130
FIGURE 38: HUMAN CAPITAL (S URVEY RESULTS )
(A) Lack of Qualified
Personnel
(B) Inadequate Education and
Continuous Development
(C) Inadequate Training for
Agents and Brokers
NOTES: [MY: Malaysia, SA: Saudi Arabia, TR: Turkey, UK: United Kingdom]. [SD : Strongly disagree, D :
Disagree, U: Undecided, A: Agree, SA: Strongly agree]. Source: Authors
The majority of the respondents, over 60% in all the four countries agreed that the three aspects
of human capital development, namely lack of qualified personnel, inadequate education and
continuous development and insufficient training for agents and brokers pose challenges for the
Takaful companies in all the four jurisdictions. Saudi Arabia has the highest percentage of
responses, over 90% in two cases and almost 100% in relation to the challenge of inadequate
education and continuous development.
(iii) Company Level SWOT Analysis
The questions of the survey in this section are concerned with SWOT (strengths-weaknesses-
opportunities-threats) analysis. The respondents were asked to provide their opinions on the
strengths, weaknesses, opportunities and threats that their Takaful and Re-Takaful companies
face in relation to developing the industry, enhancing competitive advantage, creating new
opportunities and managing threats. A total of four questions were formulated to represent this
section. Each question had multiple options. The first question had eight options, the second,
third and fourth questions had five options each. In the first question, the respondents in the
four countries were asked the extent to which the strengths of their Takaful /Re-Takaful
companies contribute to boost the industry, protect the existing market share and penetrate
new markets. The responses were obtained using eight options: use of technology and
automation, product development and innovation, customer satisfaction, distribution networks,
cash flow, rate of return, skilled workforce and cross country diversification.
1) Strengths. The majority of the respondents (see , 100% in Malaysia and Saudi
Arabia, and over 80% in Turkey have agreed that the strengths of the Takaful and Re-Takaful
companies rely on their use of technology and automation to sustain the quality of services and
on successful product development and innovation.
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