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FIGURE 33: B USINESS OPERATIONS (SURVEY RESULTS)
(A) New Business Models (B) Quality of Operations (C) Product Development and
Innovation
Source: Authors
The majority of the respondents in all the four countries: Malaysia, Turkey, Saudi Arabia and the
UK agreed that new business models, quality of operation and, product development and
innovation pose a challenge for the Takaful Industry. The percentage of responses in the
affirmative is higher (over 70%) in the three countries, except the UK. The rate is almost 90% in
Malaysia and Saudi Arabia in relation to the challenge of quality of operations as well as product
development and innovation.
4) Technology. The fourth question of the survey asked the respondents on the extent to which
IT developments create challenges to the growth of the Takaful industry. Two options were
identified for the responses: FinTech (InsurTech) and Cybersecurity.
FIGURE 34: T ECHNOLOGY (SURVEY RESULTS )
(A) FinTech / InsurTech (B) Cyber Security
Source: Authors
The majority of the respondents (over 60%) in Malaysia and Turkey agreed that FinTech
(InsurTech) and Cybersecurity pose challenges for the Takaful industry. The percentage of
responses is rather higher in Malaysia (over 75%). In the UK, over 70% agreed that
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