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All Journal Invest Journal of Sharia & Economic Law
Mohamed Mazahir, Sayed Mohamed
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Religion Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Social Sciences

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Awareness of the Differences Between Islamic Insurance and Conventional Insurance amongst Students of Islamic Studies in Sri Lanka Mohamed Minaz, Mohamed Naushad; Mohamed Mazahir, Sayed Mohamed; Fathima Nihla, Ahamed Mukthar Faiser; Fathima Masliha, Kalanthar Lebbe
Invest Journal of Sharia & Economic Law Vol. 3 No. 1 (2023): INVEST - Vol. 3 No. 1 (2023)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v3i1.5794

Abstract

The purpose of this study is to assess the level of awareness and understanding of Takaful, an Islamic insurance scheme, as compared to traditional insurance among students of Islamic Studies in Sri Lanka. Despite the growing popularity of Takaful in the country, there is a notable lack of awareness and understanding of this concept among Sri Lankans. By conducting a survey among Sri Lankan students, this research seeks to determine the level of awareness and acceptance of Takaful, while identifying the factors that influence this perception. The research methodology employed was to collect data through questionnaires distributed to customers in Sri Lanka. The findings indicate that although there is a growing demand for Takaful in the country, a significant portion of the population is either unaware of its existence or hesitant to adopt it due to prevailing misconceptions. The study highlights the importance of increasing awareness and understanding of Takaful to encourage greater participation in this form of insurance. In addition, future research could examine the reasons for limited engagement with Takaful and explore strategies to promote insurance literacy and active participation in the industry.
Awareness of the Differences Between Islamic Insurance and Conventional Insurance amongst Students of Islamic Studies in Sri Lanka Mohamed Minaz, Mohamed Naushad; Mohamed Mazahir, Sayed Mohamed; Fathima Nihla, Ahamed Mukthar Faiser; Fathima Masliha, Kalanthar Lebbe
Invest Journal of Sharia & Economic Law Vol. 3 No. 1 (2023)
Publisher : Institut Agama Islam Negeri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/invest.v3i1.5794

Abstract

This study investigates Takaful, an Islamic insurance model, as a viable alternative to conventional insurance. It identifies the issue of insufficient awareness and understanding of Takaful among Sri Lankans despite its increasing popularity in the region. This study aimed to assess the level of awareness and acceptance of Takaful and identify the factors influencing these aspects. The research methodology involved a survey of Sri Lankan consumers, with data collected through questionnaires. The findings indicate that although there is a rising demand for Takaful in Sri Lanka, a significant number of individuals remain either unaware of it or are hesitant to utilize it due to misconceptions. The study suggests that enhancing awareness and comprehension of Takaful could foster greater participation in this form of insurance in Malaysia. Future research should investigate the reasons for the lack of engagement with Takaful and explore strategies to promote insurance literacy and engagement.
Co-Authors Fathima Masliha, Kalanthar Lebbe Fathima Nihla, Ahamed Mukthar Faiser Mohamed Minaz, Mohamed Naushad