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FIGURE 37: MARKET (SURVEY RESULTS)
(A) Competition from Takaful Companies (B) Competition from Conventional Insurers
(C) Weak Customer Base (D) Low Consumer Awareness
Source: Authors
The majority of the respondents, over 50% in all the three countries except Saudi Arabia agreed
that those Takaful companies face the challenge of competition among themselves. Similarly, the
majority of the respondents: over 60%, over 80%, over 75% and over 80% in Malaysia, Saudi
Arabia, Turkey and UK respectively acknowledge that Takaful companies face the challenges of
competition from conventional insurance in all the four jurisdictions.
The pattern of responses is almost similar for the cases of challenges related to Weak customer
base and Low consumer awareness. For example, over 80% of the responses in the Malaysia
agreed that the industry faces the challenges of weak customer base and Low consumer
awareness. In Turkey, the percentage of responses in the affirmative on the two challenges is
over 70%.
8) Human Capital. The eighth question of the survey was concerned about soliciting the
opinions of the respondents on the extent to which human capital development create
challenges to the growth of the Takaful industry. Four options were identified for the responses:
lack of qualified personnel, inadequate education and continuous development, and inadequate
training for agents and brokers.
0%
20%
40%
60%
80%
100%
MY SA TR UK
SD D U A SA
0%
20%
40%
60%
80%
100%
MY SA TR UK
SD D U A SA
0%
20%
40%
60%
80%
100%
MY SA TR UK
SD D U A SA
0%
20%
40%
60%
80%
100%
MY SA TR UK
SD D U A SA