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6.5 Analysis of Survey Results
This section presents and analyses the results of the survey responses from four countries,
namely Malaysia, Saudi Arabia, Turkey and the UK. These four countries vary in their market
structures, levels of the development of the Islamic finance industry and the Takaful sector in
particular, and the legal frameworks. The study conducted two types of surveys to collect the
primary data on Takaful development: structured online questionnaires and semi-structured
interviews.
6.5.1. Analysis of Questionnaires
To comprehend the contemporary Takaful scenario of selected countries, we have distributed a
questionnaire to Takaful industry players, regulators, Shari'ah scholars, and academicians via
an online platform. The questionnaire includes the following sections: (i) Background
information, (ii) Challenges facing the Takaful industry, and (iii) Company-level SWOT analysis.
(i) Background Information
The questions in this section of the survey questionnaire were concerned with soliciting the
background information of the respondents in the four countries in relation to their areas of
specialisation and country of residence. The following six options were identified for the areas
of specialisation or occupation: Takaful industry player, Shari'ah expert, IT professional,
Regulator, Academician/Consultant and Others. The first three categories of respondents are
internal players of a Takaful company, while the rest are external players. Meanwhile, there
were four choices for the country of residence category: Malaysia, Saudi Arabia, Turkey and the
UK resents the list of respondents with their specialisation in the sample of countries:
TABLE 21: DISTRIBUTION OF SURVEY RESPONDENTS (QUESTIONNAIRES)
Respondents Malaysia
Saudi
Arabia Turkey
United
Kingdom Total
Takaful Industry Player 16 6 49 - 71
Shari'ah Expert 6 4 1 1 12
IT Professional - 1 - - 1
Regulator 4 1 12 - 17
Academician/Consultant 22 8 6 2 38
Others* 15 7 3 2 27
Total 63 27 71 5 166**
Note: * includes the financial analysts, bankers, actuarial experts, and postgraduate PhD students. **The total
number of responses was 218, out of which 166 only are complete. Source: Authors
(ii) Challenges Facing the Takaful Industry
The questions of the survey in this section solicited the opinions of the respondents on the
challenges facing the Takaful sector concerning the regulatory and legal frameworks, human