135
(E) Expansion in Other Countries 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
4) Threats. On the other hand, in the UK, 100% of the respondents are undecided whether
intense competition between TOs and conventional insurers is a threat to the Takaful industry
(se elow). In contrast, over 50%of the respondents inMalaysia, 70% in Saudi Arabia
and slightly over 60% in Turkey agreed that competition between TOs and conventional
insurers poses threat to the Takaful sector. The views vary in the case of new restrictive
regulations. Over 100% of the respondents in the UK strongly disagreed that new restrictive
regulations are a threat to the Takaful industry. On the contrary, over 70% of the respondents
inMalaysia, slightly 80%of respondents in Saudi Arabia, and slightly over 70% in Turkey agreed
that new restrictive regulations are a threat to the Takaful industry.
The similar pattern of responses can be seen in the UK regarding inconsistency in developing
and supplying new Takaful products. 100% of the respondents in the UK agreed that
inconsistency in developing and supplying new products poses a threat to the Takaful industry.
The same view is shared by over 70% of the respondents in Malaysia and Saudi Arabia and over
50% in Turkey. With regards to the vulnerability of cyber security, 100% of the respondents in
the UK disagreed that it is a threat to the Takaful sector. In contrast, over 90%of the respondents
in Malaysia, over 80% of respondents in Saudi Arabia, and almost 60% in Turkey agreed that
the vulnerability of cyber security is a threat to the Takaful industry. In another SWOT analysis,
100% of the respondents in the UK disagreed that high level of bureaucracy creates
impediments to the growth of the Takaful industry. This is contrary to the views of slightly over
90% of the respondents in Malaysia, slightly over 80% of respondents in Saudi Arabia, and
slightly over 60% in Turkey who agreed that high level of bureaucracy is a threat to the growth
of the Takaful industry.
0%
20%
40%
60%
80%
100%
MY SA TR UK
SD D U A SA