As of 2020, Malaysia had 12 family/life Takaful companies but only three – Syarikat Takaful Ikhlas Family Berhad, Etiqa Takaful Company, and Zurich Takaful Malaysia Berhad –offered waqf through the death compensation scheme in their Takaful products, presenting an alternative to the traditional Takaful-Hiba scheme. However, the standard of implementing the concept was inconsistent and it required not only a good governance standard framework but also well-experienced people to manage the Waqf in Takaful through this death compensation scheme. Therefore, this study investigates the influence of experience and training of Takaful agents towards the implementation of Waqf-Takaful Compensation Governance in Malaysia. This study used a quantitative approach using a developed checklist for the Waqf- Takaful Compensation Governance Index (WTCGI) on 106 Takaful agents. Structural Equation Modelling (AMOS) was employed to assess the measuring and structural models. The result shows that well-trained Takaful agents have a significant positive relationship with WTCGI but the experience of the Takaful agents has no significant relationship with the Waqf -Takaful Compensation Governance Model. Therefore, it can be concluded that well-trained Takaful agents are the key influence that helps the company to sustain good governance for the Waqf-Takaful Model in most family/life Takaful companies in Malaysia.
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(Ahmad et al., 2024)
Ahmad, R., Nadirah, M. A. B. F., Manan, A., Albasri, S. H., Said, R., & Ali, M. N. (2024). Assessing Takaful Agents’ Expertise and Training: Implications for Waqf-Takaful Compensation Governance in Malaysia. International Journal of Academic Research in Business and Social Sciences, 14(1), 1881–1895.
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