International Journal of Economic Perspectives (ISSN:1307-1637)

International Journal of Economic Perspectives, 2014, Volume 8, Issue 4.

Contemporary Marketing Issues in Takaful

Syed Ahmed SALMAN

Mahallah Salahuddin Al-Ayoobi, Institute of Islamic Banking and Finance, International Islamic University Malaysia, Gombak, Kuala Lumpur, Malaysia, 53100. E-mail: salmaniium@gmail.com.

ABSTRACT

Understanding the market necessitates an understanding of business and vice versa due to the central role markets play for achieving business success. In view of this necessary relationship, researchers have developed marketing theories based on the complex nature of business competition, the nature of different industries, changes in demand, and consumer preference. As suppliers of the products and services, companies are developing new marketing strategies to penetrate new markets and sustain their business in a globalised business environment. As a relatively new product, there is no reason why Takaful operators should not explore different strategies to market their products. Compared to the conventional insurance industry, the Takaful industry is relatively new. In addition, there is a paucity of literature exploring the current Takaful market. In due consideration of the above, this research reviewed selected literature on Takaful to determine the status of current market research and to suggest ways forward for future research. Our critical review found that current research on the Takaful market has focused on the demand not the supply side of the market. Thus, we suggested that future research explore the supply side the Takaful market.

JEL Classification: G22; G20; M31; M39.

Keywords: Insurance; Takaful; Marketing; Demand; Supply.

 

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