ISSN: 2225-8329
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Takaful has been gaining a strong position in the insurance market because it is free from interest and this product is an alternative to conventional insurance. Takaful also contributes to financial stability within the economy by spreading risk among a large group of participants, it also helps individuals and businesses for managing unexpected financial setbacks without suffering severe economic hardship. The objectives of this study are, to find out the factors related to intention to purchase a family takaful among people of different countries with the help of previous literature, to inspect some additional variables for extending the decomposed theory of planned behavior, and to inspect the moderating role of income. The current study consists of a systematic review of previous studies. For this purpose, 95 articles were downloaded related to the concept of current research. After screening the data, it was decided to include 60 articles for review and extract the results. Further, this study tries to find out the validity and extension of DTPB (decomposed theory of planned behaviour). Therefore, attitude, subjective norm, and perceived behavioral control were taken as variables. Furthermore, it is found that attitude with dimensions such as perceived usefulness, knowledge, and perceived religiosity has a positive link with the intention to purchase a family takaful. Whereas second proposition is also accepted on the basis of a review of previous studies that subjective norm with its dimension of media referent and word of mouth has a positive and significant relationship with the intention to purchase a family takaful. In this study perceived behavioral control with dimensions such as resource facilities and financial self-efficacy has a positive link with intention to purchase a family takaful. The results of this study are identical to DTPB theory although the dimensions of some variables are modified to the extent D.T.P.B theory. Further, this study has some limitations and implications, such as the systemic review of the literature related to family takaful and purchase intentions. Limited articles from specific journals are selected and the articles are in different contexts of countries. The practical implications of the current study provide guidance on takaful which is an important tool for managing risk, both for individuals and businesses. This study also provides a sense of protection to individuals against a range of different risks. Further, the current study gives the prospects to the individual about the takaful to ensure that takaful contracts are free from Gharar (excessive uncertainty) by providing clear terms and conditions in insurance of all kinds. Individuals get to specify the coverage, contributions, and benefits in a transparent manner.
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(Qazi & Husin, 2024)
Qazi, M. A., & Husin, M. M. (2024). Intention to Purchase Family Takaful: An Extension of Decomposed Theory of Planned Behavior. International Journal of Academic Research in Accounting Finance and Management Sciences, 14(1), 263–278.
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