Purchase Intention of Islamic Insurance: A Case Study of Takaful in Bangladesh

[vc_row][vc_column width=”1/4″][vc_single_image image=”11608″ img_size=”684×1000″][/vc_column][vc_column width=”3/4″ css=”.vc_custom_1683003920554{margin-top: -50px !important;}”][thim-heading title=”Purchase Intention of Islamic Insurance: A Case Study of Takaful in Bangladesh” title_uppercase=”” size=”h3″ title_custom=”custom” font_weight=”” clone_title=”” line=””][vc_row_inner][vc_column_inner width=”1/2″][vc_column_text]Afrin Sultana¹, Sabiha Farzana Moonmoon²
Published: 31 August, 2022[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/2″][vc_column_text]Journal of Banking & Financial Services
Volume 14 Number 1 & 2 December 2022
DOI : https://doi.org/10.57143/JBFS130103
ISSN : 1990-5157[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_column_text]

Abstract

Islamic Insurance has recently been one of the most prominent Islamic financial services among the Muslim as well as non-Muslim community in the world. In Bangladesh, the service is also getting popularity to the people for the special features like risk-bearing by all of the participants, interest-free investment of funds etc. Considering the rapid growth of Islamic financial products worldwide and inadequate research on the limited reach of these services, this study aims to explore the factors affecting the customers’ purchase intention of Islamic insurance services in Bangladesh. The cross-sectional study has been conducted based on the Structural Equation Modeling (SEM) on the data collected through a self-administered questionnaire from 392 respondents. According to the study, it is revealed that compatibility, religiosity, customer awareness, reliability and trust have significant positive impact on customers’ purchase intention towards Takaful services in Bangladesh. The study result will help the service providers to look into the factors while tailoring their products and services. The policy makers should also know about the determinants so that they can formulate policies that promote the growth of the takaful industry and increase access to these products for consumers.

Keywords: Islamic Insurance, Purchase Intention, Factors, Bangladesh[/vc_column_text][vc_column_text]Notes on Contributor
Assistant Professor, Department of Banking and Insurance, University of Dhaka, Email: afrinsultana@du.ac.bd
Assistant Professor, Department of Banking and Insurance, University of Dhaka, Email: sfm@du.ac.bd[/vc_column_text][vc_btn title=”View Full Articles” align=”left” link=”url:https%3A%2F%2Fbanins.du.ac.bd%2Fwp-content%2Fuploads%2F2023%2F06%2F3-Purchase-Intention-of-Islamic-Insurance-A-Case-Study-of.pdf”][/vc_column][/vc_row]