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An Analysis of Determinants to Choose Family Takaful
Abstract
This chapter examines the determinants that influence the customer's adoption towards the use of family Takaful scheme by extending the diffusion of innovation (DOI) theory in the context of Pakistan. The published work allied to Takaful studies and DOI was reviewed. Total of 282 respondents who are non-users of family Takaful product were used for the purpose of primary data collection through convenience sampling. The customer's adoption towards Islamic insurance is determined not only by perceived relative advantage and perceived compatibility but also by awareness and religious belief. Perceived complexity, on the contrary, turns not to be a predictor of family Takaful adoption. Further gender, age and education level do not moderate the family Takaful adoption by the customers. This research like others have limitations in terms of sampling method used and only covers one city of Pakistan, namely, Karachi. Further studies need to be conducted in other cities as well with a large population. Diffusion of innovation theory is not used in the context of Pakistan due to scarcity in the literature on empirical studies. Therefore, the author extends the diffusion theory of innovation in the current work. Further, this chapter will be a useful reference guide for the academicians, operators of Takaful business and future researchers.
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