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Participants’ Knowledge and Awareness about Islamic Insurance: A Study on Sammanthurai in Sri Lanka

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  • Seinulabdeen Nathira Jahan

    (BA(Hons) in Islamic Banking and Finance, South Eastern University of Sri Lanka)

  • Mohamed Haniffa Mohamed Nairoos

    (Senior Lecturer, Department of Islamic Studies, FIA, South Eastern University of Sri Lanka)

  • Mohamed Shafeek Fathima Sulaiha

    (Lecturers (Prob.), Department of Islamic Studies, FIA, South Eastern University of Sri Lanka)

Abstract

Takaful (Islamic insurance) is growing rapidly but it is still behind conventional insurance. Most of the researches reveal the fact that general public is unaware about Takaful and Takaful awareness level is low among general public. Hence, the major objective of this study is to explore the awareness level as well as knowledge level of TakÄ ful. For this purpose, a representative sample of 160 respondents which comprise general Muslim public from Sammanthurai division participated in this survey. Random sampling is used to measure the TakÄ ful awareness and Descriptive analysis used to analyze the data collected from via questionnaires. Furthermore, The finding of this study indicated that out of 160 respondents, only 49 of them are aware of TakÄ ful while 45 respondents do not know about TakÄ ful and others majority of respondents are not conformed about it. Although, TakÄ ful is being offered in Sri Lanka since 1999, its awareness seems to be low. It is recommended that TakÄ ful operators should enhance their marketing strategy and simplify the product features to capture the untouched market.

Suggested Citation

  • Seinulabdeen Nathira Jahan & Mohamed Haniffa Mohamed Nairoos & Mohamed Shafeek Fathima Sulaiha, 2020. "Participants’ Knowledge and Awareness about Islamic Insurance: A Study on Sammanthurai in Sri Lanka," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 4(7), pages 490-495, July.
    • Handle: RePEc:bcp:journl:v:4:y:2020:i:7:p:490-495
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