Takaful Insurance Case Study
1.0 INTRODUCTION
1.1 BACKGROUND OF STUDY
The Arabic word for insurance is tamein which means to reassure or guarantee through indemnification of losses. As a concept, insurance does not oppose the Islamic principles since it is principally a system of mutual help. Nevertheless, conventional insurance use voidable (fasid) contracts called policies through which individuals or firms receive indemnification against losses. It is prohibited because it involves the elements of gharar (ambiguity), maysir (gambling) and riba (interest).
Avoidance of these elements is essential in an insurance system acceptable by the Syariah, and this is where Takaful differs with the conventional insurance. Takaful arrangement embraces the elements of mutual
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Although conventional insurance is prohibited by syariah, but nowadays conventional insurance company also offers Islamic Insurance products. This shows that, the demand for takaful is high. Thus, this research is conducted to know the determinant of family Takaful consumption in Malaysia based on three factors, population, interest rate and Gross Domestic Product (GDP).
1.3 RESEARCH OBJECTIVE
Nowadays, there are many insurances company trying to enter the market by introducing different product and have their own advantage. So, the general objective to conduct this research is to know about the determinant of family takaful consumptions. Specifically, the objectives of this study are:
1.3.1 To determine the relationship of population, interest rate and Gross Domestic Product (GDP) towards the Takaful consumption.
1.3.2 To identify the most influenced variable towards the Family Takaful affect consumption.
1.4 RESEARCH QUESTION
1.4.1 What are the relationships of variables towards the Family Takaful consumption?
1.4.1 What is the most influenced variable towards the Family Takaful affect
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