurance. This finding has an important implication on policy formulation for the policy makers of the central bank and the marketing directors of life insurance companies. This finding may be helpful to them in developing pricing strategies to achieve a specific sales target for life business.”, “author” : { “dropping-particle” : “”, “family” : “Lim”, “given” : “Chee Chee”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Haberman”, “given” : “Steven”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “id” : “ITEM-1”, “issued” : { “date-parts” : “2001” }, “page” : “1994-2002”, “title” : “Macroeconomic Variables and the Demand for Life Insurance in Malaysia”, “type” : “article-journal” }, “uris” : “http://www.mendeley.com/documents/?uuid=31a90766-7905-4576-a952-8982ef4d7592” } , “mendeley” : { “formattedCitation” : “(Lim & Haberman, 2001)”, “manualFormatting” : “Lim and Haberman (2001)”, “plainTextFormattedCitation” : “(Lim & Haberman, 2001)”, “previouslyFormattedCitation” : “(Lim & Haberman, 2001)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Lim and Haberman (2001). As income increases, life insurance products become more affordable and, indeed, there is a greater need to protect dependants against the loss of expected future income due to premature death or permanent disability of the wage earner
Inflation rateIn?ation is assumed to affect the demand for life insurance by altering the consumption pattern of the industry’s products, and the negative effect of in?ation on savings through life insurance has been largely documented by numerous studies ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/IMEFM-01-2016-0016”, “ISBN” : “0268394121”, “ISSN” : “1753-8394”, “abstract” : “Purpose The purpose of this paper is to investigate the driving forces (economics and socio-demographic) that influence family Takaful demand in the Middle East and North Africa (MENA) region, using a sample of 15 countries from the MENA. Design/methodology/approach The authors use multivariate analysis, bootstrapping and generalised method of moments techniques. They first examine a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. They further separate all models into linear and log-linear demand functions. Findings The authors demonstrate that the relationship between the demand for family Takaful in MENA and Islamic banking deposits, education, dependency rate, female life expectancy and Muslim population is significantly positive. On the other hand, the significant factors that are inversely related to the demand for family Takaful in MENA are inflation, financial development and male life expectancy. Research limitation/implications The crucial limitation of this study is the amount of data available in regards to the dependent variable, family Takaful contributions. Consequently, to improve the understanding in explaining the family Takaful demand in MENA, further research can take advantage of expanding the variables that were omitted in this research as a consequence of the unavailability of data. Some of the possible influential variables can include government social security expenditure, legal system and government policies, price of Takaful and level of competition within the Takaful and insurance industry. Originality/value It is obvious that there are very few studies that focus on the MENA market, and indeed, none of them gives attention to the factors that influence demand for family Takaful. While this study is expected to provide more understanding and awareness on the concept of Takaful and the factors that influence its demand, the authors hope that it would encourage more studies on various issues on the Takaful industry so as to help researchers to understand more aspects of this new emerging business.”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussnain”, “given” : “Sadia”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Islamic and Middle Eastern Finance and Management”, “id” : “ITEM-1”, “issue” : “3”, “issued” : { “date-parts” : “2017” }, “page” : “371-399”, “title” : “Family Takaful in developing countries: the case of Middle East and North Africa (MENA)”, “type” : “article-journal”, “volume” : “10” }, “uris” : “http://www.mendeley.com/documents/?uuid=96bf8b95-3efa-4605-ae51-f3c058e7482c” } , “mendeley” : { “formattedCitation” : “(Sherif & Hussnain, 2017)”, “manualFormatting” : “Sherif and Hussnain (2017)”, “plainTextFormattedCitation” : “(Sherif & Hussnain, 2017)”, “previouslyFormattedCitation” : “(Sherif & Hussnain, 2017)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Hussnain (2017), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1016/j.ribaf.2017.07.079”, “ISSN” : “02755319”, “abstract” : “In this paper we compare the Islamic insurance industry (Takaful) to the conventional insurance across 14 countries over the 2005u20132014 period. Our methodology relies on panel regressions and accounts for the periods during and post the global financial crisis (GFC). Specifically, we investigate: i) the difference in the insurance demand dynamics of the two insurance types; ii) if Islamic insurance demand has been boosted in the period that followed the crisis. To allow for cross-country heterogeneities we form sub-samples of high/low insurance regions and ASEAN/Middle East. We find Islamic and conventional insurance demand to be negatively affected by GDP/capita, albeit the Islamic showing a greater resilience during crisis. A negative link between conventional insurance and saving rate shows that conventional saving products work as substitutes to conventional insurance. Higher average income is positively (negatively) related to Islamic insurance demand in the Middle East (ASEAN), a finding plausibly related to the different practices relating to Islamic finance in the two regions.”, “author” : { “dropping-particle” : “”, “family” : “Akhter”, “given” : “Waheed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Pappas”, “given” : “Vasileios”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Khan”, “given” : “Saad Ullah”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Research in International Business and Finance”, “id” : “ITEM-1”, “issue” : “July”, “issued” : { “date-parts” : “2017” }, “page” : “1401-1412”, “publisher” : “Elsevier”, “title” : “A comparison of Islamic and conventional insurance demand: Worldwide evidence during the Global Financial Crisis”, “type” : “article-journal”, “volume” : “42” }, “uris” : “http://www.mendeley.com/documents/?uuid=4f7ad4d4-1966-4bd5-aed0-72591227d7fa” } , “mendeley” : { “formattedCitation” : “(Akhter et al., 2017)”, “manualFormatting” : “Akhter, Pappas, and Khan (2017)”, “plainTextFormattedCitation” : “(Akhter et al., 2017)”, “previouslyFormattedCitation” : “(Akhter et al., 2017)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Akhter, Pappas, and Khan (2017), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1016/j.ribaf.2015.10.016”, “ISSN” : “02755319”, “abstract” : “We take motivation from the low insurance penetration in Africa to investigate the factors that influence life insurance consumption in 31 African countries from 1996 to 2010. By employing both ordinary least squares and instrumental variables regressions, this study finds that demographic factors better explain life insurance consumption compared to financial factors. While we find income, inflation, dependency ratio and life expectancy lead to decline in life insurance consumption, financial development, health expenditure and institutional quality are found to positively impact on life insurance consumption in Africa. The findings provide policy implications for the development of life insurance markets in Africa.”, “author” : { “dropping-particle” : “”, “family” : “Alhassan”, “given” : “Abdul Latif”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Biekpe”, “given” : “Nicholas”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Research in International Business and Finance”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2016” }, “page” : “17-27”, “publisher” : “Elsevier B.V.”, “title” : “Determinants of life insurance consumption in Africa”, “type” : “article-journal”, “volume” : “37” }, “uris” : “http://www.mendeley.com/documents/?uuid=7df63b67-56bc-4902-91af-dff22c6807f8” } , “mendeley” : { “formattedCitation” : “(Alhassan & Biekpe, 2016)”, “manualFormatting” : “Alhassan and Biekpe (2016)”, “plainTextFormattedCitation” : “(Alhassan & Biekpe, 2016)”, “previouslyFormattedCitation” : “(Alhassan & Biekpe, 2016)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Alhassan and Biekpe (2016), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/17590811311314276”, “ISBN” : “1086737121”, “ISSN” : “1759-0817”, “PMID” : “42012058”, “abstract” : “Determinants of demand on family Takaful in Malaysia Mohamed Sherif Accountancy, Economics and Finance, Heriot-Watt University, Edinburgh, UK, and Nor Azlina Shaairi School of Management, Edinburgh University, Edinburgh, UK Abstract Purpose u2013 The purpose of this paper is to identify the driving forces that influence family Takaful demand in Malaysia. The paper examines various identified and available economics and socio-demographic variables. Design/methodology/approach u2013 Using ordinary least square (OLS) and generalised method of moments (GMM) techniques, the paper investigates the significance of the identified economic and socio-demographic factors in determining the consumption of family Takaful. The paper first examines a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. Following Anderson and Nevin, Haberman, Lenten and Rulli and Josa the paper further separates all models into linear and log-linear demand functions. Findings u2013 The paper demonstrates that income, Islamic banking development, education, dependency ratio and Muslim population factors are positively related to Takaful demand. On the other hand, inflation, real interest rate, financial development and life expectancy appear to be the significant factors that adversely influence the total family Takaful consumption. Research limitations/implications u2013 The major limitation of this paper is the small sample size. Therefore, future studies may expand the variables omitted in this study due to unavailability of data, which may be influential in explaining the family Takaful demand in Malaysia. Possible influential variables may include government social security expenditure, price of Takaful and level of competition within the Takaful and insurance industry. Research should also be conducted on the impact of the legal system and government policies on the demand for family Takaful in the country. Finally, the study focuses solely on the determinants of demand for family Takaful. Nevertheless, the supply-side of the equation should not be neglected and should be incorporated in future studies. Originality/value u2013 It is obvious that there are very few studies that focus on the Malaysian market and indeed, none of them gives attention to the factors that influence demand for family Takaful. In this regard, this study contributes in filling the gaps in the scope and coverage of stu2026”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Azlina Shaairi”, “given” : “Nor”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Islamic Accounting and Business Research”, “id” : “ITEM-1”, “issue” : “1”, “issued” : { “date-parts” : “2013” }, “page” : “26-50”, “title” : “Determinants of demand on family Takaful in Malaysia”, “type” : “article-journal”, “volume” : “4” }, “uris” : “http://www.mendeley.com/documents/?uuid=d2409f26-cde6-4b4f-bb60-8cf6f92bfd80” } , “mendeley” : { “formattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “manualFormatting” : “Sherif and Azlina Shaairi (2013)”, “plainTextFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “previouslyFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Azlina Shaairi (2013) ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.5539/ijbm.v7n6p115”, “ISSN” : “1833-8119”, “abstract” : “Family Takaful is one of the service sectors that are expected to continue to drive growth in the economy. Thus, the family Takaful market continues to play an important role in supporting economic and social development. However, in Malaysia, family Takaful market is still at a lower penetration level if we were to compare to other developed countries even though the Takaful industry continues to sustain strong performance amidst challenges in a competitive environment. Evidence has shown that the percentage of society covered by family Takaful contracts in Malaysia is still very low compared to conventional insurance. Therefore, the study aims to propose a conceptual framework for the determinants of family Takaful demand in Malaysia. From a review of the literature available in this particular area of interest, there are two categories of factors that are found to be the main determinants of family Takaful. These factors are the socio-demography and economic factors”, “author” : { “dropping-particle” : “”, “family” : “Yazid”, “given” : “Ahmad Shukri”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Arifin”, “given” : “Juliana”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussin”, “given” : “Mohd Rasid”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Wan Daud”, “given” : “Wan Norhayate”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Business and Management”, “id” : “ITEM-1”, “issue” : “6”, “issued” : { “date-parts” : “2012” }, “page” : “115-127”, “title” : “Determinants of Family Takaful (Islamic Life Insurance) Demand: A Conceptual Framework for a Malaysian Study”, “type” : “article-journal”, “volume” : “7” }, “uris” : “http://www.mendeley.com/documents/?uuid=572896ec-ec22-42d5-a211-a196ec0371b3” } , “mendeley” : { “formattedCitation” : “(Yazid et al., 2012)”, “manualFormatting” : “Yazid, Arifin, Hussin, and Wan Daud (2012)”, “plainTextFormattedCitation” : “(Yazid et al., 2012)”, “previouslyFormattedCitation” : “(Yazid et al., 2012)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Yazid, Arifin, Hussin, and Wan Daud (2012), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “ISSN” : “2070-4658”, “abstract” : “This study is aimed at investigating the key factors that influence the demand for family takaful and comparing with its conventional counterpart. This study, therefore, examines Malaysian takaful and insurance market by using relevant data obtained from Bank Negara Malaysia and Department of Statistics Malaysia for the period of 1990 u2013 2009. In analysing the data, this study uses multiple regressions model. The findings of this study indicate that,”, “author” : { “dropping-particle” : “”, “family” : “Gustina”, “given” : “”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Abdullah”, “given” : “Nurdianawati Irwani”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Islamic Economics, Banking and Finance”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2012” }, “page” : “67-86”, “title” : “Analysis of Demand for Family Takaful and Life Insurance : A Comparative Study in Malaysia”, “type” : “article-journal”, “volume” : “8” }, “uris” : “http://www.mendeley.com/documents/?uuid=280e5de6-a152-4adc-b9a2-648ef77d1914” } , “mendeley” : { “formattedCitation” : “(Gustina & Abdullah, 2012)”, “manualFormatting” : “Gustina and Abdullah (2012)”, “plainTextFormattedCitation” : “(Gustina & Abdullah, 2012)”, “previouslyFormattedCitation” : “(Gustina & Abdullah, 2012)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Gustina and Abdullah (2012), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “abstract” : “The Malaysian takaful industry has experienced encouraging growth since its inception in 1985. Annual growth rate of the industry has been estimated at 20%. This research aims to identify the driving force of family takaful consumption in Malaysia. Using time series data over the period 1985-2007, this study finds that income per capita is a robust predictor of family takaful demand, while long-term interest rate and composite stock index have significant relationship with family takaful consumption. Other factors such as inflation and savings rates do not appear to significantly influence family takaful purchase.”, “author” : { “dropping-particle” : “”, “family” : “Redzuan”, “given” : “Hendon”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Rahman”, “given” : “Zuriah Abdul”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Sakinah”, “given” : “Sharifah”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Aidid”, “given” : “S H”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Review of Business Research Papers”, “id” : “ITEM-1”, “issue” : “5”, “issued” : { “date-parts” : “2009” }, “page” : “193-211”, “title” : “Economic Determinants of Family Takaful Consumption: Evidence From Malaysia”, “type” : “article-journal”, “volume” : “5” }, “uris” : “http://www.mendeley.com/documents/?uuid=45322336-ab2e-4afe-af98-b85a5df1a278” } , “mendeley” : { “formattedCitation” : “(Redzuan et al., 2009)”, “manualFormatting” : “Redzuan, Rahman, Sakinah,and Aidid (2009)”, “plainTextFormattedCitation” : “(Redzuan et al., 2009)”, “previouslyFormattedCitation” : “(Redzuan et al., 2009)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Redzuan, Rahman, Sakinah,and Aidid (2009) ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1057/gpp.2009.9”, “ISSN” : “1018-5895”, “author” : { “dropping-particle” : “”, “family” : “Ye”, “given” : “Dezhu”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Li”, “given” : “Donghui”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Chen”, “given” : “Zhian”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Moshirian”, “given” : “Fariborz”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Wee”, “given” : “Timothy”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “The Geneva Papers on Risk and Insurance – Issues and Practice”, “id” : “ITEM-1”, “issue” : “3”, “issued” : { “date-parts” : “2009” }, “page” : “466-482”, “title” : “Foreign Participation in Life Insurance Markets: Evidence from OECD Countries”, “type” : “article-journal”, “volume” : “34” }, “uris” : “http://www.mendeley.com/documents/?uuid=85f99eeb-1e07-433b-af85-16ce2ae7b0d3” } , “mendeley” : { “formattedCitation” : “(Ye et al., 2009)”, “manualFormatting” : “Ye, Li, Chen, Moshirian, and Wee (2009)”, “plainTextFormattedCitation” : “(Ye et al., 2009)”, “previouslyFormattedCitation” : “(Ye et al., 2009)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Ye, Li, Chen, Moshirian, and Wee (2009) and ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “abstract” : “Economic environments have a profound effect on the growth of the insurance industry. History has shown that, although the performance of the insurance industry is closely linked to economic conditions, the life business has been able to survive in different economic environments. In Malaysia, the performance of the insurance industry in 1998 was affected by an economic downturn. The insurance industry as a whole and the nonlife business experienced a negative growth rate but the life business achieved a low, positive growth rate in 1998. Because the macroeconomic environment has an important influence on life business and this area has not been greatly researched in Malaysia, this study is undertaken to examine the demand for life insurance in Malaysia from a macroeconomic perspective. More formally, work is carried out in order to study the interaction between macroeconomic and demographic variables (i.e. financial development, income, inflation, interest rate, price, stock market return, birth rate, death rate, fertility rate and life expectancy) and the demand for life insurance (by sums insured) in order to seek evidence of their relationship in the context of Malaysia. The major findings of this study indicate that the savings deposits rate and price change in insurance are two important macroeconomic variables associated with the demand for life insurance in Malaysia. However, the finding on the savings deposits rate fails to show the expected negative sign. Further research is needed in this respect in order to confirm the relationship between these two variables. A change in the price of insurance has a significant negative relationship with the demand for life insurance. This finding has an important implication on policy formulation for the policy makers of the central bank and the marketing directors of life insurance companies. This finding may be helpful to them in developing pricing strategies to achieve a specific sales target for life business.”, “author” : { “dropping-particle” : “”, “family” : “Lim”, “given” : “Chee Chee”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Haberman”, “given” : “Steven”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “id” : “ITEM-1”, “issued” : { “date-parts” : “2001” }, “page” : “1994-2002”, “title” : “Macroeconomic Variables and the Demand for Life Insurance in Malaysia”, “type” : “article-journal” }, “uris” : “http://www.mendeley.com/documents/?uuid=31a90766-7905-4576-a952-8982ef4d7592” } , “mendeley” : { “formattedCitation” : “(Lim & Haberman, 2001)”, “manualFormatting” : “Lim and Haberman (2001)”, “plainTextFormattedCitation” : “(Lim & Haberman, 2001)”, “previouslyFormattedCitation” : “(Lim & Haberman, 2001)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Lim and Haberman (2001). In?ation and its volatility is found to have a signi?cant negative relationship with the insurance expenditure as life insurance products are mostly savings products that provide monetary bene?ts over the long-term. Therefore, any monetary uncertainty such as in?ation has a substantial negative impact on the expected returns of these products.

Life expectancyADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/17590811311314276”, “ISBN” : “1086737121”, “ISSN” : “1759-0817”, “PMID” : “42012058”, “abstract” : “Determinants of demand on family Takaful in Malaysia Mohamed Sherif Accountancy, Economics and Finance, Heriot-Watt University, Edinburgh, UK, and Nor Azlina Shaairi School of Management, Edinburgh University, Edinburgh, UK Abstract Purpose u2013 The purpose of this paper is to identify the driving forces that influence family Takaful demand in Malaysia. The paper examines various identified and available economics and socio-demographic variables. Design/methodology/approach u2013 Using ordinary least square (OLS) and generalised method of moments (GMM) techniques, the paper investigates the significance of the identified economic and socio-demographic factors in determining the consumption of family Takaful. The paper first examines a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. Following Anderson and Nevin, Haberman, Lenten and Rulli and Josa the paper further separates all models into linear and log-linear demand functions. Findings u2013 The paper demonstrates that income, Islamic banking development, education, dependency ratio and Muslim population factors are positively related to Takaful demand. On the other hand, inflation, real interest rate, financial development and life expectancy appear to be the significant factors that adversely influence the total family Takaful consumption. Research limitations/implications u2013 The major limitation of this paper is the small sample size. Therefore, future studies may expand the variables omitted in this study due to unavailability of data, which may be influential in explaining the family Takaful demand in Malaysia. Possible influential variables may include government social security expenditure, price of Takaful and level of competition within the Takaful and insurance industry. Research should also be conducted on the impact of the legal system and government policies on the demand for family Takaful in the country. Finally, the study focuses solely on the determinants of demand for family Takaful. Nevertheless, the supply-side of the equation should not be neglected and should be incorporated in future studies. Originality/value u2013 It is obvious that there are very few studies that focus on the Malaysian market and indeed, none of them gives attention to the factors that influence demand for family Takaful. In this regard, this study contributes in filling the gaps in the scope and coverage of stu2026”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Azlina Shaairi”, “given” : “Nor”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Islamic Accounting and Business Research”, “id” : “ITEM-1”, “issue” : “1”, “issued” : { “date-parts” : “2013” }, “page” : “26-50”, “title” : “Determinants of demand on family Takaful in Malaysia”, “type” : “article-journal”, “volume” : “4” }, “uris” : “http://www.mendeley.com/documents/?uuid=d2409f26-cde6-4b4f-bb60-8cf6f92bfd80” } , “mendeley” : { “formattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “manualFormatting” : “Sherif and Azlina Shaairi (2013)”, “plainTextFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “previouslyFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Azlina Shaairi (2013) argue that if an individual has no dependant on his earnings for support, then there would be less need for life insurance or it may not exist at all. However, as the number of dependants grows, the economic loss caused by premature death carries greater impact and the justi?cation for insuring becomes stronger. This positive relationship between the number of dependants and the life insurance consumption is also captured in the empirical works by ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1016/j.ribaf.2017.07.079”, “ISSN” : “02755319”, “abstract” : “In this paper we compare the Islamic insurance industry (Takaful) to the conventional insurance across 14 countries over the 2005u20132014 period. Our methodology relies on panel regressions and accounts for the periods during and post the global financial crisis (GFC). Specifically, we investigate: i) the difference in the insurance demand dynamics of the two insurance types; ii) if Islamic insurance demand has been boosted in the period that followed the crisis. To allow for cross-country heterogeneities we form sub-samples of high/low insurance regions and ASEAN/Middle East. We find Islamic and conventional insurance demand to be negatively affected by GDP/capita, albeit the Islamic showing a greater resilience during crisis. A negative link between conventional insurance and saving rate shows that conventional saving products work as substitutes to conventional insurance. Higher average income is positively (negatively) related to Islamic insurance demand in the Middle East (ASEAN), a finding plausibly related to the different practices relating to Islamic finance in the two regions.”, “author” : { “dropping-particle” : “”, “family” : “Akhter”, “given” : “Waheed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Pappas”, “given” : “Vasileios”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Khan”, “given” : “Saad Ullah”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Research in International Business and Finance”, “id” : “ITEM-1”, “issue” : “July”, “issued” : { “date-parts” : “2017” }, “page” : “1401-1412”, “publisher” : “Elsevier”, “title” : “A comparison of Islamic and conventional insurance demand: Worldwide evidence during the Global Financial Crisis”, “type” : “article-journal”, “volume” : “42” }, “uris” : “http://www.mendeley.com/documents/?uuid=4f7ad4d4-1966-4bd5-aed0-72591227d7fa” } , “mendeley” : { “formattedCitation” : “(Akhter et al., 2017)”, “manualFormatting” : “Akhter, Pappas, and Khan (2017)”, “plainTextFormattedCitation” : “(Akhter et al., 2017)”, “previouslyFormattedCitation” : “(Akhter et al., 2017)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Akhter, Pappas, and Khan (2017), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/IMEFM-01-2016-0016”, “ISBN” : “0268394121”, “ISSN” : “1753-8394”, “abstract” : “Purpose The purpose of this paper is to investigate the driving forces (economics and socio-demographic) that influence family Takaful demand in the Middle East and North Africa (MENA) region, using a sample of 15 countries from the MENA. Design/methodology/approach The authors use multivariate analysis, bootstrapping and generalised method of moments techniques. They first examine a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. They further separate all models into linear and log-linear demand functions. Findings The authors demonstrate that the relationship between the demand for family Takaful in MENA and Islamic banking deposits, education, dependency rate, female life expectancy and Muslim population is significantly positive. On the other hand, the significant factors that are inversely related to the demand for family Takaful in MENA are inflation, financial development and male life expectancy. Research limitation/implications The crucial limitation of this study is the amount of data available in regards to the dependent variable, family Takaful contributions. Consequently, to improve the understanding in explaining the family Takaful demand in MENA, further research can take advantage of expanding the variables that were omitted in this research as a consequence of the unavailability of data. Some of the possible influential variables can include government social security expenditure, legal system and government policies, price of Takaful and level of competition within the Takaful and insurance industry. Originality/value It is obvious that there are very few studies that focus on the MENA market, and indeed, none of them gives attention to the factors that influence demand for family Takaful. While this study is expected to provide more understanding and awareness on the concept of Takaful and the factors that influence its demand, the authors hope that it would encourage more studies on various issues on the Takaful industry so as to help researchers to understand more aspects of this new emerging business.”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussnain”, “given” : “Sadia”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Islamic and Middle Eastern Finance and Management”, “id” : “ITEM-1”, “issue” : “3”, “issued” : { “date-parts” : “2017” }, “page” : “371-399”, “title” : “Family Takaful in developing countries: the case of Middle East and North Africa (MENA)”, “type” : “article-journal”, “volume” : “10” }, “uris” : “http://www.mendeley.com/documents/?uuid=96bf8b95-3efa-4605-ae51-f3c058e7482c” } , “mendeley” : { “formattedCitation” : “(Sherif & Hussnain, 2017)”, “manualFormatting” : “Sherif and Hussnain (2017)”, “plainTextFormattedCitation” : “(Sherif & Hussnain, 2017)”, “previouslyFormattedCitation” : “(Sherif & Hussnain, 2017)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Hussnain (2017), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1016/j.ribaf.2015.10.016”, “ISSN” : “02755319”, “abstract” : “We take motivation from the low insurance penetration in Africa to investigate the factors that influence life insurance consumption in 31 African countries from 1996 to 2010. By employing both ordinary least squares and instrumental variables regressions, this study finds that demographic factors better explain life insurance consumption compared to financial factors. While we find income, inflation, dependency ratio and life expectancy lead to decline in life insurance consumption, financial development, health expenditure and institutional quality are found to positively impact on life insurance consumption in Africa. The findings provide policy implications for the development of life insurance markets in Africa.”, “author” : { “dropping-particle” : “”, “family” : “Alhassan”, “given” : “Abdul Latif”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Biekpe”, “given” : “Nicholas”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Research in International Business and Finance”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2016” }, “page” : “17-27”, “publisher” : “Elsevier B.V.”, “title” : “Determinants of life insurance consumption in Africa”, “type” : “article-journal”, “volume” : “37” }, “uris” : “http://www.mendeley.com/documents/?uuid=7df63b67-56bc-4902-91af-dff22c6807f8” } , “mendeley” : { “formattedCitation” : “(Alhassan & Biekpe, 2016)”, “manualFormatting” : “Alhassan and Biekpe (2016)”, “plainTextFormattedCitation” : “(Alhassan & Biekpe, 2016)”, “previouslyFormattedCitation” : “(Alhassan & Biekpe, 2016)” }, “properties” : { “noteIndex” : 24 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Alhassan and Biekpe (2016), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1016/j.sbspro.2013.08.427”, “ISBN” : “18770428”, “ISSN” : “18770428”, “abstract” : “This is a preliminary investigation into the role of macro-level demographic factors, namely crude birth rate, crude death rate, total fertility rate and life expectancy at birth, in the new purchase of three different types of life insurance, i.e. whole life, endowment and temporary insurance, using correlational and linear regression analysis. From correlational analysis, both the current and lagged crude birth rates, crude death rates and total fertility rates are found to have significant weak to moderately strong positive relationship, while both the current and lagged variables of life expectancy at birth have significant moderately strong negative relationship with the growth of the new purchase of both whole life and temporary insurance. On the other hand, while none of the current-period demographic factors are found to have any significant relationship but the lags of crude birth rate and crude death rate are found to have significant weak positive relationship with the growth of the new purchase of endowment insurance. From linear regression analysis, only crude birth rate is found to have a significant positive relationship with the growth of the new purchase of whole life insurance. The findings show that demographic factors seem to play a minor role in the purchasing of new life insurance, and crude birth rate appears to be the demographic factor that is important in explaining the new purchase of whole life insurance. As this is a preliminary investigation, further research in this respect is warranted.”, “author” : { “dropping-particle” : “”, “family” : “Chee Chee”, “given” : “LIM”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Procedia – Social and Behavioral Sciences”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2013” }, “page” : “306-315”, “publisher” : “Elsevier B.V.”, “title” : “Examining the New Purchase of Whole Life, Endowment and Temporary Insurance through Macro-level Demographic Factors: The Case of Malaysia”, “type” : “article-journal”, “volume” : “91” }, “uris” : “http://www.mendeley.com/documents/?uuid=ee82fa4f-b941-4bb8-a7a6-f38dec2a2d92” } , “mendeley” : { “formattedCitation” : “(Chee Chee, 2013)”, “manualFormatting” : “Chee Chee (2013)”, “plainTextFormattedCitation” : “(Chee Chee, 2013)”, “previouslyFormattedCitation” : “(Chee Chee, 2013)” }, “properties” : { “noteIndex” : 24 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Chee Chee (2013), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.5539/ijbm.v7n6p115”, “ISSN” : “1833-8119”, “abstract” : “Family Takaful is one of the service sectors that are expected to continue to drive growth in the economy. Thus, the family Takaful market continues to play an important role in supporting economic and social development. However, in Malaysia, family Takaful market is still at a lower penetration level if we were to compare to other developed countries even though the Takaful industry continues to sustain strong performance amidst challenges in a competitive environment. Evidence has shown that the percentage of society covered by family Takaful contracts in Malaysia is still very low compared to conventional insurance. Therefore, the study aims to propose a conceptual framework for the determinants of family Takaful demand in Malaysia. From a review of the literature available in this particular area of interest, there are two categories of factors that are found to be the main determinants of family Takaful. These factors are the socio-demography and economic factors”, “author” : { “dropping-particle” : “”, “family” : “Yazid”, “given” : “Ahmad Shukri”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Arifin”, “given” : “Juliana”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussin”, “given” : “Mohd Rasid”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Wan Daud”, “given” : “Wan Norhayate”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Business and Management”, “id” : “ITEM-1”, “issue” : “6”, “issued” : { “date-parts” : “2012” }, “page” : “115-127”, “title” : “Determinants of Family Takaful (Islamic Life Insurance) Demand: A Conceptual Framework for a Malaysian Study”, “type” : “article-journal”, “volume” : “7” }, “uris” : “http://www.mendeley.com/documents/?uuid=572896ec-ec22-42d5-a211-a196ec0371b3” } , “mendeley” : { “formattedCitation” : “(Yazid et al., 2012)”, “manualFormatting” : “Yazid, Arifin, Hussin, and Wan Daud (2012)”, “plainTextFormattedCitation” : “(Yazid et al., 2012)”, “previouslyFormattedCitation” : “(Yazid et al., 2012)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Yazid, Arifin, Hussin, and Wan Daud (2012), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1057/gpp.2009.9”, “ISSN” : “1018-5895”, “author” : { “dropping-particle” : “”, “family” : “Ye”, “given” : “Dezhu”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Li”, “given” : “Donghui”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Chen”, “given” : “Zhian”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Moshirian”, “given” : “Fariborz”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Wee”, “given” : “Timothy”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “The Geneva Papers on Risk and Insurance – Issues and Practice”, “id” : “ITEM-1”, “issue” : “3”, “issued” : { “date-parts” : “2009” }, “page” : “466-482”, “title” : “Foreign Participation in Life Insurance Markets: Evidence from OECD Countries”, “type” : “article-journal”, “volume” : “34” }, “uris” : “http://www.mendeley.com/documents/?uuid=85f99eeb-1e07-433b-af85-16ce2ae7b0d3” } , “mendeley” : { “formattedCitation” : “(Ye et al., 2009)”, “manualFormatting” : “Ye, Li, Chen, Moshirian, and Wee (2009)”, “plainTextFormattedCitation” : “(Ye et al., 2009)”, “previouslyFormattedCitation” : “(Ye et al., 2009)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Ye, Li, Chen, Moshirian, and Wee (2009) and ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “author” : { “dropping-particle” : “”, “family” : “Ward”, “given” : “Damian”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Zurbruegg”, “given” : “Ralf”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “The Geneva Papers on Risk and Insurance”, “id” : “ITEM-1”, “issue” : “3”, “issued” : { “date-parts” : “2002” }, “page” : “395-412”, “title” : “Law, Politics and Life Insurance Consumption in Asia. Geneva Papers on Risk and Insurance.”, “type” : “article-journal”, “volume” : “27” }, “uris” : “http://www.mendeley.com/documents/?uuid=ec60c34a-729b-482c-8454-dd058c37fb8c” } , “mendeley” : { “formattedCitation” : “(Ward & Zurbruegg, 2002)”, “manualFormatting” : “Ward and Zurbruegg (2002)”, “plainTextFormattedCitation” : “(Ward & Zurbruegg, 2002)”, “previouslyFormattedCitation” : “(Ward & Zurbruegg, 2002)” }, “properties” : { “noteIndex” : 24 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Ward and Zurbruegg (2002) and ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “abstract” : “Economic environments have a profound effect on the growth of the insurance industry. History has shown that, although the performance of the insurance industry is closely linked to economic conditions, the life business has been able to survive in different economic environments. In Malaysia, the performance of the insurance industry in 1998 was affected by an economic downturn. The insurance industry as a whole and the nonlife business experienced a negative growth rate but the life business achieved a low, positive growth rate in 1998. Because the macroeconomic environment has an important influence on life business and this area has not been greatly researched in Malaysia, this study is undertaken to examine the demand for life insurance in Malaysia from a macroeconomic perspective. More formally, work is carried out in order to study the interaction between macroeconomic and demographic variables (i.e. financial development, income, inflation, interest rate, price, stock market return, birth rate, death rate, fertility rate and life expectancy) and the demand for life insurance (by sums insured) in order to seek evidence of their relationship in the context of Malaysia. 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This finding may be helpful to them in developing pricing strategies to achieve a specific sales target for life business.”, “author” : { “dropping-particle” : “”, “family” : “Lim”, “given” : “Chee Chee”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Haberman”, “given” : “Steven”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “id” : “ITEM-1”, “issued” : { “date-parts” : “2001” }, “page” : “1994-2002”, “title” : “Macroeconomic Variables and the Demand for Life Insurance in Malaysia”, “type” : “article-journal” }, “uris” : “http://www.mendeley.com/documents/?uuid=31a90766-7905-4576-a952-8982ef4d7592” } , “mendeley” : { “formattedCitation” : “(Lim & Haberman, 2001)”, “manualFormatting” : “Lim and Haberman (2001)”, “plainTextFormattedCitation” : “(Lim & Haberman, 2001)”, “previouslyFormattedCitation” : “(Lim & Haberman, 2001)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Lim and Haberman (2001).

Average dependency
According to ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1016/j.ribaf.2017.07.079”, “ISSN” : “02755319”, “abstract” : “In this paper we compare the Islamic insurance industry (Takaful) to the conventional insurance across 14 countries over the 2005u20132014 period. Our methodology relies on panel regressions and accounts for the periods during and post the global financial crisis (GFC). Specifically, we investigate: i) the difference in the insurance demand dynamics of the two insurance types; ii) if Islamic insurance demand has been boosted in the period that followed the crisis. To allow for cross-country heterogeneities we form sub-samples of high/low insurance regions and ASEAN/Middle East. We find Islamic and conventional insurance demand to be negatively affected by GDP/capita, albeit the Islamic showing a greater resilience during crisis. A negative link between conventional insurance and saving rate shows that conventional saving products work as substitutes to conventional insurance. 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Design/methodology/approach The authors use multivariate analysis, bootstrapping and generalised method of moments techniques. They first examine a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. They further separate all models into linear and log-linear demand functions. Findings The authors demonstrate that the relationship between the demand for family Takaful in MENA and Islamic banking deposits, education, dependency rate, female life expectancy and Muslim population is significantly positive. On the other hand, the significant factors that are inversely related to the demand for family Takaful in MENA are inflation, financial development and male life expectancy. Research limitation/implications The crucial limitation of this study is the amount of data available in regards to the dependent variable, family Takaful contributions. Consequently, to improve the understanding in explaining the family Takaful demand in MENA, further research can take advantage of expanding the variables that were omitted in this research as a consequence of the unavailability of data. Some of the possible influential variables can include government social security expenditure, legal system and government policies, price of Takaful and level of competition within the Takaful and insurance industry. Originality/value It is obvious that there are very few studies that focus on the MENA market, and indeed, none of them gives attention to the factors that influence demand for family Takaful. While this study is expected to provide more understanding and awareness on the concept of Takaful and the factors that influence its demand, the authors hope that it would encourage more studies on various issues on the Takaful industry so as to help researchers to understand more aspects of this new emerging business.”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussnain”, “given” : “Sadia”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Islamic and Middle Eastern Finance and Management”, “id” : “ITEM-1”, “issue” : “3”, “issued” : { “date-parts” : “2017” }, “page” : “371-399”, “title” : “Family Takaful in developing countries: the case of Middle East and North Africa (MENA)”, “type” : “article-journal”, “volume” : “10” }, “uris” : “http://www.mendeley.com/documents/?uuid=96bf8b95-3efa-4605-ae51-f3c058e7482c” } , “mendeley” : { “formattedCitation” : “(Sherif & Hussnain, 2017)”, “manualFormatting” : “Sherif and Hussnain (2017)”, “plainTextFormattedCitation” : “(Sherif & Hussnain, 2017)”, “previouslyFormattedCitation” : “(Sherif & Hussnain, 2017)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Hussnain (2017) and ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “author” : { “dropping-particle” : “”, “family” : “Sulaiman”, “given” : “Luqman Adedamola”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Africa”, “given” : “South”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Migiro”, “given” : “Stephen”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Africa”, “given” : “South”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Yeshihareg”, “given” : “Tessema”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Africa”, “given” : “South”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “id” : “ITEM-1”, “issue” : “2”, “issued” : { “date-parts” : “2015” }, “title” : “Investigating the factors influencing the life insurance market in Ethiopia”, “type” : “article-journal”, “volume” : “13” }, “uris” : “http://www.mendeley.com/documents/?uuid=246482ee-41f8-4f9c-b1aa-67b822bdf992” } , “mendeley” : { “formattedCitation” : “(Sulaiman et al., 2015)”, “manualFormatting” : “Sulaiman et al. (2015)”, “plainTextFormattedCitation” : “(Sulaiman et al., 2015)”, “previouslyFormattedCitation” : “(Sulaiman et al., 2015)” }, “properties” : { “noteIndex” : 24 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sulaiman et al. (2015), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/17590811311314276”, “ISBN” : “1086737121”, “ISSN” : “1759-0817”, “PMID” : “42012058”, “abstract” : “Determinants of demand on family Takaful in Malaysia Mohamed Sherif Accountancy, Economics and Finance, Heriot-Watt University, Edinburgh, UK, and Nor Azlina Shaairi School of Management, Edinburgh University, Edinburgh, UK Abstract Purpose u2013 The purpose of this paper is to identify the driving forces that influence family Takaful demand in Malaysia. The paper examines various identified and available economics and socio-demographic variables. Design/methodology/approach u2013 Using ordinary least square (OLS) and generalised method of moments (GMM) techniques, the paper investigates the significance of the identified economic and socio-demographic factors in determining the consumption of family Takaful. The paper first examines a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. Following Anderson and Nevin, Haberman, Lenten and Rulli and Josa the paper further separates all models into linear and log-linear demand functions. Findings u2013 The paper demonstrates that income, Islamic banking development, education, dependency ratio and Muslim population factors are positively related to Takaful demand. On the other hand, inflation, real interest rate, financial development and life expectancy appear to be the significant factors that adversely influence the total family Takaful consumption. Research limitations/implications u2013 The major limitation of this paper is the small sample size. Therefore, future studies may expand the variables omitted in this study due to unavailability of data, which may be influential in explaining the family Takaful demand in Malaysia. Possible influential variables may include government social security expenditure, price of Takaful and level of competition within the Takaful and insurance industry. Research should also be conducted on the impact of the legal system and government policies on the demand for family Takaful in the country. Finally, the study focuses solely on the determinants of demand for family Takaful. Nevertheless, the supply-side of the equation should not be neglected and should be incorporated in future studies. Originality/value u2013 It is obvious that there are very few studies that focus on the Malaysian market and indeed, none of them gives attention to the factors that influence demand for family Takaful. In this regard, this study contributes in filling the gaps in the scope and coverage of stu2026”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Azlina Shaairi”, “given” : “Nor”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Islamic Accounting and Business Research”, “id” : “ITEM-1”, “issue” : “1”, “issued” : { “date-parts” : “2013” }, “page” : “26-50”, “title” : “Determinants of demand on family Takaful in Malaysia”, “type” : “article-journal”, “volume” : “4” }, “uris” : “http://www.mendeley.com/documents/?uuid=d2409f26-cde6-4b4f-bb60-8cf6f92bfd80” } , “mendeley” : { “formattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “manualFormatting” : “Sherif and Azlina Shaairi (2013)”, “plainTextFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “previouslyFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Azlina Shaairi (2013), and ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “abstract” : “Economic environments have a profound effect on the growth of the insurance industry. History has shown that, although the performance of the insurance industry is closely linked to economic conditions, the life business has been able to survive in different economic environments. In Malaysia, the performance of the insurance industry in 1998 was affected by an economic downturn. The insurance industry as a whole and the nonlife business experienced a negative growth rate but the life business achieved a low, positive growth rate in 1998. Because the macroeconomic environment has an important influence on life business and this area has not been greatly researched in Malaysia, this study is undertaken to examine the demand for life insurance in Malaysia from a macroeconomic perspective. More formally, work is carried out in order to study the interaction between macroeconomic and demographic variables (i.e. financial development, income, inflation, interest rate, price, stock market return, birth rate, death rate, fertility rate and life expectancy) and the demand for life insurance (by sums insured) in order to seek evidence of their relationship in the context of Malaysia. The major findings of this study indicate that the savings deposits rate and price change in insurance are two important macroeconomic variables associated with the demand for life insurance in Malaysia. However, the finding on the savings deposits rate fails to show the expected negative sign. Further research is needed in this respect in order to confirm the relationship between these two variables. A change in the price of insurance has a significant negative relationship with the demand for life insurance. This finding has an important implication on policy formulation for the policy makers of the central bank and the marketing directors of life insurance companies. This finding may be helpful to them in developing pricing strategies to achieve a specific sales target for life business.”, “author” : { “dropping-particle” : “”, “family” : “Lim”, “given” : “Chee Chee”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Haberman”, “given” : “Steven”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “id” : “ITEM-1”, “issued” : { “date-parts” : “2001” }, “page” : “1994-2002”, “title” : “Macroeconomic Variables and the Demand for Life Insurance in Malaysia”, “type” : “article-journal” }, “uris” : “http://www.mendeley.com/documents/?uuid=31a90766-7905-4576-a952-8982ef4d7592” } , “mendeley” : { “formattedCitation” : “(Lim & Haberman, 2001)”, “manualFormatting” : “Lim and Haberman (2001)”, “plainTextFormattedCitation” : “(Lim & Haberman, 2001)”, “previouslyFormattedCitation” : “(Lim & Haberman, 2001)” }, “properties” : { “noteIndex” : 24 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Lim and Haberman (2001) the longer people expect to live, the greater their demand for life insurance will be as a long life span decreases the price for insurance but also leads to greater incentives for human capital accumulation. ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.5539/ijbm.v7n6p115”, “ISSN” : “1833-8119”, “abstract” : “Family Takaful is one of the service sectors that are expected to continue to drive growth in the economy. Thus, the family Takaful market continues to play an important role in supporting economic and social development. However, in Malaysia, family Takaful market is still at a lower penetration level if we were to compare to other developed countries even though the Takaful industry continues to sustain strong performance amidst challenges in a competitive environment. Evidence has shown that the percentage of society covered by family Takaful contracts in Malaysia is still very low compared to conventional insurance. Therefore, the study aims to propose a conceptual framework for the determinants of family Takaful demand in Malaysia. 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These factors are the socio-demography and economic factors”, “author” : { “dropping-particle” : “”, “family” : “Yazid”, “given” : “Ahmad Shukri”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Arifin”, “given” : “Juliana”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussin”, “given” : “Mohd Rasid”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Wan Daud”, “given” : “Wan Norhayate”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Business and Management”, “id” : “ITEM-1”, “issue” : “6”, “issued” : { “date-parts” : “2012” }, “page” : “115-127”, “title” : “Determinants of Family Takaful (Islamic Life Insurance) Demand: A Conceptual Framework for a Malaysian Study”, “type” : “article-journal”, “volume” : “7” }, “uris” : “http://www.mendeley.com/documents/?uuid=572896ec-ec22-42d5-a211-a196ec0371b3” } , “mendeley” : { “formattedCitation” : “(Yazid et al., 2012)”, “manualFormatting” : “Yazid, Arifin, Hussin, and Wan Daud (2012)”, “plainTextFormattedCitation” : “(Yazid et al., 2012)”, “previouslyFormattedCitation” : “(Yazid et al., 2012)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Yazid, Arifin, Hussin, and Wan Daud (2012) stated that the increasing number of dependents shows that the person needs to buy more life insurance.

Education levelA number of studies have suggested that the level of education is related to insurance demand which are ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/17590811311314276”, “ISBN” : “1086737121”, “ISSN” : “1759-0817”, “PMID” : “42012058”, “abstract” : “Determinants of demand on family Takaful in Malaysia Mohamed Sherif Accountancy, Economics and Finance, Heriot-Watt University, Edinburgh, UK, and Nor Azlina Shaairi School of Management, Edinburgh University, Edinburgh, UK Abstract Purpose u2013 The purpose of this paper is to identify the driving forces that influence family Takaful demand in Malaysia. The paper examines various identified and available economics and socio-demographic variables. Design/methodology/approach u2013 Using ordinary least square (OLS) and generalised method of moments (GMM) techniques, the paper investigates the significance of the identified economic and socio-demographic factors in determining the consumption of family Takaful. The paper first examines a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. Following Anderson and Nevin, Haberman, Lenten and Rulli and Josa the paper further separates all models into linear and log-linear demand functions. Findings u2013 The paper demonstrates that income, Islamic banking development, education, dependency ratio and Muslim population factors are positively related to Takaful demand. On the other hand, inflation, real interest rate, financial development and life expectancy appear to be the significant factors that adversely influence the total family Takaful consumption. Research limitations/implications u2013 The major limitation of this paper is the small sample size. Therefore, future studies may expand the variables omitted in this study due to unavailability of data, which may be influential in explaining the family Takaful demand in Malaysia. Possible influential variables may include government social security expenditure, price of Takaful and level of competition within the Takaful and insurance industry. Research should also be conducted on the impact of the legal system and government policies on the demand for family Takaful in the country. Finally, the study focuses solely on the determinants of demand for family Takaful. Nevertheless, the supply-side of the equation should not be neglected and should be incorporated in future studies. Originality/value u2013 It is obvious that there are very few studies that focus on the Malaysian market and indeed, none of them gives attention to the factors that influence demand for family Takaful. In this regard, this study contributes in filling the gaps in the scope and coverage of stu2026”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Azlina Shaairi”, “given” : “Nor”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Islamic Accounting and Business Research”, “id” : “ITEM-1”, “issue” : “1”, “issued” : { “date-parts” : “2013” }, “page” : “26-50”, “title” : “Determinants of demand on family Takaful in Malaysia”, “type” : “article-journal”, “volume” : “4” }, “uris” : “http://www.mendeley.com/documents/?uuid=d2409f26-cde6-4b4f-bb60-8cf6f92bfd80” } , “mendeley” : { “formattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “manualFormatting” : “Sherif and Azlina Shaairi (2013)”, “plainTextFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “previouslyFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Azlina Shaairi (2013) and ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.5539/ijbm.v7n6p115”, “ISSN” : “1833-8119”, “abstract” : “Family Takaful is one of the service sectors that are expected to continue to drive growth in the economy. Thus, the family Takaful market continues to play an important role in supporting economic and social development. However, in Malaysia, family Takaful market is still at a lower penetration level if we were to compare to other developed countries even though the Takaful industry continues to sustain strong performance amidst challenges in a competitive environment. Evidence has shown that the percentage of society covered by family Takaful contracts in Malaysia is still very low compared to conventional insurance. Therefore, the study aims to propose a conceptual framework for the determinants of family Takaful demand in Malaysia. From a review of the literature available in this particular area of interest, there are two categories of factors that are found to be the main determinants of family Takaful. These factors are the socio-demography and economic factors”, “author” : { “dropping-particle” : “”, “family” : “Yazid”, “given” : “Ahmad Shukri”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Arifin”, “given” : “Juliana”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussin”, “given” : “Mohd Rasid”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Wan Daud”, “given” : “Wan Norhayate”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Business and Management”, “id” : “ITEM-1”, “issue” : “6”, “issued” : { “date-parts” : “2012” }, “page” : “115-127”, “title” : “Determinants of Family Takaful (Islamic Life Insurance) Demand: A Conceptual Framework for a Malaysian Study”, “type” : “article-journal”, “volume” : “7” }, “uris” : “http://www.mendeley.com/documents/?uuid=572896ec-ec22-42d5-a211-a196ec0371b3” } , “mendeley” : { “formattedCitation” : “(Yazid et al., 2012)”, “manualFormatting” : “Yazid et al. (2012)”, “plainTextFormattedCitation” : “(Yazid et al., 2012)”, “previouslyFormattedCitation” : “(Yazid et al., 2012)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Yazid et al. (2012). Education level is identi?ed by and ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1016/j.ribaf.2017.07.079”, “ISSN” : “02755319”, “abstract” : “In this paper we compare the Islamic insurance industry (Takaful) to the conventional insurance across 14 countries over the 2005u20132014 period. Our methodology relies on panel regressions and accounts for the periods during and post the global financial crisis (GFC). Specifically, we investigate: i) the difference in the insurance demand dynamics of the two insurance types; ii) if Islamic insurance demand has been boosted in the period that followed the crisis. To allow for cross-country heterogeneities we form sub-samples of high/low insurance regions and ASEAN/Middle East. We find Islamic and conventional insurance demand to be negatively affected by GDP/capita, albeit the Islamic showing a greater resilience during crisis. A negative link between conventional insurance and saving rate shows that conventional saving products work as substitutes to conventional insurance. Higher average income is positively (negatively) related to Islamic insurance demand in the Middle East (ASEAN), a finding plausibly related to the different practices relating to Islamic finance in the two regions.”, “author” : { “dropping-particle” : “”, “family” : “Akhter”, “given” : “Waheed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Pappas”, “given” : “Vasileios”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Khan”, “given” : “Saad Ullah”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Research in International Business and Finance”, “id” : “ITEM-1”, “issue” : “July”, “issued” : { “date-parts” : “2017” }, “page” : “1401-1412”, “publisher” : “Elsevier”, “title” : “A comparison of Islamic and conventional insurance demand: Worldwide evidence during the Global Financial Crisis”, “type” : “article-journal”, “volume” : “42” }, “uris” : “http://www.mendeley.com/documents/?uuid=4f7ad4d4-1966-4bd5-aed0-72591227d7fa” } , “mendeley” : { “formattedCitation” : “(Akhter et al., 2017)”, “manualFormatting” : “Akhter et al. (2017)”, “plainTextFormattedCitation” : “(Akhter et al., 2017)”, “previouslyFormattedCitation” : “(Akhter et al., 2017)” }, “properties” : { “noteIndex” : 24 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Akhter et al. (2017), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/IMEFM-01-2016-0016”, “ISBN” : “0268394121”, “ISSN” : “1753-8394”, “abstract” : “Purpose The purpose of this paper is to investigate the driving forces (economics and socio-demographic) that influence family Takaful demand in the Middle East and North Africa (MENA) region, using a sample of 15 countries from the MENA. Design/methodology/approach The authors use multivariate analysis, bootstrapping and generalised method of moments techniques. They first examine a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. They further separate all models into linear and log-linear demand functions. Findings The authors demonstrate that the relationship between the demand for family Takaful in MENA and Islamic banking deposits, education, dependency rate, female life expectancy and Muslim population is significantly positive. On the other hand, the significant factors that are inversely related to the demand for family Takaful in MENA are inflation, financial development and male life expectancy. Research limitation/implications The crucial limitation of this study is the amount of data available in regards to the dependent variable, family Takaful contributions. Consequently, to improve the understanding in explaining the family Takaful demand in MENA, further research can take advantage of expanding the variables that were omitted in this research as a consequence of the unavailability of data. Some of the possible influential variables can include government social security expenditure, legal system and government policies, price of Takaful and level of competition within the Takaful and insurance industry. Originality/value It is obvious that there are very few studies that focus on the MENA market, and indeed, none of them gives attention to the factors that influence demand for family Takaful. While this study is expected to provide more understanding and awareness on the concept of Takaful and the factors that influence its demand, the authors hope that it would encourage more studies on various issues on the Takaful industry so as to help researchers to understand more aspects of this new emerging business.”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussnain”, “given” : “Sadia”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Islamic and Middle Eastern Finance and Management”, “id” : “ITEM-1”, “issue” : “3”, “issued” : { “date-parts” : “2017” }, “page” : “371-399”, “title” : “Family Takaful in developing countries: the case of Middle East and North Africa (MENA)”, “type” : “article-journal”, “volume” : “10” }, “uris” : “http://www.mendeley.com/documents/?uuid=96bf8b95-3efa-4605-ae51-f3c058e7482c” } , “mendeley” : { “formattedCitation” : “(Sherif & Hussnain, 2017)”, “manualFormatting” : “Sherif and Hussnain (2017)”, “plainTextFormattedCitation” : “(Sherif & Hussnain, 2017)”, “previouslyFormattedCitation” : “(Sherif & Hussnain, 2017)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Hussnain (2017), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1016/j.ribaf.2015.10.016”, “ISSN” : “02755319”, “abstract” : “We take motivation from the low insurance penetration in Africa to investigate the factors that influence life insurance consumption in 31 African countries from 1996 to 2010. By employing both ordinary least squares and instrumental variables regressions, this study finds that demographic factors better explain life insurance consumption compared to financial factors. While we find income, inflation, dependency ratio and life expectancy lead to decline in life insurance consumption, financial development, health expenditure and institutional quality are found to positively impact on life insurance consumption in Africa. The findings provide policy implications for the development of life insurance markets in Africa.”, “author” : { “dropping-particle” : “”, “family” : “Alhassan”, “given” : “Abdul Latif”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Biekpe”, “given” : “Nicholas”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Research in International Business and Finance”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2016” }, “page” : “17-27”, “publisher” : “Elsevier B.V.”, “title” : “Determinants of life insurance consumption in Africa”, “type” : “article-journal”, “volume” : “37” }, “uris” : “http://www.mendeley.com/documents/?uuid=7df63b67-56bc-4902-91af-dff22c6807f8” } , “mendeley” : { “formattedCitation” : “(Alhassan & Biekpe, 2016)”, “manualFormatting” : “Alhassan and Biekpe (2016)”, “plainTextFormattedCitation” : “(Alhassan & Biekpe, 2016)”, “previouslyFormattedCitation” : “(Alhassan & Biekpe, 2016)” }, “properties” : { “noteIndex” : 24 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Alhassan and Biekpe (2016) and ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1016/j.sbspro.2013.08.427”, “ISBN” : “18770428”, “ISSN” : “18770428”, “abstract” : “This is a preliminary investigation into the role of macro-level demographic factors, namely crude birth rate, crude death rate, total fertility rate and life expectancy at birth, in the new purchase of three different types of life insurance, i.e. whole life, endowment and temporary insurance, using correlational and linear regression analysis. From correlational analysis, both the current and lagged crude birth rates, crude death rates and total fertility rates are found to have significant weak to moderately strong positive relationship, while both the current and lagged variables of life expectancy at birth have significant moderately strong negative relationship with the growth of the new purchase of both whole life and temporary insurance. On the other hand, while none of the current-period demographic factors are found to have any significant relationship but the lags of crude birth rate and crude death rate are found to have significant weak positive relationship with the growth of the new purchase of endowment insurance. From linear regression analysis, only crude birth rate is found to have a significant positive relationship with the growth of the new purchase of whole life insurance. The findings show that demographic factors seem to play a minor role in the purchasing of new life insurance, and crude birth rate appears to be the demographic factor that is important in explaining the new purchase of whole life insurance. As this is a preliminary investigation, further research in this respect is warranted.”, “author” : { “dropping-particle” : “”, “family” : “Chee Chee”, “given” : “LIM”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Procedia – Social and Behavioral Sciences”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2013” }, “page” : “306-315”, “publisher” : “Elsevier B.V.”, “title” : “Examining the New Purchase of Whole Life, Endowment and Temporary Insurance through Macro-level Demographic Factors: The Case of Malaysia”, “type” : “article-journal”, “volume” : “91” }, “uris” : “http://www.mendeley.com/documents/?uuid=ee82fa4f-b941-4bb8-a7a6-f38dec2a2d92” } , “mendeley” : { “formattedCitation” : “(Chee Chee, 2013)”, “manualFormatting” : “Chee Chee (2013)”, “plainTextFormattedCitation” : “(Chee Chee, 2013)”, “previouslyFormattedCitation” : “(Chee Chee, 2013)” }, “properties” : { “noteIndex” : 24 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Chee Chee (2013), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/17590811311314276”, “ISBN” : “1086737121”, “ISSN” : “1759-0817”, “PMID” : “42012058”, “abstract” : “Determinants of demand on family Takaful in Malaysia Mohamed Sherif Accountancy, Economics and Finance, Heriot-Watt University, Edinburgh, UK, and Nor Azlina Shaairi School of Management, Edinburgh University, Edinburgh, UK Abstract Purpose u2013 The purpose of this paper is to identify the driving forces that influence family Takaful demand in Malaysia. The paper examines various identified and available economics and socio-demographic variables. Design/methodology/approach u2013 Using ordinary least square (OLS) and generalised method of moments (GMM) techniques, the paper investigates the significance of the identified economic and socio-demographic factors in determining the consumption of family Takaful. The paper first examines a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. Following Anderson and Nevin, Haberman, Lenten and Rulli and Josa the paper further separates all models into linear and log-linear demand functions. Findings u2013 The paper demonstrates that income, Islamic banking development, education, dependency ratio and Muslim population factors are positively related to Takaful demand. On the other hand, inflation, real interest rate, financial development and life expectancy appear to be the significant factors that adversely influence the total family Takaful consumption. Research limitations/implications u2013 The major limitation of this paper is the small sample size. Therefore, future studies may expand the variables omitted in this study due to unavailability of data, which may be influential in explaining the family Takaful demand in Malaysia. Possible influential variables may include government social security expenditure, price of Takaful and level of competition within the Takaful and insurance industry. Research should also be conducted on the impact of the legal system and government policies on the demand for family Takaful in the country. Finally, the study focuses solely on the determinants of demand for family Takaful. Nevertheless, the supply-side of the equation should not be neglected and should be incorporated in future studies. 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In this regard, this study contributes in filling the gaps in the scope and coverage of stu2026”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Azlina Shaairi”, “given” : “Nor”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Islamic Accounting and Business Research”, “id” : “ITEM-1”, “issue” : “1”, “issued” : { “date-parts” : “2013” }, “page” : “26-50”, “title” : “Determinants of demand on family Takaful in Malaysia”, “type” : “article-journal”, “volume” : “4” }, “uris” : “http://www.mendeley.com/documents/?uuid=d2409f26-cde6-4b4f-bb60-8cf6f92bfd80” } , “mendeley” : { “formattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “manualFormatting” : “Sherif and Azlina Shaairi (2013)”, “plainTextFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)”, “previouslyFormattedCitation” : “(Sherif & Azlina Shaairi, 2013)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Azlina Shaairi (2013), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.5539/ijbm.v7n6p115”, “ISSN” : “1833-8119”, “abstract” : “Family Takaful is one of the service sectors that are expected to continue to drive growth in the economy. Thus, the family Takaful market continues to play an important role in supporting economic and social development. However, in Malaysia, family Takaful market is still at a lower penetration level if we were to compare to other developed countries even though the Takaful industry continues to sustain strong performance amidst challenges in a competitive environment. Evidence has shown that the percentage of society covered by family Takaful contracts in Malaysia is still very low compared to conventional insurance. Therefore, the study aims to propose a conceptual framework for the determinants of family Takaful demand in Malaysia. From a review of the literature available in this particular area of interest, there are two categories of factors that are found to be the main determinants of family Takaful. 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This study, therefore, examines Malaysian takaful and insurance market by using relevant data obtained from Bank Negara Malaysia and Department of Statistics Malaysia for the period of 1990 u2013 2009. In analysing the data, this study uses multiple regressions model. The findings of this study indicate that,”, “author” : { “dropping-particle” : “”, “family” : “Gustina”, “given” : “”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Abdullah”, “given” : “Nurdianawati Irwani”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Islamic Economics, Banking and Finance”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2012” }, “page” : “67-86”, “title” : “Analysis of Demand for Family Takaful and Life Insurance : A Comparative Study in Malaysia”, “type” : “article-journal”, “volume” : “8” }, “uris” : “http://www.mendeley.com/documents/?uuid=280e5de6-a152-4adc-b9a2-648ef77d1914” } , “mendeley” : { “formattedCitation” : “(Gustina & Abdullah, 2012)”, “manualFormatting” : “Gustina and Abdullah (2012)”, “plainTextFormattedCitation” : “(Gustina & Abdullah, 2012)”, “previouslyFormattedCitation” : “(Gustina & Abdullah, 2012)” }, “properties” : { “noteIndex” : 24 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Gustina and Abdullah (2012), ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “author” : { “dropping-particle” : “”, “family” : “Hawariyuni”, “given” : “Weni”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Salleh”, “given” : “Marhanum Che Mohd”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Tazkia Islamic Finance and Business Review”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2010” }, “page” : “29-47”, “title” : “Modeling the Demand for Family and General Takaful in Malaysia ( A Comparative Study ): ARDL Approach to Cointegration”, “type” : “article-journal”, “volume” : “7” }, “uris” : “http://www.mendeley.com/documents/?uuid=cc26e71c-dfad-4181-aaba-e62209544050” } , “mendeley” : { “formattedCitation” : “(Hawariyuni & Salleh, 2010)”, “manualFormatting” : “Hawariyuni and Salleh (2010)”, “plainTextFormattedCitation” : “(Hawariyuni & Salleh, 2010)”, “previouslyFormattedCitation” : “(Hawariyuni & Salleh, 2010)” }, “properties” : { “noteIndex” : 24 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Hawariyuni and Salleh (2010) and ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/03074350310768779”, “ISSN” : “0307-4358”, “abstract” : “In the past two decades, many emerging economies have been witnessed the strong growth of their life insurance industry. While research in the demand for life insurance has attracted much attention since the 1960s, most studies have focused on cross-country studies or well-established markets in developed countries. As a result of cross-national variations in life insurance consumption, it has been argued in the literature that factors shaping the demand for life insurance are complex and varied from one country to another. This paper aims to examine key determinants of the demand for life insurance in China with a view to explaining the rapid growth of the life insurance industry in China since its economic reform in 1978. Empirical investigation using a time series data analysis has shown that the main factors which have influenced people in China to purchase life insurance products are directly associated with the successful economic reform leading people to progress to higher layers of economic security, the increase in the level of education and the change in social structure. However, this research has not found a negative effect of inflation on life insurance consumption, even China experienced high inflation in the mid-1990s.”, “author” : { “dropping-particle” : “”, “family” : “Hwang”, “given” : “Tienyu”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Gao”, “given” : “Simon”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Managerial Finance”, “id” : “ITEM-1”, “issue” : “5/6”, “issued” : { “date-parts” : “2003” }, “page” : “82-96”, “title” : “The determinants of the demand for life insurance in an emerging economy u2013 the case of China”, “type” : “article-journal”, “volume” : “29” }, “uris” : “http://www.mendeley.com/documents/?uuid=c11913a7-1009-4e20-b189-312a14832e73” } , “mendeley” : { “formattedCitation” : “(Hwang & Gao, 2003)”, “manualFormatting” : “Hwang and Gao (2003)”, “plainTextFormattedCitation” : “(Hwang & Gao, 2003)”, “previouslyFormattedCitation” : “(Hwang & Gao, 2003)” }, “properties” : { “noteIndex” : 24 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Hwang and Gao (2003) as having a positive relation with the life insurance consumption.

Muslim populationThe effect of religion on the demand for life insurance products has been tested by ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “DOI” : “10.1108/IMEFM-01-2016-0016”, “ISBN” : “0268394121”, “ISSN” : “1753-8394”, “abstract” : “Purpose The purpose of this paper is to investigate the driving forces (economics and socio-demographic) that influence family Takaful demand in the Middle East and North Africa (MENA) region, using a sample of 15 countries from the MENA. Design/methodology/approach The authors use multivariate analysis, bootstrapping and generalised method of moments techniques. They first examine a full model that combines all variables; second, a model that controls for product market factors; and finally, a model that controls for socio-demographic factors. They further separate all models into linear and log-linear demand functions. Findings The authors demonstrate that the relationship between the demand for family Takaful in MENA and Islamic banking deposits, education, dependency rate, female life expectancy and Muslim population is significantly positive. On the other hand, the significant factors that are inversely related to the demand for family Takaful in MENA are inflation, financial development and male life expectancy. Research limitation/implications The crucial limitation of this study is the amount of data available in regards to the dependent variable, family Takaful contributions. Consequently, to improve the understanding in explaining the family Takaful demand in MENA, further research can take advantage of expanding the variables that were omitted in this research as a consequence of the unavailability of data. Some of the possible influential variables can include government social security expenditure, legal system and government policies, price of Takaful and level of competition within the Takaful and insurance industry. Originality/value It is obvious that there are very few studies that focus on the MENA market, and indeed, none of them gives attention to the factors that influence demand for family Takaful. While this study is expected to provide more understanding and awareness on the concept of Takaful and the factors that influence its demand, the authors hope that it would encourage more studies on various issues on the Takaful industry so as to help researchers to understand more aspects of this new emerging business.”, “author” : { “dropping-particle” : “”, “family” : “Sherif”, “given” : “Mohamed”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Hussnain”, “given” : “Sadia”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “International Journal of Islamic and Middle Eastern Finance and Management”, “id” : “ITEM-1”, “issue” : “3”, “issued” : { “date-parts” : “2017” }, “page” : “371-399”, “title” : “Family Takaful in developing countries: the case of Middle East and North Africa (MENA)”, “type” : “article-journal”, “volume” : “10” }, “uris” : “http://www.mendeley.com/documents/?uuid=96bf8b95-3efa-4605-ae51-f3c058e7482c” } , “mendeley” : { “formattedCitation” : “(Sherif & Hussnain, 2017)”, “manualFormatting” : “Sherif and Hussnain (2017)”, “plainTextFormattedCitation” : “(Sherif & Hussnain, 2017)”, “previouslyFormattedCitation” : “(Sherif & Hussnain, 2017)” }, “properties” : { “noteIndex” : 23 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Sherif and Hussnain (2017) and ADDIN CSL_CITATION { “citationItems” : { “id” : “ITEM-1”, “itemData” : { “ISSN” : “2070-4658”, “abstract” : “This study is aimed at investigating the key factors that influence the demand for family takaful and comparing with its conventional counterpart. This study, therefore, examines Malaysian takaful and insurance market by using relevant data obtained from Bank Negara Malaysia and Department of Statistics Malaysia for the period of 1990 u2013 2009. In analysing the data, this study uses multiple regressions model. The findings of this study indicate that,”, “author” : { “dropping-particle” : “”, “family” : “Gustina”, “given” : “”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” }, { “dropping-particle” : “”, “family” : “Abdullah”, “given” : “Nurdianawati Irwani”, “non-dropping-particle” : “”, “parse-names” : false, “suffix” : “” } , “container-title” : “Journal of Islamic Economics, Banking and Finance”, “id” : “ITEM-1”, “issued” : { “date-parts” : “2012” }, “page” : “67-86”, “title” : “Analysis of Demand for Family Takaful and Life Insurance : A Comparative Study in Malaysia”, “type” : “article-journal”, “volume” : “8” }, “uris” : “http://www.mendeley.com/documents/?uuid=280e5de6-a152-4adc-b9a2-648ef77d1914” } , “mendeley” : { “formattedCitation” : “(Gustina & Abdullah, 2012)”, “manualFormatting” : “Gustina and Abdullah (2012)”, “plainTextFormattedCitation” : “(Gustina & Abdullah, 2012)”, “previouslyFormattedCitation” : “(Gustina & Abdullah, 2012)” }, “properties” : { “noteIndex” : 24 }, “schema” : “https://github.com/citation-style-language/schema/raw/master/csl-citation.json” }Gustina and Abdullah (2012) who studied the effect of religion on life insurance consumption using an international data set. The results of the studies indicate that, ceteris paribus, consumers in Islamic nations purchase less life insurance than those in non-Islamic nations. Therefore, it is suggested in these studies that life insurance consumption is less in predominantly Islamic countries than in countries that are not predominantly Islamic.

Research FrameworkThe study on the determinants of demand on family Takaful in Malaysia. The observation of the study required the figure or the theorical framework to have the undestanding on the related between the dependent and independent variables. The framework is shown as in figure 1 below.
2603509525Income
00Income

250825173990Inflation rate
00Inflation rate
27006553238500
2717800508100
2698750131445003717925169545 Demand on family Takaful
00 Demand on family Takaful
2508257620Life expectancy
00Life expectancy

2689225143510002670174863600026987494826000241300153035Average dependency
00Average dependency

2000258255Education level
00Education level

222250103505Muslim population
00Muslim population

Independent Variables Dependent variables
Figure1. SEQ Figure * ARABIC s 1 1Theoretical framework Theoretical framework will help to identify if there is a relationship between the dependent variable and independent variables. The dependent variable in this study is the demand on family Takaful with the selected proxy is the values of total family contributions. The first independent variable is the income with the chosen proxy is the GDP per capita. The other independent variables are inflation rate, life expectancy, average dependency, education with the selected proxy is the total population enrolled at tertiary level and the last independent variables is the Muslim population.

SummaryChapter two discuss about the previous literature review related with the topic which is the research conducted by other researcher in a various countries. This includes literature review on the total contribution family Takaful, income, inflation rate, life expectancy, average dependency, education level and Muslim population.

RESEARCH METHODOLOGYIntroductionThis chapter will include the data collection, research design, hypothesis statement, research methodology and summary of the chapter. In order to study the determinants of demand on family Takaful in Malaysia, there are few test that can be considered to determine whether the data support the hypothesis developed or not. This chapter discuss the specific test that can be used and summarize the result of the tests.
This study follows the previous literature by using several econometrics techniques which are ordinary least square (OLS) and generalised method of moments (GMM) techniques of regression to test the relationship between the dependent (demand on family Takaful in Malaysia) and explanatory variables (income, inflation rate, life expectancy, average dependency, education and Muslim population. The tests used are, Augmented Dickey Fuller (ADF) Unit Root Test, Breusch-Godfrey Test Serial correlation on error term, Breusch-Pagan-Godfrey Test Heteroskedasticity, Ramsey RESET Test incorrect Fuctional Form and Variance Inflation Factor(VIF). Correlation Matrix Test, Regression Test.

Data CollectionData collection refers to how and in what way the data used in this study was collected. In this research, the data collected are secondary data which are from:
Secondary Data
This research paper concentrate on secondary data obtained from one source. The reason for using secondary data from the same source is because it is more reliable compared to obtaining quality data from different sources. This paper utilizes time-series data. The sample of this study comprises of observations each of the independent and dependent variables on a yearly basis over an 18 year period from 1986 to 2016. For easy reference, Table 6 below illustrates the Data Sources.
Variables Proxy Units Source of data.

Demand on family Takaful Total contribution family Takaful RM million BNM Takaful annual report.

Income GDP RM million Department of statistic, Malaysia.

Inflation rate IF ( CPI index) Index number Department of statistic, Malaysia
Life expectancy Number of population Department of statistic, Malaysia
Average dependency Number of population Department of statistic, Malaysia
Education level Tertiary students’ population. Number of population Department of statistic, Malaysia.

Muslim population Number of Muslim population Department of statistic, Malaysia
Table 2.1: Data sources
Journal
Journal is a written research in a selective study write by the researcher either in completing course requirement or based on personal factors. Journal can be either academic or professional journal. In this research, the selected journals and research paper focus on the topic determinants of demand on family Takaful in Malaysia.
Websites
Nowadays, everyone can get an easy access to the any websites and this made the data collection easier because of the amount of the information and data using the internet is limitless. In this research, the internet sources comes from online database included Datastream, data from department of statistics Malaysia and few databases subscribed by the UiTM library.

Books
Majority of the books provide information from trusted resources. The main advantage of books is that it can provide information that covered a broad range of topic. In this research, the example data comes from the textbook is Research Methods For Business: A Skill Building Approach, 7th Edition Sekaran and Bougie (2016).

Research DesignThe elements involve in the research design is purpose of the study, types of investigation, researcher interferences, study setting, unit of analysis and time horizon.
Purpose of the study
The purpose of this study is to found out the determinants of demand on family Takaful in Malaysia then it is test on the relationship between the information about the annual total family Takaful contribution and the determinants factors in terms of whether the demand on family Takaful have positive or negative relationship with the determinant factors.

Types of investigation
The type of the investigation used in this research is causal study. In other words, causal study also called hypothesis testing that explained the nature of certain relationship or differences. These studies investigate the relationship between the information about the annual total family Takaful contribution and the determinants factors in terms of whether the demand on family Takaful have positive or negative relationship with the determinant factors.
Researcher Interferences
Research interferences means to what extent the researcher interferes with the normal flow of work in workplace that has direct bearing of any research decisions. There are three types of researcher interferences which are minimum, moderate and maximum. This study only involved in minimum interferences which is studying events as they normally occurs.
Study Settings
There are two types of study settings which are contrived and non-contrived. This study involved in a non-contrived because of this study is done using the secondary data which is the annual total family Takaful contribution that can be found in the annual Takaful report of Bank Negara Malaysia. This research is conducted in the natural environment where the work proceeds normally.
Unit of analysis
The unit of analysis consists of individuals, dyads, groups, organizations and others. In this study, the unit of analysis involved is individuals. Individuals is the one to one interactions. Because of this study want to investigate if the demand on family Takaful have positive or negative relationship with the determinants factors such as income, inflation rate, life expectancy, average dependency, education and Muslim population then, it involved in investigate of one to one interactions.
Time Horizon
To analyse the determinants of demand on family Takaful in Malaysia, this study use Time Series Data which is the time period start from 1986 until 2016 with the total numbers of 30 observations in yearly.

Hypotheses StatementHypothesis Statement can be defined as a relationship between two variables that are describe in the form of testable statement, that define clearly the relations of the tested variables. There are two types of hypothesis which are the null hypothesis (HO) and the alternate hypothesis (H1). Below are the hypothesis related and to be tested in this study.
Hypothesis 1 : Income
HO: There is no relationship between income and family Takaful demand.

H1: There is a relationship between income and family Takaful demand.
Hypothesis 2 : Inflation rate
HO: There is no relationship between inflation rate and family Takaful demand.

H1: There is a relationship between inflation rate and family Takaful demand.
Hypotheses 3 : Life expectancy
HO: There is no relationship between life expectancy and family Takaful demand.

H1: There is a positive relationship between life expectancy and family Takaful demand.
Hypotheses 4 : Average dependency ratio
HO: There is no relationship between average dependency and family Takaful demand.

`H1: There is a relationship between average dependency and family Takaful demand.
Hypotheses 5 : Education level
HO: There is no relationship between education and family Takaful demand.

H1: There is a relationship between education and family Takaful demand.
Hypotheses 6 : Muslim population
HO: There is no relationship between Muslim population and family Takaful demand.

H1: There is a relationship between Muslim population and family Takaful demand.
Research Methodology
Unit Root Test
The purpose of unit root test is to examine whether the data is stationary or non stationary. Stationary is a condition with a constant mean, constant variance, and constant autocovariances for each given lag. Augumented Dickey-Fuller (ADF) is applied in this test. The data is stationary when the P-value of ADF is below than 5%. Thus, the null hypothesis is rejected. The hypothesis for this test is:
Ho: Data is non-stationary
H1: Data is stationary
Normality Test
Normality test is use to test whether the data is normally distribute or not normally distribute. Jarque-Bera test is use as the normality test. If the P-value of Jarque-Berra is more than 5%, it indicates that the data is normally distributed.
Thus we accept the null hypothesis.
Ho: Error term is normally distributed.
H1: Error term is not normally distributed.
Autocorrelation – Serial Correlation Test
Autocorrelation test is to investigate whether there is serial independence for the error term. Breush-Godfrey Serial Correlation test is the test applied for autocorrelation. If the p-value of Obs*R-squared is more than the 5% significance level, it indicates that the error term is serially independent. Thus we accept the null hypothesis.

Ho: Error term is serially independent. (No autocorrelation problem)
H1: Error term is not serially independent. (Have autocorrelation problem)
Heteroscedasticity Test
Heteroscedasticity is a situation where there is unequal spread or unequal variance in the error term. Breusch-Pagan-Godfrey is used in this test. If the the p-value is less than a 5% significant level, we reject the null hypothesis. It indicates that the error term is heteroscedasticity.
Ho: Error term is homoscedastic. (error term have constant variance)
H1: Error term is heteroscedastic. (error term do not have constant variance)
Correlation Test-Covariance Analysis
To test whether there is any linear relationship or correlation of the dependent variable with the independent variable. The indicator here is to observe the p value of the t-statistic of the respective pairs of dependent and independent variables. If the p-value of the t-statistic is less than 5% significance level, the null hypothesis is rejected. It indicates that there is correlation between the two variables.
Ho: There is no correlation
H1: There is correlation
Multicollinearity Test
Multicollinearity is a situation where the independent variables are highly correlated with each other. Centered Variance Inflation Factor (VIF) is applied in this test. A VIF of 1 means that there is no correlation. If VIFs exceeding 10 there is serious multicollinearity and it requiring correction.
Ho: That is no multicollinearity problem.
H1: There is multicollinearity problem.
3.5.7 RAMSEY Reset Test
RAMSEY is used to determine that there is no misspecification of functional form and the data fit multiple linear regressions. The probability value to be used can either be t-statistic, f-statistic, or likelihood ratio. If the p-value is greater than 5% significance level in any of these three statistics, it means that we fail to reject the null hypothesis. Thus, it indicates that there is no misspecification of functional form.
Ho: No misspecification
H1: Error in specification
F-test
F-test provides an indication whether any of the independent variables is useful in explaining the variance of the dependent variable. If the p-value of F-test is less than the 5% significance level, it indicates that the null hypothesis is rejected. Thus, it concludes that at least one of independent variables is affects the dependent variable. The hypothesis is as follow:
H0: No independent variable affects the dependent variable.
H1: At least one independent variable affects the dependent variable.
Multiple Regression AnalysisMultiple regressions analysis is done to examine the simultaneous effects of several independent variables on a dependent variable. This model is to measure the type of relationship exists between two or more variables. The relationship is expressed in a mathematical equation, which gives the basis of estimating the value of dependent variables based on the value of independent variables. In addition, the researcher create the equation model based on the hypothesis which relate with Y= Demand on family Takaful. The model derived from the Multiple Linear Regression Model analysis as follow:
Yit = ?0 + ?1 X1t + ?2 X2t + ?3 X3t + ?4 X4t+ ?5 X5t + ?6 X6t +Ut…….. (equation 1)
Where: Y = Demand on family Takaful
X1 = Income
X2 = Inflation rate
X3 = Life expectancy
X4 = Average dependency
X5 = Education level
X6 = Muslim population
?0 = Intercept or Constant
?1- ?4= Regression coefficients for X1….X4
Uit = Errors in the model
Coefficient of Determination R²
R² is a test of goodness of fit and is used to determine how good the regression fits the data. R² measure the proportion of total variation of dependent variable as explain by the regression. When R² equal to 1, it indicates the regression fit the data perfectly. When R² equal 0, it means the regression is no better than guessing the sample mean.
Adjusted R-squared
“Adjusted R-squared” make an adjustment to R² to take into account of the number of right hand side variables (independent variables) in the regression. R² measure what fraction of the variation in the left hand side variable is explained by the regression. The When the value of adjusted R-squared is closer to 1, it indicate a better fit.
Durbin Watson Test
This is the classic test for serial correlation as to whether there is serial independence in the error term. A Durbin Watson statistic close to 2.0 is consistent with no serial correlation, while a number closer to 0 means there probably is serial correlation.

SummaryThis chapter already discuss about the research methodology of the research. This include introduction of chapter three, sampling which are population and sampling frame, data collection, variables of the study, research design which are purpose of the study, types of investigations, researcher interferences, study settings, unit of analysis, and time horizon. Besides, the hypothesis statement to be tested in this study also has been stated and lastly is the research methodology applied in these researches which are unit root test, correlation matrix test, regression test, Serial correlation on error term, Heteroskedasticity test, incorrect Fuctional Form and Multicollinerity.

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